Tax Fairness Agenda

"It’s time to invest in all Canadians."

A Tax Fairness Agenda For Canadians

Canadians know that when we look out for one another, we all do better. A Jagmeet Singh-led government will build an inclusive and more progressive tax system that will ask Canadians to invest in one another.

This will be done by closing loopholes that have allowed corporations to avoid paying their fair share and help alleviate poverty for millions of Canadians.

As Prime Minister, Jagmeet Singh will take bold action and build a tax system that is more fair and just.

It’s time to invest in all Canadians, that is why Jagmeet Singh will introduce a broad collection of tax reforms including:

  • More progressive income taxation

    • Jagmeet will introduce new tax brackets for high incomes earners. This will include  two new tax brackets for Canadians earning $350,000 and $500,000 respectively that are 2% and 4% higher than the existing marginal rate respectively.

  •  Capital gains inclusion rate

    • Capital gains almost entirely benefit the wealthiest Canadians. Jagmeet will ensure that the wealthiest Canadians pay their fair share by increasing the capital gains inclusion rate from 50% to 75%.

  • Estate taxation

    • Jagmeet will implement a 40% estate tax on assets in surplus of $4 million dollars to help build a more equal Canada. Primary residences will be exempt. 

  •  Corporate taxation

    • Jagmeet will ask corporations to pay more and help build a fairer society. He will reverse the corporate tax cuts of the last 20 years and increase the Corporate Income Tax to 19.5% from 15%.

    • Jagmeet will bring an end to corporate perks. Corporate tax write-offs for box seat tickets and expensive meals will end and corporations will be asked to pay their fair share.

  • Tackling tax avoidance, evasion, and loopholes

    • Jagmeet will make sure the Canada Revenue Agency has the resources it needs to combat tax evasion by providing additional resources for data collection and auditing teams.

 Jagmeet will also establish a Tax Fairness Commission. It has been 50 years since the Carter Royal Commission on Taxation and a lot has changed in that time. As Prime Minister, Jagmeet will create an expert commission tasked with recommending a path forward to making the Canadian tax system more progressive and balanced, so the wealthiest in our country are paying their fair share. This will include a review of all existing tax credits, deductions, and the TFSA.