Canadian businesses have already earned enough revenue this year to pay their 2022 taxes, according to a new report.
Canadians’ quest for tax fairness, released on Thursday, shows that “Corporate Income Tax Freedom Day,” which refers to when corporations earned the last dollar they need to meet their tax obligations, arrived at 12:33 a.m. on January 7.
In comparison, Canadians pay an average of two months of income in taxes.
“How is it fair that the average Canadian society only pays a the week‘s income for the public services we all need, while the average Canadian contributes a few months of income in taxes? DT Cochrane, economist and author of the report, said in a press release.
“It’s especially outrageous when companies have received hundreds of millions of dollars in support from Canadian governments.
Corporate Tax Freedom Day has come an average of about 30 minutes earlier every year since 2015, which Canadians for Tax Fairness attributes to statutory tax rate cuts and tax loopholes companies.
Furthermore, the group estimates that if the average statutory tax rate of the 1980s and 1990s, 48%, had remained in place in the 2000s and beyond, there would be an additional $1.1 trillion in the coffers. of the government.
“The solutions are clear, easy to implement, and Canadian businesses can easily afford to contribute their fair share,” said Cochrane. “The federal government should raise the corporate tax rate from 15% to 20% and tax excess profits from the pandemic, especially from companies that have received government subsidies.”
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