As a society, we need to now respond effectively to, and then recover from, the COVID crisis, but we must do so in a way that does not just return us to the unsustainable old normal.
"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."
"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
While tax fairness provides a way to ensure our universal health care system is well-funded, people using tax havens will be paying more if our tax system is made fairer.
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.
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.
What links tax havens to flooding and wildland fires is the response we hear all too often when money is needed to respond to climate change — "there isn’t the money."
When money gives the wealthiest 1% that kind of power, the rest of us are second-class citizens. Stopping the wealthy from buying their way to the front of the line means reducing income inequality. And a crucial step to reducing income inequality is ensuring large corporations and the wealthy pay their share of taxes.
Alexandria Ocasio-Cortez's proposed top tax rates are also consistent with those recently proposed by one of Canada’s most prominent economists.
Canadians for Tax Fairness has continually advocated for the CRA to crack down on large tax avoidance operations, larger corporations and the wealthy and to stop being so heavy handed with less wealthy individuals, charities, and small businesses.