A proposal to tax excessive corporate profits during the pandemic could generate nearly $8 billion in tax revenue, according to Canada's independent budget watchdog. A new report from the Parliamentary Budget Office estimates corporate income tax revenues could increase significantly if Canada hikes its corporate tax rate on businesses that have seen their profits soar during the pandemic. "We estimate that an excess profits tax would generate $7.9 billion in federal corporate tax revenues for the 2020 year," says a new PBO report. The NDP proposal would slap an additional 15 per cent on profits over a set amount. The measure would be temporary and likely would end once Canadians are vaccinated and the pandemic is over, Singh said.

Source: CBC News April 27, 2021 17:10 UTC