March 8th, 2017
March 8th, 2017
OTTAWA – New Democrats succeeded at passing a motion to push the government to recoup tens of billions of dollars lost annually to tax loopholes, deductions, and exemptions that mostly benefit the wealthy.
“With the shameful KPMG affair, Canadians saw that our tax system works really well for those at the top,” said NDP Revenue Critic Pierre-Luc Dusseault. “Having voted for our motion, the Liberals must immediately tackle tax havens and end the practice of giving penalty-free amnesty deals to tax-evaders.”
The NDP motion calls on the Liberal government to fix tax measures that primarily benefit the wealthy and specifically calls on the government to keep their promise and close the stock option deduction loophole for CEOs.
“We expect the Liberals to close the CEO stock option tax loophole in their upcoming budget,” said NDP Finance Critic Alexandre Boulerice. “It’s time for everyone to pay their fair share so we can invest in health care, job-creating infrastructure, and a more sustainable economy.”
Text of the NDP Motion:
That, given the government loses tens of billions of dollars annually to tax loopholes, deductions, and exemptions that mostly benefit the wealthy and estimates suggest that tax evasion through the use of offshore tax havens costs the government more than $7 billion dollars annually, the House call on the government to: (a) address tax measures that primarily benefit the wealthy, including keeping its promise to cap the stock option deduction loophole; and (b) take aggressive action to tackle tax havens including (i) tightening rules for shell companies, (ii) renegotiating tax treaties that let companies repatriate profits from tax havens to Canada tax-free, (iii) ending penalty-free amnesty deals for individuals suspected of tax evasion.