“The smaller, leaner entrepreneurial businesses can’t afford to have large legal and tax accounting departments that allow them to game the system. So they are automatically at an unfair and unjustified disadvantage,” Poilievre said.
The Star/Corporate Knights investigation revealed that Canada’s 102 largest corporations collectively avoided $62.9 billion in income taxes over the past six years. On average, that’s $10.5 billion less per year than if they paid the official corporate tax rate.
It’s also an average of $100 million missing from the public purse per company, per year.
Those staggering numbers have prompted more than 27,000 Canadians to sign a petition calling on the government to raise corporate taxes and close tax loopholes.
The petition also asks the government to consider imposing a special levy on banks, which are the country’s biggest tax avoiders.
While the Big Five banks are collecting record profits, their income tax rates have dropped to the point