Canada’s largest corporations are making record profits and paying income tax at record-low rates, according to a new report from the non-profit Canadians for Tax Fairness.
The report found an “enormous increase” in the gap between what corporations would pay at the corporate rate stipulated in the tax code and what they actually paid. That gap grew to $30 billion in 2021 — an amount the organization says represents an “unexplained loss” to the country.
The findings raise transparency questions about tax tactics — “from perfectly legal deductions to tax planning manoeuvers of questionable legality,” according to the report — that enable companies to avoid paying tax. Amid inflation, growing deficits and a looming recession, “obviously this lost public money is concerning,” Cochrane said. “This unexplained loss of $30 billion could not come at a worse time.”
“Canada’s strong and essential social safety net is built on a robust national tax base,” said Vaupshas. “That is why those who do business in Canada must pay their fair share.”
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