During WWII, there was no profiteering allowed, but during this pandemic banks are pocketing billions.
According to the Office of the Superintendent of Financial Institutions (OSFI) the federal government has provided up to $750 billion in liquidity support, including regulatory relief, to the banking and financial sector during this pandemic. The six big banks have reported more than $15 billion in profit in the first few months of the pandemic.
Another report published by the Parliamentary Budget Officer (PBO) estimates that more than $25 billion in tax money is taken from Canada every year because of tax havens. Meanwhile, millions of hard working Canadians pay their taxes on time and in full. Trudeau needs to stop letting corporations get away without paying their fair share!
In the context of the Covid-19 pandemic, Trudeau continues to allow companies that use tax havens to access federal government emergency assistance programs and he continues to support the banking system while the public assumes the risk.
The Trudeau government should follow the example of France, Denmark and Poland by ensuring that public funds used to help our businesses do not end up in the hands of those who use tax havens to avoid paying their fair share.
Those resources should be spent on affordable housing, job creation, clean energy, health care, education, seniors, students, families and so many other initiatives to make Canadians’ lives better.
Join me to tell Trudeau to stop big banks and big corporations from profiteering and start helping Canadians’ families.