Opinion: An overwhelming majority of Canadians want the government to make corporations contribute their fair share, according to polling. A windfall tax would help Canada collect revenue at a time when the government needs to invest in the economy.
Canadians feeling squeezed at the grocery store should look to Ottawa next week as executives of Canada’s biggest grocers are set to field questions from MPs about rising food prices.
Corporations are not just passing along higher costs. Many are taking advantage of turmoil in the global economy to boost profit margins.George Weston Ltd. show the grocery giant claimed net profit of $529 million in the last quarter as revenue increased by 10 per cent from last year. Revenue from a windfall tax could be used to help struggling households and the economy. Investments in areas such as affordable housing, dental and pharmacare would make life more affordable and cushion the blow of a looming recession.
Take oil and gas, a vital input to food at many stages of production. In 2019, Canada’s 10 largest oil and gas companies had combined pre-tax profits of $8.5 billion at an 8.5 per cent profit margin. In 2021, their margin doubled to 17 per cent bringing them a combined $23.8 billion.
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