Canada's NDP

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March 21st, 2022

NDP: Liberals must put people ahead of profits

Jagmeet Singh says the Liberals must keep their promises to Canadians by putting a surtax on the profits of banks, and also apply it to big oil and big box stores, to put more money back into people’s wallets

OTTAWA – Today, the NDP will force a debate with their Opposition Day Motion that calls on the Liberals to keep their election promise to Canadians by moving ahead with 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. The Leader of Canada's NDP, Jagmeet Singh, says the Liberal government must keep their promise to Canadians by taxing profits over a billion dollars and reinvesting that money in solutions that make life fairer and more affordable for families.

“People are struggling to keep up with the rising cost of groceries, gas and housing,” said Singh. “Meanwhile, big banks, big box stores and big oil companies are making record profits off the backs of Canadians worried about making rent at end of the month or putting food on the table. It doesn’t have to be this way. When costs go up, everyday people are forced to carry the burden and pay more while the ultra-rich get richer. We’re asking the government to keep their promise to put a tax on the excess profits of huge corporations and to reinvest it to help make life more affordable for you and your family.”

In the election last fall, the Liberals made a promise to implement a three per cent surtax on banks and insurers but, so far, they haven’t kept their promise to Canadians. Instead of protecting the profits of big corporations, New Democrats believe the government has a responsibility to make things fairer and more affordable for Canadians.

“The longer the Liberals delay taking action, the further Canadians are falling behind financially," said Singh. “People expect their government to provide solutions instead of blaming others and leaving Canadians to figure it out on their own. If Justin Trudeau is serious about making those at the top pay their fair share, he should act on his promise now and support our proposal to deliver help to families. This tax on profits over a billion dollars for huge corporations would allow the government to give real support to people struggling to put food on the table, afford gas for their cars, or keep a roof over their heads. New Democrats call on all parties to support our Motion to help Canadians now.”

The vote on the NDP’s Opposition Day motion will take place tomorrow.