The IMF and the Bank of Canada have revised their growth projections for Canada downwards to 1.5% for the coming year. The IMF is also warning Canada not to pull too hard on the reins of austerity while the economy remains weak and vulnerable to shocks.
Each and every Canadian province loses billions in revenues from tax loopholes, tax havens and outdated tax policy.
Ontario budgets less for public programs and services than any other province in Canada; Yet the government has let $15 billion in tax revenues slip through the system.
That's why C4TF applauds the leadership the Ontario Federation of Labour in organizing the People's Budget.
The federal government is expected to introduce an austerity budget on March 29 that will cut vital public services and many of the public sector jobs that deliver them. This approach will lead to more unemployment, lower tax revenue, dimished social programs, and could even push the Canadian economy back into recession.
But there is an alternative to cutbacks as a way to reduce the deficit.
It is time for a full review and public discussion of all options related to funding important public services and programs, says Canadians for Tax Fairness (CTF), a newly formed organization promoting a fairer and more progressive tax system “to support the Canada we love and the Canada we need to build”.