The ultra-rich are getting richer while the Liberal government cuts help to everyday Canadians

OTTAWA – As the pandemic continues and the cost of living steadily rises, the federal government is cutting low-income seniors and families off from the benefits they need to pay their rent and groceries. A report released today from the Parliamentary Budget Officer (PBO) confirms that inequality is increasing in Canada. The very wealthiest one per cent continue to increase their massive wealth while everyday people fall further behind. NDP Leader Jagmeet Singh says the Trudeau government isn’t standing up for Canadians by making the ultra-wealthy pay their fair share.

“Families are struggling to afford groceries, rent and heat for their homes but the very wealthiest keep getting richer,” said Singh. “Justin Trudeau pretends to care about inequality, but in the midst of a pandemic, he ends the CRB for 900,000 people and cuts benefits for seniors and families in need. Unlike the Liberal government, New Democrats know this is wrong and we’re going to make sure the ultra-wealthy pay their fair share.”

The PBO report found that in 2019, the top one per cent in Canada hold almost 25 per cent of the country’s total net wealth and that 160, 600 households had a net wealth of at least $6.3 million each. All the while, the bottom 40 per cent of Canadians hold only one per cent of Canada’s total net wealth. Even though the one per cent are getting wealthier and inequality is growing, Justin Trudeau says that raising taxes on the ultra-rich “has reached its limit” and refuses to introduce a wealth tax and close tax loopholes. While Canadians are being crushed by the rising rates of inflation, the Trudeau government stands by and protects the profits of the ultra-rich.

“Canadians are trying to recover from the pandemic and the cost of everything from rent to food is rising. People are frustrated that it’s harder and harder to make ends meet,” said Singh. “It’s not good enough for Justin Trudeau to just say nice things about tax fairness. When you’re the Prime Minister it’s up to you to take concrete action to help people. New Democrats work for everyday Canadians not the ultra-rich.”

The NDP will continue to press the Liberals to maintain the CRB, end the GIS and CCB clawbacks. New Democrats will push the government to fix the housing crisis, fund public services that people need and finally introduce a wealth tax on the ultra-rich so that Canada’s economic recovery does not rest on the shoulders of low-income families and seniors, but on the ultra-rich.