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Finance committee No. So far, no one has been prosecuted. From questions posed to the CRA, the answer that has come back is that they're continuing to investigate. We wonder why other countries have been able to successfully prosecute. It would be good to know one way or the other if the CRA can
February 10th, 2022Committee meeting
Dr. D.T. Cochrane
Finance committee We think that the model that's been set up for the beneficial ownership registry can serve as a template for something similar. It should be relative to the beneficial ownership registry. This is a much simpler step, but you can definitely coordinate among the various relevant go
February 10th, 2022Committee meeting
Dr. D.T. Cochrane
Finance committee The wealthier you are, the more you can afford accountants and lawyers who can help you sidestep the taxes that you should be paying, often legally. We want a comprehensive review of the entire tax system to identify the loopholes that are being exploited in this way.
February 10th, 2022Committee meeting
Dr. D.T. Cochrane
Finance committee It's hugely important, and it's also the type of thing that gets support from Canadians of all stripes. Everyone thinks it's ridiculous that we don't know how much revenue and profit Amazon makes in Canada. How much tax does Amazon pay in Canada? It's obviously becoming an ever g
February 10th, 2022Committee meeting
Dr. D.T. Cochrane
Finance committee An income tax is a tax on a flow. That's the money that's moving into people's accounts. A wealth tax is a tax on a stock. The wealth tax that has been proposed would really affect the 1% of the 1% but generate tens of billions of dollars in revenue. That in and of itself wouldn'
February 10th, 2022Committee meeting
Dr. D.T. Cochrane
Finance committee There are a lot of different ways to measure this. We put out a report recently looking at corporate taxes as a share of revenue. In that report, we make the point that the cuts haven't led to investment. We looked at the machinery, equipment and intellectual property assets as
February 10th, 2022Committee meeting
Dr. D.T. Cochrane
Finance committee A lot of the productivity gains that we probably could achieve if we were investing in innovation just simply aren't happening. A lot of the economic activity that could be there, isn't. We could have government funding the types of jobs we actually want. We've been told for so l
February 10th, 2022Committee meeting
Dr. D.T. Cochrane
Finance committee Any time you give any kind of preferential tax treatment to some segment of the corporations, capital will move into that segment. That provides funds to the REITs to start buying up the housing stock. With ultra-low interest rates, the total cost of purchasing a home hasn't go
February 10th, 2022Committee meeting
Dr. D.T. Cochrane
Finance committee I don't know the beginning date. My knowledge is mostly at a time when the entire government recognized, oh, this special trust treatment is a huge problem and we need to eliminate it. It was eliminated everywhere except for real estate, for some unknown reason. It's not talked a
February 10th, 2022Committee meeting
Dr. D.T. Cochrane
Finance committee Thank you very much. It's a pleasure to speak with you today. As Canadians for Tax Fairness, we are concerned about two long-term trends in our tax system that stymie our ability to achieve a sustainable, equitable and prosperous future. First, four decades of changes to our tax
February 10th, 2022Committee meeting
Dr. D.T. Cochrane
Finance committee Absolutely, it's the wealth tax. It would bring in more revenue, and it would have some of the same effects as an excess profits tax. We are alone among many of our allies in not having some form of wealth tax. It's in the fiscal tool kit. We just need to make use of it.
March 17th, 2021Committee meeting
DT Cochrane
Finance committee Yes, and my organization gave your government kudos for doing so. There's just much more that needs to be done and can be done. There are many more tools in the fiscal tool kit that your government's just not using. It has made hints that it will use some of them, but it has not
March 17th, 2021Committee meeting
DT Cochrane
Finance committee Yes, I'm aware of those. The digital giants taxation is again something that we gave big kudos for, although a thumbs-down for delaying the implementation for a year, which is costly. Actually, I would pose a question that we have, if I could. Will that tax apply to Uber and Ly
March 17th, 2021Committee meeting
DT Cochrane
Finance committee Okay.
March 17th, 2021Committee meeting
DT Cochrane
Finance committee That just shows what can be done through government action. We have seen unprecedented levels of spending that had this unexpected positive impact—and I mean unexpected to many commentators. There were a lot who said, “Put money out there and it will help address inequality.” I'
March 17th, 2021Committee meeting
DT Cochrane