A new report by the non-profit organization Canadians for Tax Fairness says Canada should institute a windfall tax on all large corporations to help recover some of the public funds awarded to businesses during the pandemic.
The report examines 37 publicly listed companies that received the Canada Emergency Wage Subsidy (CEWS), a federal program designed to help employers retain employees during the pandemic.
It concludes that in 2020 and 2021, the 37 companies rewarded shareholders by spending a combined $81.3 billion on dividends and $41.1 billion on share buybacks.
Get weekly money news
Canadians for Tax Fairness says many of these companies also reported impressive profits in 2022 as pandemic restrictions lifted and the economy improved.
The group says a windfall profit tax on all large corporations would force corporations to give back some of the public funds they received and assist with the country’s overall recovery.
- Carney says his stance on Iran war shifted as Trump’s goals ‘evolved’
- Carney’s trip to Armenia happening as Ottawa’s foreign policy aims shift, expert says
- Funeral service for Ontario Provincial Police officer killed in crash while on duty
- Toronto police cleared in New Year’s death of man who fell from high-rise balcony
The head of the Canadian Revenue Agency recently said it wouldn’t be worth reviewing more than $15.5 billion in potentially ineligible pandemic wage benefits flagged by the Auditor-General.
Comments
Want to discuss? Please read our Commenting Policy first.