Make big businesses and banks pay their fair share of taxes
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A special report recently published in the Toronto Star details how Canadian big businesses, especially the Big Banks, have higher profits but pay a lower rate of taxes than ever before.
In 2016, big businesses paid only 22% of total taxes collected by governments -- Canadians paid 78%! In contrast, in 1952 big businesses and Canadians paid the same amount in taxes.
As the report details: "Canada’s largest corporations use complex techniques and tax loopholes to reduce their taxes significantly below the official corporate tax rate set by the government."
As well, the report details how cutting Canada's corporate tax rate by 16% from 1997 to 2016 has not increased corporate investment in machinery and equipment and in intellectual property like it was supposed to do. Investments by Canada's big businesses in these areas are still below the 1997 percentage compared to the size of Canada's total economy.
Canada's official corporate tax rate is now 26.6% but, on average, Canadian big businesses paid only 17.7% from 2011-2016 -- one of the lowest rates of all G7 countries.
Canada's Big Banks paid a tax rate of only 16% over the past 6 years -- lower than banks in other G7 countries. They are the biggest tax evaders of all Canadian big businesses and, not surprisingly, also the most profitable. They made a record $42.3 billion in profits in 2017.
If Canada's big businesses and banks paid the official tax rate from 2011-2016, governments across Canada would have almost $64 billion more to spend on making hospitals, schools, housing, public transit and roads better, and on other things Canadians need.
Making Canada's big businesses and banks pay their fair share in taxes will raise at least $10 billion each year, and billions more if the corporate tax rate is increased to the average rate in G7 countries.
Please sign and share this petition calling on Finance Minister Bill Morneau to work together with all federal political parties to make the following 3 key changes:
- Close all the loopholes that allow Canada's big businesses and banks to evade paying taxes in Canada by pretending they make their money through companies they own in low-tax countries;
- Increase Canada's business tax rate to match the average rate in G7 countries, and;
- Impose a special tax (like England and Australia have) on any Canadian business or bank that has excessively high profits like Canada's Big Banks have had in the past several years.
Please help make Canada's big businesses, and Big Banks, pay their fair share of taxes -- sign and share this petition now!
For details, see:
Canada's corporations pay less tax than you think (Toronto Star, December 14, 2017)
Democracy Watch's Bank Accountability Campaign
Stop Corporate Tax Dodging Campaign (Canadians for Tax Fairness)
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