Canada's NDP

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March 17th, 2022

NDP: Liberals must keep their promise to make life fairer and more affordable for Canadians

Jagmeet Singh is asking the government to move forward on 3% surtax on big bank's profits over a billion dollars, and to apply it to oil companies and big box stores in the upcoming budget

SCARBOROUGH – Today, Jagmeet Singh, the Leader of Canada's NDP, is calling on the Liberal government to keep their election promise to Canadians by taking urgent action to address the growing gap between the ultra-rich and everyday people. On Monday, the NDP will force the debate with their Opposition Day Motion that calls on the Liberals to move ahead with their proposal to put a three per cent tax on big banks and insurance companies' excess profits and to extend it to big oil companies and big box stores.

“As the cost of gas, groceries and housing continues to rise, most Canadians are struggling to make ends meet,” said Singh. “At the same time, wealth inequality is reaching a level not seen in generations. The government continues to allow the ultra-rich to protect their wealth through a financial system that doesn't work for regular people. Banks, big box stores and oil companies have made record profits during the pandemic. Instead of letting the rich get way richer, we’re asking the government to put a tax on those profits to reinvest it in measures that help make life more affordable for you and your family.”

In the election last fall, the Liberal platform included a commitment to implement a three per cent surtax on banks and insurers but, so far, the government hasn’t kept that promise to Canadians. New Democrats believe the government has a role to play to balance the scales of who profits and who loses in the face of the rising cost of living, and to step up for Canadians struggling to make ends meet.

“Canadians expect their government to show leadership and take action to help them make ends meet,” said Singh. “Our proposal to put a tax on profits over a billion dollars for huge corporations would help make things fairer and it would give real support to people struggling to put food on the table, afford gas for their cars, or keep a roof over their heads. The Liberals have already committed to this during the last election. We’re just pushing them to keep the promise they made to Canadian families and making it better by including companies who are profiting from the hard times people are faced with. New Democrats will never stop fighting to help everyday people instead of protecting the profits of huge corporations.”