The billionaire loophole: How Canada’s tax system fuels inequality
While many Canadians face economic challenges, the wealthiest one per cent conceal billions in offshore tax havens, perpetuating a system designed to protect their assets and weaken public services.
Patriotic Millionaires Canada call for tax reform
A group of affluent Canadians, known as “Patriotic Millionaires Canada,” recently addressed Finance Minister François-Philippe Champagne. They urged him to adopt policies aimed at reducing income inequality in the upcoming budget by “effectively taxing the rich.”
“One of us is a former member of the Canadian Parliament, and the other is a current member of the one per cent, so we’re well-positioned to tell you that our current level of wealth inequality is threatening the stability of our economy and democracy, and is partially the result of a failure to tax extreme wealth,” Ratna Omidvar and Sabina Vohra-Miller wrote in the Hill Times on behalf of the group.
This appeal highlights the urgent need to address the tax loopholes that allow the richest Canadians to avoid contributing their fair share, which undermines economic equality and social stability.
Author’s summary: Canada’s tax system enables extreme wealth concealment by the richest, threatening economic stability and public services, prompting calls for stronger taxation from influential insiders.