Windfall tax on large Canadian companies needed to recover public funds: report – National | 24CA News
A brand new report by the non-profit group Canadians for Tax Fairness says Canada ought to institute a windfall tax on all massive companies to assist recuperate a number of the public funds awarded to companies through the pandemic.
The report examines 37 publicly listed corporations that obtained the Canada Emergency Wage Subsidy (CEWS), a federal program designed to assist employers retain staff through the pandemic.
It concludes that in 2020 and 2021, the 37 corporations rewarded shareholders by spending a mixed $81.3 billion on dividends and $41.1 billion on share buybacks.
Canadians for Tax Fairness says many of those corporations additionally reported spectacular income in 2022 as pandemic restrictions lifted and the financial system improved.
The group says a windfall revenue tax on all massive companies would power companies to present again a number of the public funds they obtained and help with the nation’s general restoration.
The head of the Canadian Revenue Agency just lately stated it wouldn’t be price reviewing greater than $15.5 billion in doubtlessly ineligible pandemic wage advantages flagged by the Auditor-General.
