OTTAWA – A recent report by the non-profit organization Canadians for Tax Fairness says Canada should institute a windfall tax on all large corporations to assist recuperate a number of the public funds awarded to businesses in the course of the pandemic.
The report examines 37 publicly listed corporations that received the Canada Emergency Wage Subsidy (CEWS), a federal program designed to assist employers retain employees in the course of the pandemic.
It concludes that in 2020 and 2021, the 37 corporations rewarded shareholders by spending a combined $81.3 billion on dividends and $41.1 billion on share buybacks.
Canadians for Tax Fairness says a lot of these corporations also reported impressive profits in 2022 as pandemic restrictions lifted and the economy improved.
The group says a windfall profit tax on all large corporations would force corporations to provide back a number of the public funds they received and assist with the country’s overall recovery.
The pinnacle of the Canadian Revenue Agency recently said it wouldn’t be value reviewing greater than $15.5 billion in potentially ineligible pandemic wage advantages flagged by the Auditor-General.
This report by The Canadian Press was first published Feb. 9, 2023.