Tax options for pandemic spending
As Covid-19 case counts continue to rise, ensuring more government spending to help workers and businesses through the winter months, there may eventually be a need for new taxes to pay for pandemic stimulus.
The NDP has championed a wealth tax on Canadians with more than $20 million in assets as well as higher taxes on companies’ excess pandemic profits. In a report last month, the C.D. Howe Institute suggested a GST hike was most likely. Deutsche Bank called for a tax on remote workers who haven’t been negatively impacted by Covid-19. Meanwhile, former Bank of Canada governor Stephen Poloz said the Canadian economy can grow its way out of deficits.
Original Article Source Credits: Advisor's Edge , https://www.advisor.ca/
Article Written By: Mark Burgess
Original Article Posted on: December 8, 2020
Link to Original Article: https://www.advisor.ca/tax/tax-news/tax-options-for-pandemic-spending/