Canada's wealthiest CEOs don't have to pay tax on 50 per cent of income received from cashing in company stock that they have received as part of their compensation.
How many tax dollars are missing? The troubling answer is that the Harper government has absolutely no idea. Worse, it is thwarting those who want to find out.
It is beyond dispute that parental income splitting will give lavish tax benefits to the richest families while giving shockingly small benefits to those who actually need them the most.
Because of an unfair tax loophole, only half the income from stock options is taxable.
Our tax system is riddled with unfair and ineffective loopholes that cost federal and provincial governments a lot of money and disproportionately benefit higher income taxpayers.
Canadian senators who earned $2-million in stock options from non-Senate work didn’t have to pay income tax on 50 per cent of that money.
Canada is the 17th most secretive country in the world when it comes to financial transactions, according to an index released today by our partners at the London-based Tax Justice Network.
The reality is that the top 1% actually pay less of their income in all forms of taxes than the bottom 10%. Why? Tax loopholes.
Canada is not immune to sophisticated, multi-billion-dollar global schemes that involve money laundering and hidden assets.
The good people of Zug Switzerland allow Canadian company Cameco to pay them taxes even though the corporation has no material operations to speak of in the city.