The Government is committed to building a fair tax system that benefits the middle class and those working hard to join it. Taking action against tax loopholes is a way to instill confidence in Canada’s middle class and drive economic growth.
Finance Minister Bill Morneau today spoke to the Toronto Region Board of Trade and its guests about the Government’s plan to maintain the integrity of Canada’s tax system as part of its long-term plan to grow the economy, create jobs and strengthen the middle class.
“I am proud to say that our Government has provided a middle class tax cut that has benefited nearly 9 million Canadians and targeted the Canada Child Benefit to families who need it most. Canada also has a highly competitive corporate tax system, one of the most competitive among the G7 and the Organisation for Economic Co-operation and Development. The vast majority of Canadians work hard and pay their fair share of taxes on time, but when some are not paying their fair share, this leaves less money for health care, housing, child benefits, and other essential services and programs. And I will make every effort to ensure that our tax system continues to support our vision of a fair and prosperous Canada.”
– Bill Morneau, Minister of Finance
- Last year, the Government launched a review of tax expenditures with the objective of eliminating poorly targeted and inefficient tax measures.
- This review has highlighted a number of issues around tax planning strategies by individuals using private corporations.
- The Government intends to release a paper in the near future setting out the nature of these issues in more detail as well as some potential policy responses, and looks forward to the input and engagement of Canadians on these issues.