Corporate Tax Freedom Day: Today Corporate Canada Stops Paying Taxes and Starts Hoarding Money For Itself - 2020-01-07

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F0.png Corporate Tax Freedom Day: Today Corporate Canada Stops Paying Taxes and Starts Hoarding Money For Itself January 7, 2020, PressProgress

Thanks to two decades of corporate tax giveaways, Canadian corporations paid off their collective tax bill at 9 am this morning — and the data suggests they won't be putting their after-tax savings to productive use.

Corporate Tax Freedom Day, calculated by the progressive tax watch dog group Canadians for Tax Fairness, is the day when Canadian corporations have paid all their federal and provincial corporate income taxes based on their revenues.

Riffing on the right-wing Fraser Institute's annual "Tax Freedom Day" gimmick, the report aims to highlight the impact of two decades of cuts to corporate income tax.

The study notes Canada's "effective corporate income tax rate" — the amount of tax actually paid as a share of taxable income — declined to 18.8% in 2018, the latest year for which data is available.

Wikipedia cite:
{{cite news | title = Corporate Tax Freedom Day: Today Corporate Canada Stops Paying Taxes and Starts Hoarding Money For Itself | url = https://pressprogress.ca/corporate-tax-freedom-day-today-corporate-canada-stops-paying-taxes-and-starts-hoarding-money-for-itself/ | work = PressProgress | date = January 7, 2020 | accessdate = January 11, 2020 }}