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Canada

25 September 2020

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Canada Speech from the Throne Delivered Including Focus on Taxing Digital Companies, Addressing Wealth Inequality, and Promoting Clean Tech

On 23 September 2020, Governor General of Canada Julie Payette delivered the Speech from the Throne to open the second session of the 43rd Parliament and outline the government's agenda.

While details on tax plans is limited in the speech, one area of focus is addressing corporate tax avoidance by "digital giants". According to Payette, " Web giants are taking Canadians' money while imposing their own priorities. Things must change, and will change. The Government will act to ensure their revenue is shared more fairly with our creators and media, and will also require them to contribute to the creation, production, and distribution of our stories, on screen, in lyrics, in music, and in writing."

Aside from taxing digital giants, the speech also includes that the government is planning measures to tax extreme wealth inequality, including by concluding work to limit the stock option deduction for wealthy individuals. The government is also planning to launch a new fund to attract investments in making zero-emissions products and cut the corporate tax rate in half for these companies to create jobs in clean technology.

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