Canada’s largest corporations avoided $30 billion in taxes last year, report finds: Canada’s
largest corporations are making record profits and paying income tax at
record-low rates, according to a new report from the non-profit
Canadians for Tax Fairness.
The
report found an “enormous increase” in the gap between what
corporations would pay at the corporate rate stipulated in the tax code
and what they actually paid. That gap grew to $30 billion in 2021 — an
amount the organization says represents an “unexplained loss” to the
country.
The report analyzed the
profits and taxes paid by 123 of the country’s largest corporations with
a market capitalization of $2 billion or more over the past five years.
It found the annual tax gap in the three years before the pandemic
averaged $13.5 billion, but that amount more than doubled — to $30
billion — in 2021.