Corporate Tax

Singh pledges to crack down on billionaires and shut corporate tax loopholes | Nationwide

OTTAWA – NDP leader Jagmeet Singh undertakes again to crack down on “ultra-rich” tax evaders.

At an election freeze across the Rideau Canal from Parliament, Singh said he would pinpoint tax evasion and close loopholes that benefit billionaires.

“We believe the ultra-rich should pay their fair share so that we can invest in people,” said Singh.

“(Liberal leader) Justin Trudeau and conservatives before him have given free rein to the super-rich. We want to put an end to that.”

The New Democrats’ plan to stop what he termed “free-ridering for the rich” ranges from tightening enforcement with the Canadian tax authorities to improving corporate tax transparency to capping profits from stock options that come to one be taxed at a lower rate.

Singh said such measures could increase revenue to pay for programs like universal pharmacare and more affordable housing. He suggested that investing an additional $ 100 million in the CRA would result in a return of up to $ 25 billion in taxes and revenue in one year.

He also talked about cracking down on large corporations that make profits in Canada but pay little to no taxes there.

“These are tens of billions of dollars in revenue that we could grow that would help us pay for the programs we need,” he said.

In 2019, two reports from the CRA and the Parliamentary Budget Commissioner found that Ottawa could lose up to $ 51 billion in unrecovered taxes each year due to illegal tax evasion and legal tax avoidance.

CRA data from earlier this summer showed that their recent efforts to fight tax evasion by the super-rich have not resulted in any indictment or conviction.

The Liberals also pledge to crack down on illegal tax systems and introduce a new property register for numbered companies by 2025, while the Conservatives have promised to reform the CRA and empower Canada’s taxpayer ombudsman.

This report by The Canadian Press was first published on August 30, 2021.

The Canadian press. All rights reserved.

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