(OTTAWA) A senior government official has revealed that Treasury Secretary Chrystia Freeland will propose taxing company share buybacks in her economic statement on Thursday to encourage companies to invest in their operations and their workers in the country.
Updated yesterday at 6:20pm.
Nojoud Al Mallees The Canadian Press
The source spoke to The Canadian Press on condition of anonymity as she was not authorized to publicly discuss the contents of the government’s financial report.
The federal government’s fall economic statement released on Thursday is also expected to include Canada’s response to President Joe Biden’s Cut Inflation Act, which also imposed a 1% federal tax on corporate share buyouts.
German Environment Secretary Steven Guilbeault berated oil majors last week for their very limited investment in climate action, while massive gains attributed to inflation have allowed them to garnish shareholder wallets.