The Billionaire Loophole: How Canada’s Tax System Fuels Inequality
While many Canadians face economic challenges, the richest one per cent conceal billions of dollars in offshore tax havens. This system, rooted in colonial practices, is designed to protect elite wealth and undermine funding for public services.
Call from Wealthy Canadians to Reform Tax Policies
A group of affluent Canadians, known as “Patriotic Millionaires Canada,” recently signed an open letter addressed to Finance Minister François-Philippe Champagne. They urged the government to adopt measures in the upcoming budget aimed at reducing income inequality by imposing fair taxes on the wealthy.
“One of us is a former member of the Canadian Parliament, and the other is a current member of the one per cent, so we’re well-positioned to tell you that our current level of wealth inequality is threatening the stability of our economy and democracy, and is partially the result of a failure to tax extreme wealth,” Ratna Omidvar and Sabina Vohra-Miller wrote in the Hill Times on behalf of the group.
Summary
Canada’s tax system enables the richest Canadians to evade fair taxation, deepening inequality and endangering economic and democratic stability.