A new report from Canadians for Tax Fairness says top companies paid $30 billion less in taxes last year than would be expected under existing corporate tax rates.
Posted: Oct. 4, 2022 7:03AMTop Canadian corporations paid $30 billion less in taxes in 2021 than would be expected, according to a new report from Canadians for Tax Fairnefrom Canadians for Tax Fairness says top companies paid $30 billion less in taxes last year than would be expected under existing corporate tax rates.
Report author D.T. Cochrane says the lower effective tax rate paid by corporations can be due to a range of reasons, from legal tax deductions to claiming profits in lower tax jurisdictions. Tax filings could shed some light on why these corporations paid less in taxes, but Cochrane says they don’t provide enough detail to understand the gap in taxes paid.Cochrane said the group is ready to “sit down and chat” with Lebouthillier about the report’s findings, which he said suggest claims are being made for profits in low-tax jurisdictions “that are questionable, to say the least.”
One of the proposed measures would prevent the use of foreign corporations to avoid paying Canadian taxes.Sign up for our newsletter to get breaking news and daily digests sent to your email.The budget estimated this measure would increase federal revenues by $4.2 billion over the next five years.
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