Topic

Taxes

24 petitions

Update posted 5 months ago

Petition to Justin Trudeau, Erin O'Toole, Jagmeet Singh, Elizabeth May, Yves-Francois Blanchet, MPs on House Finance Committee, Senators on Senate Banking Committee, Chrystia Freeland

Make Canada's Big Banks help during coronavirus crisis, and after

While millions of Canadians and hundreds of thousands of small businesses are suffering from the coronavirus crisis, Canada’s Big 6 Banks gouged out record profits of more than $46 billion in 2019! That works out to more than $22 million in profit every hour banks are open – 3% higher than in 2018, and more than double their profits in 2010! This is the 10th year in a row the Big Banks’ profits have gone up – has your pay or profit increased every year for the past 10 years? The heads of the Big 6 Banks were also paid a total of $75 million in 2019 ($12.5 million each on average).  Canada’s Big Banks make among the highest profits of any banks in the world because the federal government has protected them from competition and bailed them out and given them many favours over the past 50 years. The Big Banks reaped these record profits every year for the past 10 years in part by: firing thousands of people; cutting services, and; hiking fees and credit card interest rates to gouge you even more than they were already (even though interest rates have dropped to record low levels). The federal government has failed in the past 30 years to stop the Big Banks from gouging their customers and treating them unfairly. Now, with the coronavirus crisis hurting millions of Canadians, and even though the Big Banks can afford it, the federal government still hasn’t made the Big Banks give everyone a break by cutting their gouging interest rates and fees, and cutting loan payments completely if needed. The federal government also continues to refuse to make the Big Banks pay their fair share of taxes to help pay the costs of the crisis.  Canada's Big Banks paid a tax rate of only 16% over the past 6 years -- lower than banks in other G7 countries. The Big Banks also exploit tax loopholes more than all other Canadian big businesses. The Big Banks must be required: To cut all their interest rates and fees in half now, and to cut loan payments entirely for anyone who needs it for the next few months, without requiring payment or extra interest later; To disclose the profit level of every part of their business (credit cards, mortgages, lines of credit, each other type of loan, bank machines, and investment and insurance divisions) after fully independent audits; To keep all their interest rates and fees at a level that gives them no more than a reasonable profit (for example, many U.S. states limit credit card interest rates); To disclose how many people and small businesses apply and are approved or rejected for loan cuts, low-interest credit cards, other loans, by type of borrower, and require corrective actions if a bank discriminates against any type of borrower (as the U.S. has done for 30 years); To re-open basic banking branches in neighbourhoods (where they closed them in the 1990s) to help get rid of predatory pay-day loan companies (and low-cost banking at Canada Post outlets should also be allowed); To support the creation of an independent, consumer-run financial consumer watchdog group (as MPs and senators recommended in 1998) so consumers have a place to call for help if they are gouged or treated unfairly, and to get fully independent, expert advice; To pay their fair share of taxes now, and in the future, by closing all the loopholes they exploit (as England and Australia have), and; To cut the pay of their CEO and other top executives to no more than 40 times their lowest paid employee. Enforcement measures and penalties also need to be strengthened to ensure the banks don’t ever gouge, rip-off or treat their customers unfairly, and pay high penalties if they do.  Enforcement is much stronger in England, and in the U.S. Please Sign and Share this petition now calling for these key changes to make Canada’s Big Banks give everyone a break on interest rates and fees, pay their fair share in taxes, and treat everyone fairly, now and after the coronavirus crisis is over. See more details at: http://betterbanks.ca

Democracy Watch
78,101 supporters
This petition won 3 years ago

Petition to Justin Trudeau, Bill Morneau, Canada Consultation

Devastating Tax Legislation

Finance Minister Bill Morneau has tabled legislation that will dramatically alter the tax regime for families, privately owned companies, professionals and even farmers. The potential adverse consequences of this legislation are only now coming to light as it was released during the summer vacation period. Individual entrepreneurs and professionals will be taxed up to 73% on investment income paid to them from their companies. Companies will be penalized for preserving capital even if required to do so by their bank. Families will be taxed at the highest rate of the chief bread-winner and tax inspectors will have the discretion to decide what is fair compensation for a stay at home spouse. Assets left to the next generation will be potentially taxed up to 93% thus ruining family businesses. This is the biggest tax grab and it is the most draconian tax legislation ever proposed in Canadian history. Without the potential for profit business owners will not take the risk of investing their money. We will lose our entrepreneurs and the jobs they create. Bill Morneau intends to introduce the legislation by October 2, 2017. All Canadians will be adversely affected if this onerous tax bill passes. By signing this petition you are indicating your opposition to this tax legislation. An email to Bill Morneau (bill.morneau@parl.gc.ca) and Justin Trudeau (justin.trudeau@parl.gc.ca) will also help.  

Taxation 2017
115,214 supporters