The billionaire loophole: How Canada’s tax system fuels inequality
While many Canadians face financial hardship, the wealthiest one percent are hiding billions in offshore tax havens. This colonial legacy was designed to protect wealth and weaken public services.
Call for action from wealthy Canadians
A group of affluent Canadians known as “Patriotic Millionaires Canada” recently addressed Finance Minister François-Philippe Champagne. They urged him to introduce measures in the upcoming budget to combat income inequality “by effectively taxing the rich.”
“One of us is a former member of the Canadian Parliament, and the other is a current member of the one per cent, so we’re well-positioned to tell you that our current level of wealth inequality is threatening the stability of our economy and democracy, and is partially the result of a failure to tax extreme wealth,”
Summary
Canada’s tax policies enable the ultra-wealthy to shelter their riches, worsening inequality and risking economic and democratic stability.