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November 9th, 2022

NDP’s proposed windfall profits tax would generate over $4 billion over five years: PBO

PBO confirms taxing huge profits made by big oil and gas companies and big box stores could significantly help families, but Liberals refuse to make them pay what they owe to invest in the rest of us

OTTAWA – This morning, the Parliamentary Budget Officer (PBO) released his findings on the NDP’s call for applying a windfall tax on excess profits made by big oil and gas companies and big box stores at the expense of working families. The report finds that this NDP proposal would generate $4.3 billion over 5 years — money that the Liberals could use to waive the GST off of home heating for families dealing with the increased cost of everything and higher interest rates.

“While this 41-year high in the cost of living is making Canadian families reexaminne their budgets to reduce costs, big box stores, big grocery stores and big oil and gas companies are making massive profits at the expense of families,” said NDP Finance Critic Daniel Blaikie. “New Democrats welcome today’s report from the PBO. It shows that a windfall profits tax on big oil and gas companies and big box stores would give the government funds to invest in concrete help for Canadian families in the face of inflation and higher interest rates, like removing the GST on home heating that could be up to 300% more expensive for families this winter. Instead, the Liberals chose to protect corporate profits by refusing to make them pay what they owe. New Democrats will continue to push the government to tax these massive profits to invest in help for your family budget.”

Recent reports show that in the last year alone, Loblaws made its biggest profit ever to the tune of an extra million dollars every day. So, while families are making tough decisions about what groceries they buy and which ones they leave on the shelves, CEOs like Galen Weston and his shareholders are making massive profits while already not paying what they owe. In Canada, unlike in other countries where a windfall profits tax is put in place, the Liberals refuse to tackle this greedflation which is making the rich richer and making Canadian grocery bills more expensive.

“If we make different choices, we'll get different results. The Liberals can implement a windfall tax on the extraordinary profits of big oil and gas companies and big box stores now so we can invest right away in families,” said Blaikie. “It took the Liberal government six months to take the NDP's advice to double the GST tax credit. It should not take this long for the Liberals to act to help families dealing with inflation and higher interest rates. Canadians deserve better, and New Democrats will continue to fight to make sure big oil and gas companies and big box stores pay what they owe so we can deliver real relief for families.”