Huge Tax Benefits to Canada’s Carbon Spewing Oil and Gas Sector Must Stop

‘We must act now to ensure that our tax system supports a fair transition to a green economy.’

A Call-Out from the non-profit activist group, Canadians for Tax Fairness

Posted July 30^th, 2024 on Niagara At Large

Why is our federal and provincial governments giving carbon polluters like this such huge tax breaks? It has got to stop.

From beloved towns like Jasper to the country’s largest city, Toronto, extreme weather events are wreaking havoc on communities across Canada.

But despite this, the Canadian oil and gas (O&G) sector is currently the top recipient of tax benefits from both federal and provincial governments.

2010-2022, O&G received nearly one-quarter trillion dollars in income tax deductions from capital cost allowances (CCAs), natural resource expense claims, prior year losses applied, and capital gains exemptions.

The sector received an additional $16.6 billion in refundable tax credits.

Oil and gas lobbyists are spending millions of dollars to coax the government into continuing to subsidize fossil fuel production, a move that contradicts Canada’s commitment to climate action.

We must act now to ensure that our tax system supports a fair transition to a green economy. Here’s how you can help:

• Read our latest Blog: Canada’s oil & gas sector continues to receive tax breaks while climate commitments come due.(https://www.taxfairness.ca/civicrm/mailing/url?u=6707&qid=1557572)
• Sign our petition: End Canada’s tax support for oil and gas.(https://www.taxfairness.ca/civicrm/mailing/url?u=6708&qid=1557572)

Thank you for your continued support for Canadians for Tax Fairness. Your commitment helps us strive towards a fairer and more just future.

We also extend our heartfelt thoughts and well wishes to all those affected by the recent wildfires and floods. Together, we can work towards solutions that support our communities and protect our environment.

For more about Canadians for Tax Fairness and how you can support this organization , click on – https://www.taxfairness.ca/civicrm/mailing/url?u=6700&qid=1557572

NIAGARA AT LARGE Encourages You To Join The Conversation By Sharing Your Views On This Post In The Space Following The Bernie Sanders Quote Below.

“A Politician Thinks Of The Next Election. A Leader Thinks Of The Next Generation.” – Bernie Sanders