Since 2019, Resource Movement members have been advocating for tax justice, in collaboration with other progressive allies.
In winter 2020, we are calling for the federal government to establish a wealth tax and an inheritance tax.
Why are we calling for tax justice?
1) Inequality: In Canada, inequality has been growing dramatically. Canada is home to the 5th most ultra high net wealth individuals on the planet. The 87 wealthiest families collectively own $259 billion—on average, nearly $3 billion each.
2) Social Services: We are living in the midst of the climate crisis. Thousands of people live on the streets every night. And many Canadians cannot afford dental, pharmacare, and many other essential services.
3) Tax Justice: We know we have the wealth we need to fund the programs and services we need. But right now, it’s in the wrong pockets. Inheritance taxes and wealth taxes are two policy tools that can reduce inequality, help to fund the social services we need, and create fairness.
Frequently Asked Questions
What is Resource Movement?
Resource Movement is a community of young people with wealth and/or class privilege working toward the redistribution of wealth, land, and power.
Do I have to be wealthy to sign the petition?
No! This petition is for everyone. As young people who have seen wealth concentration up close, we have been working hard to bring this issue into the limelight. But this work is about everyone! If you believe in tax justice, please sign the petition!
What have you done so far?
In our campaign so far, we’ve launched a press release and a petition, publicized a video of our members calling for tax fairness, spoken to media, and will soon be publishing an op-ed in the Toronto Star.
Who else is calling for tax justice?
There are many progressive groups calling for tax justice. They include:
Why a wealth tax?
Existing taxes have not prevented the concentration of wealth into the hands of a small group of ultra-wealthy people. (In this country the 87 wealthiest families collectively own $259 billion—on average, nearly $3 billion each!). That’s why we need a new tax, aimed at the very wealthy. A wealth tax would hit only the Canadians in the top 10% and would help to pay for vital programs and services we need, things like curbing climate change, pharmacare and dentalcare. Polls show that most Canadians—across party lines—support such a tax. Sign the petition.
Why an inheritance tax?
Simply put: every other G7 nation has one, except for Canada. We think that’s wrong. Inheritance taxes help to curb the transfer of wealth from one generation to the next, helping to reduce inequality and pay for necessary social services in the process. We think Canada should be more fair. And it’s not fair when some kids (like many of us) get to start the game on third base. Sign the petition.
What level of wealth tax are you calling for?
We propose the government establish a progressive wealth tax starting at 1% on Canadians with wealth in the top 10%. The tax should have multiple levels, topping out at rate of 10% taxed on each dollar of wealth over $20M. This tax would exempt principal residences.
For context, the Thomsons, Canada’s wealthiest family with net assets of $42.4B, would pay about $4B in 2020 with the new tax. Think the new tax is confiscatory? After tax season, they could still have over $38B left over—enough to buy over 43,000 homes in Toronto— more than any one family should ever need.
What level of inheritance tax are you calling for?
We are demanding the federal government establish a progressive inheritance tax that hits the top 10% of estates, increasing to a marginal rate of 55% on estates over $7.5 million.
For context, while 48% percent of Canadians expect to receive an inheritance, the average size of that inheritance is just under $100,000—a level which would not come close to being affected by this new levy.
Who would these new policies affect?
The policies we propose would hit individuals in the top 10% of wealth holders—those who have gained most from wealth concentration in the last twenty years. In contrast, the revenue gained from this tax would positively impact us all, through funding affordable housing, breathable air and free childcare. Sign the petition.
Is the campaign material available in French?
How can I get involved?
Want to get involved in Resource Movement’s tax campaign? Join our information session on Wednesday Feb 19, 8pm-9pm ET.