What specific wealth tax policies does this campaign advocate for?

We are calling on all federal party leaders to commit to taxing billionaires and Canada’s largest corporations ahead of the next federal election by:

• Introducing an export tax that forces U.S. oil and gas companies to absorb the cost of potential tariffs.
• Introducing a wealth tax on net wealth over $10 million; 
• Implementing an excess profits tax on large corporations, such as oil and gas companies; 
• Raising the corporate income tax rate; and
• Shutting down loopholes that allow the wealthy to avoid taxes.

You can learn more about these policy options through Canadians for Tax Fairness and the CCPA’s Spend What it Takes reports. 

Are you targeting billionaires or corporations?

Simply put, both! The case for taxing Canada’s largest corporations, including Big Oil, is obvious, but the wealthiest individuals in Canada are also hoarding wealth while the rest of us suffer. And you know that billionaires use way more than their fair share of the carbon budget through luxury goods like private jets or mega-yachts? In an equitable society everyone would pay their fair share, and those who contribute more to environmental or community exploitation should pay more than say a minimum wage worker living on a meagre budget.

Will corporations pass on markups to consumers if we raise taxes on them, raising the cost of living for us?

If corporations raise prices, it’s because they’re prioritizing their profits and shareholders over people.

This is why we also need policies that curb corporate greed like an excess profits tax or anti-price gouging legislation. With increased tax revenues through the wealth tax mechanisms described above, we would have more money to spend on public services that make life more affordable so we aren’t always left at the whims of profit-hungry corporations.

If we tax billionaires, will they just move to other countries or ramp up their tax evasion strategies?

The idea that corporations will simply “move elsewhere” is largely a myth. In reality, most large corporations are deeply integrated into local economies and rely on factors like skilled labor, infrastructure and access to markets—not just tax rates. We also know that many countries who have implemented excess profits taxes or similar measures haven’t experienced significant corporate flight. In fact, this tax can help to level the playing field— encouraging companies to reinvest in their workers, communities, and innovation, rather than just prioritizing shareholder profits.

Is it really possible to implement a major tax on billionaires and big corporations?

With enough political will and people power, it’s definitely possible! Many other countries have imposed excess profits taxes on large corporations in order to ease the cost-of-living crisis and make life more affordable for people.

For example, the UK imposed a 35% tax on oil and gas companies’ profits in 2022 to raise funds for people facing soaring energy bills. The tax will remain in place until at least 2029, and it was actually passed under the governing Conservative party thanks to pressure from the public.

There is also a precedent for a wealth tax right here in Canada. In 2022, the federal government implemented a one-time 15% tax on profits above $1 billion. Polling has also found that the vast majority of Canadians (88%)  across the country support the idea of increasing tax fairness through wealth taxes on the ultra-wealthy.

At a time when we should be uniting against US economic bullying, are we punishing Canadian businesses by taking this approach? 

This is not about punishing success or targeting hardworking businesses. It’s about ensuring that everyone—including the wealthiest individuals and largest corporations—pay their fair share to build a stronger, more resilient Canada.

When some corporations exploit loopholes to avoid taxes, it puts an unfair burden on small businesses and everyday Canadians. By closing these loopholes and asking the ultra-wealthy to contribute more, we can reinvest in public infrastructure, green energy, and social programs that benefit everyone.

This isn’t just about fairness—it’s about creating a more stable and prosperous economy for all. A healthier society means more customers for businesses, a stronger workforce, and a more resilient Canada. Together, we can build a future that works for All of Us.