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March 27th, 2015

Time to renew Canada’s commitment to eliminate child poverty

An NDP Government will eliminate the stock options tax loophole

Speaking to a packed house at the Broadbent Institute Progress Summit, Official Opposition leader Tom Mulcair announced that an NDP government will commit to reducing income inequality and will renew Canada’s commitment to eliminate child poverty.

Just over twenty-five years ago, Ed Broadbent led a motion through the House of Commons that committed Canada to eliminate child poverty by the year 2000.

“Despite Liberals and Conservatives voting for Ed’s motion – when they formed subsequent governments, they failed to take the necessary action to get the job done,” said Mulcair. “Not only was the goal not achieved, there are more children living in poverty today than in 1989.”

To support achieving these goals, an NDP government will close the tax loophole currently enjoyed by CEOs on stock options. Those funds would be re-directed to low-income families through an enhanced Working Income Tax Benefit and an enhanced National Child Benefit Supplement.

“This will be a dollar-for-dollar transfer in benefits from those who need it the least – to those who need it the most,” added NDP Leader Tom Mulcair. “Helping families out of poverty and into the middle class is good for our social fabric, as well as supporting a vibrant economy – and that’s good for Canada.”

This move will be a meaningful step towards reducing income inequality in Canada and will contribute towards getting families and children out of poverty and into the middle class.