Canada's NDP

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May 25th, 2022

Canadians are struggling to feed their families while huge corporations make record profits

OTTAWA – A new survey by the Angus Reid Institute shows that almost half of Canadians are struggling to feed their families as the rate of inflation reached a 30-year high. Despite the struggles everyday people are facing, Corporate Canada hit close to record high profits of $138 billion dollars in the first quarter of 2022. NDP Leader Jagmeet Singh says the Liberal government has to act to help families make ends meet and to ensure corporations are not maximizing profits off the backs of Canadians.

“Canadians are struggling to take care of their families and they’re feeling like there is no where for them to turn for help. People have overcome the last two years of the pandemic only to be hit with the soaring cost of food, gas and housing,” said Singh. “When times are tough, there are winners and there are losers. Huge corporations and the ultra-rich are making a fortune while Canadian families pay the price. We think that’s wrong. The government can choose to stop defending the massive profits of corporations and start supporting the NDP’s plan to get you and your family the help you need.”

While Canadians get gouged at the pumps, oil and gas companies declared record high pre-tax profits in 2022. Yet, the Liberal government is handing out billions of taxpayers’ dollars to these already profitable companies. Last week, the Liberals and Conservatives teamed up to defeat the NDP’s motion to stop giving billion of dollars to big oil companies and re-invest this money to help Canadians.

The Liberals have the power to act and help people out. New Democrats are urging the Liberal government to expand the tax on excess profits to include oil and gas companies and huge grocery chains so that money can be reinvested in solutions that help make life more affordable for Canadians – like doubling the GST tax credit and increasing the Canada Child Benefit so that over 12 million Canadians would receive between $500 and $1000 to help with growing expenses.

“The ultra-rich are getting richer at an incredible rate while everyday people fall further and further behind. It doesn’t have to be this way. There are concrete steps the government can take to help make things fairer for Canadians. Unfortunately, they seem to be more interested in defending the massive profits of their corporate friends,” said Singh. “New Democrats don’t answer to the powerful – we fight for families. And we’ll keep fighting to make people’s lives more affordable.”