(VICTORIA) BC’s new government has made a strong start in addressing crucial issues for British Columbians in its first budget update, which is a welcome change in direction from the last 16 years, says the Canadian Centre for Policy Alternatives BC Office.
Taxes and tax cuts
In this issue:
OTTAWA – Selon un nouveau rapport du Centre canadien de politiques alternatives (CCPA), les traitements fiscaux préférentiels tels les exemptions, les crédits et les échappatoires sont devenus de véritables mannes pour la tranche de 10 pour cent des contribuables canadiens les plus fortunés.
OTTAWA – Preferential tax treatments such as tax exemptions, credits, and loopholes have become a cash cow for Canada’s richest 10 per cent, says a new report by the Canadian Centre for Policy Alternatives (CCPA). The report analyzes Canada’s 10 costliest preferential tax treatments, starting with the richest 10 per cent, which is responsible for 42 per cent of the federal money spent on these types of tax expenditures (up from 36 per cent in 1992).
Preferential tax treatments such as tax exemptions, credits, and loopholes have become a cash cow for Canada’s rich. This report analyzes the country’s 10 costliest preferential tax treatments, starting with the richest 10% of Canadians, which is responsible for 42 per cent of the federal money spent on these types of tax expenditures (up from 36% in 1992).
Chart taken from the CCPA report, Ascent of Giants: NAFTA, Corporate Power and the Growing Income Gap, by Jordan Brennan (April 2015).
It feels a bit counterintuitive, after a tumultuous 2016, to be talking about the mundane matter of tax reform. This is normally a time of deeper reflection on the year that was and the trends and challenges to come. Slow growth in the global economy, the collapse of mega-regional trade deals like the TPP and TTIP, the election of a sexist, race-baiting bully in the U.S.
Unfair tax loopholes cost the federal government $103 billion dollars each year—but not everyone’s in the loop. These loopholes disproportionately benefit the rich, and perpetuate income inequality. Did you know that if the five worst tax loopholes were closed, the federal government could use that money to create an affordable national child care program AND eliminate university tuition?
OTTAWA—Au Canada, les dépenses fiscales liées à l’impôt sur le revenu des particuliers profitent de façon disproportionnée aux riches et coûtent au Trésor fédéral presque autant que l’impôt sur le revenu des particuliers qu’il perçoit, selon une étude publiée par le Centre canadien de politiques alternatives (CCPA).