Chris Wattie / Reuters
Chris Wattie / Reuters
The massive giveaway to the top 10 per cent is costing our society and even dragging down our economy with inequality and lost services.
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The Liberals failed to take any meaningful action on closing tax loopholes or leveling the digital playing field. They failed to deliver, again, on their election promise to end the stock options deduction that gives almost a billion dollars to some of the richest people in Canada. They failed to make the tax system simpler or fairer.
Nathan Denette/Canadian Press
There's been a lot of outrage over a new report that shows that Canada's wealthiest CEOs are paid 193 times more than the average Canadian. But there's an even darker side to the story. Ordinary taxpayers are subsidizing those multimillion-dollar salaries, courtesy of loopholes in our tax system.
A long-standing exemption allows non-residents to buy homes and later claim a tax exemption on the sales of those properties.
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Capital gains taxes are the biggest problem, Toby Sanger says.
As the old saying goes: "A buck is a buck." But at tax time, there is a different set of rules for corporate insiders using a loophole for stock option deductions. This loophole has a $1 billion annual price tag for the rest of us.
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A few small tax perks were closed this budget time around. But the revenue resulting from tweaking non-resident trusts and a handful of other insider loopholes are estimated at only $50 to $80 million in 2015-16. It makes one wonder if Jim Flaherty is committed to the business of fair taxation.
Last year's budget included several measures to combat tax haven abuses, including setting up a snitch line and rewards for information on those using tax havens to avoid paying their taxes. Good first steps, but far behind what other countries are doing. Canada has to step up its game.
Top income earners with taxable income of over $135,000 are taxed at 29 per cent -- about average for an industrialized country. But because they have a lot more tax loopholes they can take advantage of, the average income tax rate paid by the richest 1 per cent was only 19.7 per cent. How is that fair?
....much more needs to be done, especially on tax havens The Tax Fairness message seems to be getting through. It was a key theme in the Federal Budget 2013. While we are pleased there were some promi...
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