Growing concern that vested interests will scuttle this small but important step towards a fairer tax system.
“It’s time for the Canadian government to review and renegotiate tax treaties with havens that enable this behaviour.” — Dennis Howlett, executive director of Canadians for Tax Fairness
It goes without saying that Bombardier, the Royal Bank, the TD Bank, Potash Corporation are not emerging companies or start ups and their wealthy CEOs do not need subsidies from regular taxpayers.
"Our work has told us that income inequality is only made worse through tax loopholes like the one for stock options. Canadians are fed up with the government line of "there's not enough money." They know that the wealthy and corporations are still benefiting from a tax system structured to maintain their wealth." — Larry Brown, NUPGE President
Weak international response to tackling tax havens costs Canada $8 billion a year in lost tax revenue. But Howlett says the failure of international cooperation in tax matters costs developing countries $70–120 billion per year.
"The defence of the status quo by the Minister of National Revenue and CRA officials in the committee hearings makes it clear we will need to keep the spotlight on the recommendations if we don’t want them watered down to the point of uselessness.” — Larry Brown, NUPGE President
Agreement among 10 European Union countries, including the 4 largest Eurozone members – Germany, France, Spain and Italy – to implement legislation for a financial transactions tax. This will mean that a sizable number of Europe’s financial transactions will be subjected to the tax.
Canadians for Tax Fairness says it is estimated that Canada loses at least $7.8 billion in revenues every year because of tax dodging facilitated by tax havens.
"Unions matter because we fight for all these issues, to move them forward and to share the burden. People before us fought to better our lives; we have a responsibility to continue the fight for fairness for those who follow." — Larry Brown, NUPGE President
“The list of powerful figures shown to have been using tax havens makes it clear we need to look at what politicians are doing about tax havens, not what they say." — James Clancy, NUPGE National President