In a recent report, it was stated that the BC government program intends to secretly grant tax breaks for big banks and international corporations. This comes after the BC government simply refused to leak details to taxpayers on who will be getting the tax breaks, and how much each company will get. In the report, it is stated that there have been more than $140 million in tax breaks given out, with less than 300 jobs created by the program.
The government is still refusing to release details with taxpayers, but a court case has stated that the program will help the TD Bank get a massive $2.8 million tax break. The tax break was claimed by TD, but they failed to submit their paperwork on time, which is why the problem has gone to the courts. The case was initially started in 2012, and it has only come to public knowledge, because it has gone to court. This is not what the government promised, because the tax breaks for banks have continued.
The biggest beneficiaries from these tax breaks are the banks, and TD bank made a profit of nearly $6.5 billion in the year it claimed its tax break. However, that alone isn’t enough for these banks, since the BC government thinks that they need even bigger tax breaks. Banks in Canada are already recording record profits, and ensuring that banks get away with tax breaks will only harm the financial sector.
The cost of living is rising for Canadian citizens, and the government doesn’t offer them any tax breaks, like it is offering to the wealthy banks. It is simply disgraceful for the government to grant a free pass to wealthy corporations and charge hardworking and struggling Canadians to pay all their taxes.