Wealth Tax


This week we were astounded to read that Canada’s billionaires have seen their income grow by $53 billion since the start of the pandemic! By 2018 Canadian Corporations had already amassed a hoard of over $700 billion in cash that they are not reinvesting in the economy. Studies have shown that the rate of business development in Canada actually followed the corporate tax rate - downward, slowing productivity growth in Canada.


We hear that raising corporate taxes will cause jobs to leave Canada. Yet despite low tax rates and even free government loans we see car plants closing, stores shuttering and manufacturing jobs going south. In the first 2 decades of this century the percentage of Canadian men who were employed full time dropped from 64 to 59%. Everything we read lately seems to dispel the notion of “trickle down economics”.


To make our tax system fairer and ensure that the wealthiest individuals are paying their fair share, the NDP will increase the capital gains inclusion rate to 75 percent. A New Democrat government will also boost the top marginal tax rate and ask the very richest multi-millionaires to pay a bit more towards our shared services with a new one percent wealth tax on wealth over $20 million.

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