Expensive and ineffective loopholes have made Canada’s tax system more complicated and less fair. The majority of these loopholes primarily benefit top incomes and the wealthy, and allow many to pay lower rates of tax than hard working lower and middle income Canadians pay.
Closing just a few of the most regressive tax loopholes—such as the stock option deduction, low tax rates on capital gains, and the meals and entertainment expense deduction—would provide the federal government with more than $15 billion in revenues annually. This would go a long way to funding a national pharmacare program, addressing climate change, guaranteeing affordable childcare and other important priorities.
Please sign your name to the following email, asking leaders to make closing tax loopholes a priority in this election and for the next government.
For more information on these expensive tax loopholes, check out our fact sheet and our Platform for Tax Fairness.
Photo credit: One Way Stock, flickr