I recently reported on a BC government program that was secretly providing tax breaks for international corporations, along with big banks.
The BC government has refused to tell taxpayers who got the tax breaks, and how much each company got.
However, it was revealed that since 2008, despite more than $140 million being given out, fewer than 300 jobs were created by the program.
While the government is still not sharing details with taxpayers, a court case has revealed that TD bank could get a $2.8 million tax break from the program.
TD claimed the tax break, but apparently submitted their paperwork late, so the issue is now before the courts. The case dates back to 2012, and has only been revealed because it went to court. Keep in mind, the tax breaks for banks are almost certainly continuing, we just aren’t allowed to hear about them.
TD makes massive profit
In the year TD claimed the tax break, they made a profit of almost $6.5 billion. Apparently, the BC government thinks the banks should get even more tax breaks, since all of Canada’s big banks, plus numerous foreign banks, can get breaks under the program.
This is despite the fact that Canada’s banks are making record profits, and despite the fact that the 2008 financial crisis showed the serious danger in relying too heavily on the financial sector to grow the economy.
Taxpayers deserve accountability
As the cost of living rises, most of us aren’t getting big tax breaks from the government, even though we could definitely use them. However, not only are we getting higher taxes, we are watching as massively profitable companies get the breaks instead.
It’s disgraceful, and it shows how disconnected many politicians have become from the people they are supposed to serve. When the government serves the banks instead of the people, you know we have a problem.