A senior government official says Finance Minister Chrystia Freeland's fall economic statement will propose to tax corporate stock buybacks in a bid to encourage companies to invest in their domestic operations and workers.
The source spoke to The Canadian Press on the condition they not be named because they were not authorized to discuss the contents of the fiscal update publicly.
Thursday's fiscal update is widely expected to include Canada's response to President Joe Biden's Inflation Reduction Act, which also included a one per cent tax on corporate stock buybacks. Environment Minister Steven Guilbeault lashed out at oil companies last week for making very limited investments in climate action even as massive profits driven by inflation allowed them to pad the wallets of shareholders.
Oil giant Cenovus announced third quarter profits today of $1.6 billion, 192 per cent higher than the same quarter a year ago.This report by The Canadian Press was first published Nov. 2, 2022.
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