IN THE NEWS - MPs urged to demand the names of Canadians behind offshore tax shelters
Finance committee is re-starting probe into shell companies that was shut down five years ago
FOR IMMEDIATE RELEASE - GAFA TAXATION: Justin Trudeau wants to give Netflix another gift
Services such as Netflix will be spared from the new digital services tax proposed by the Trudeau government.
OTTAWA — New Democrats are condemning the Liberals' inconsistency in wanting to exempt streaming platforms from the promised 3% tax on the revenues of web giants.
IN THE NEWS - Victims of Ponzi scheme call for reopening of probe into offshore money transfers
Victims of a massive investment fraud that operated for years out of Montreal and siphoned more than $500 million offshore are calling on federal politicians to resume an inquiry into Canadian shell companies set up in the Isle of Man, a popular tax haven used by global accounting firms.
IN THE NEWS - PBO: 15% pandemic profiteering tax would net $8B
A new 15 per cent tax on companies that made "excess profits" during the COVID-19 pandemic would net nearly $8 billion to the government's coffers, according to the Parliamentary Budget Officer.
"With a pandemic profiteering tax, the PBO has (concluded) that it could raise in one year alone $8 billion of new revenue that we can invest back into small businesses, we can invest back into people," NDP Leader Jagmeet Singh said Tuesday.
The PBO's new report was done at the request of NDP MP Peter Julian, whose party has been advocating for an excess profits tax in addition to a series of new taxes on wealthy individuals and corporations since the early months of the pandemic.
FOR IMMEDIATE RELEASE - Liberals give large corporations a free ride instead of helping Canadians: NDP
OTTAWA – New Democrats have repeatedly called on the Trudeau government to tax the large corporations and ultra-wealthy who made record profits during the pandemic. A report released today confirms this tax would generate billions of dollars so Canadian families aren’t forced to cover the cost of the pandemic recovery.
IN THE NEWS - Excess profits tax would reap $8 billion for government, budget watchdog says
OTTAWA _ The parliamentary budget officer says a hypothetical tax on big corporations' excess profits would generate $7.9 billion for the federal government.
The estimate Tuesday by budget officer Yves Giroux, in response to a request from the NDP, was calculated by looking at companies whose profits exceeded their 2020 expectations.
The would-be tax rate on those extra earnings _ determined based on the firms' average five-year profit margin _ would be 15 per cent, on top of the current 15-per-cent corporate tax on all profits.
IN THE HOUSE - Speech on Budget 2021
"The question around the budget really is what does the budget do to match the size and scope of the pandemic, a crisis that we have not seen in scale, size and scope since the Second World War? How does the budget put in place the important provisions for building as Canadians, hopefully in the coming months and years, will come out of this pandemic?"
FOR IMMEDIATE RELEASE - Liberals help the ultra-rich get richer in budget 2021
In a recent Abacus poll, 80 per cent of Canadians agree with a wealth tax but, so far, the Liberals have failed to act
IN THE NEWS - Ottawa considers taking action against 'predatory lenders'
by: Jolson Lim
Ottawa will consider lowering the maximum interest rate to stop the "predatory lending" of outfits that make high-interest loans, which anti-poverty advocates say have exploited Canadians during the pandemic.
In Monday's budget, the federal government announced plans to launch consultations on lowering the "criminal rate of interest," the maximum annualized interest rate for credit allowed under the federal Criminal Code.
IN THE HOUSE - Letter to Minister of Finance regarding the tourism and live music industries
IN THE HOUSE - Letter on the Consultation on Climate Change Risk to the Financial Sector
Here is a letter from Mr. Peter Julian, Member of Parliament for New Westminster - Burnaby, regarding the Office of the Superintendent of Financial Institutions (OSFI)'s consultation on climate-related risks to the financial sector.