Adequate funding for services like health care or enabling tax dodging and money laundering — it shouldn’t be a tough choice.
For the public, privatization means we’re paying twice. Once to make up for the revenue governments lose when wealthy corporations and individuals are able to use tax havens and then again because privatization means higher costs and poorer service.
"Analysis of the latest Statistics Canada foreign direct investment figures reveals that Canadian corporations last year increased the amount of assets they report in the top 12 tax havens by 135% in the past decade and up $10 billion from 2018."
An excess profits tax, which we had during both world wars, would raise revenues and prevent pandemic profiteering.
What makes companies registered in Canada attractive to those wanting to dodge taxes or launder money obtained from criminal activity is how easy it is to set up anonymous companies in this country.
"We can’t expect Canadians to bear the brunt of this cost while allowing corporations to collect federal funding without contributing to our nation’s recovery" — Toby Sanger, Executive Director of Canadians for Tax Fairness
“Corporate tax cut benefits have trickled up, not down while Canadians have paid the price through cuts to public spending. They’ve been a multi-hundred-billion-dollar failure.” — Toby Sanger, Director of Canadians for Tax Fairness
When the rich and powerful use tax havens to avoid paying their share, the money going into their overseas bank accounts is effectively coming from public services that could be making life easier for people who are struggling.
“If a party isn’t willing to make the tax system fairer by making large corporations and the wealthy pay their share, people are right to ask about whether that party is serious about keeping promises to protect or enhance services.” — Larry Brown, NUPGE President.
A report by Canadians for Tax Fairness Bay Street and Tax Havens revealed how over 90% of Canada’s largest corporations have subsidiaries in tax havens.