Wealth tax proposed for Canada's 'ultra rich'

Jagmeet Singh says the New Democrats would tackle the country's multi-billion deficit through the party's long-standing promise to tax extremely wealthy Canadians and corporations.

His promise came during a campaign-style stop in Windsor, Ont., to announce the party's plan to create one million jobs — a goal the Liberals and Conservatives have also pledged to reach.

The NDP blueprint focuses heavily on past promises, including better supports for workers through a national pharmacare program, 10 days of paid sick leave, and higher minimum wages.

Singh says his plan would create economic activity through building 500,000 new homes and infrastructure projects he said would use Canadian-made materials.

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When it comes to Canada's deficit, Singh says people are worried, partially because past Liberal and Conservative governments have dealt with it through higher taxes or program cuts.

Singh says the NDP is proposing a third option: asking the "ultra rich to pay their fair share."

"One of our plans is to make sure we have a wealth tax, that we have a pandemic profiteering tax," he said at Wednesday's announcement.

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He added he would target web giants such as Google, Netflix, and Amazon.

"Our plan is to make the ultra rich, the ultra rich people, and the ultra rich corporations, pay."

In its April budget, the federal Liberal government projected the deficit to be $154.7 billion this fiscal year, after a record-smashing $354.7 billion last year, driven by the COVID-19 pandemic.


This report by The Canadian Press was first published July 14, 2021.