After UN chief calls out 'scandalous' profits, Ottawa offers no plan to hike taxes on oil and gas industry – CBC News
Canada’s Ministry of Finance says it’s aiming to make everyone pay “their fair share of tax” but is not committing to an elevated tax on energy companies who are reporting sizeable windfalls while consumers feel pinched at the gas pumps.
The ministry’s statement comes on the heels of United Nations Secretary General Antonio Guterres sharply criticizing the world’s energy companies for making a profit at the expense of the poor.
On Wednesday, Guterres said the world’s top energy companies made $100 billion in the first quarter of this year and that those profits should be taxed and then used to support the most vulnerable people through difficult times.
He joined other figures who have recently accused oil companies of capitalizing on a global supply shortage to fatten profits and gouge consumers.
“This grotesque greed is punishing the poorest and most vulnerable people, while destroying our only common home, the planet,” Guterres said. “We are seeing excessive scandalous profits of the oil and gas industry in a moment in which all of us are losing money.”
WATCH | UN chief urges tax on ‘excessive profits’ of oil companies
The day after Guterres’ comments — in which he did not single out any company — Suncor Energy Inc. reported earnings of $3.99 billion in the second quarter of 2022, more than four and a half times the $868 million it earned in the same period of 2021.
Asked if Ottawa has given any thought to a higher tax on such profits, the Ministry of Finance instead pointed to other tax measures taken by the federal government, including permanently hiking the corporate tax rate by 1.5 per cent on profitable banks and implementing a luxury tax on private jets and luxury cars worth more than $100,000.
“We have been, and remain, committed to making sure everyone pays their fair share of tax,” the ministry said in an emailed statement on Friday.
NDP says extra revenue should go to ordinary Canadians
Daniel Blaikie, the New Democratic Party’s finance critic, said there’s “absolutely” a place for the federal government to tax “excess profit” at a time when “people are really under the gun when it comes to being able to afford” rent, food and gas.
“We saw Conservatives in the U.K. do this, for Pete’s sake,” Blaikie said, referring to Britain’s passage last month of a 25 per cent windfall tax on oil and gas producers in the North Sea.
Blaikie suggested profits could be diverted to increase the GST tax credit and the Canada Child Benefit.
The money could also be used to expand a 2021 increase to Old Age Security payouts for seniors aged 64-75, which currently only applies to those over 75, he added.
Kevin Page, a former parliamentary budget officer, agreed that taxed profits could be “put to work with respect to strengthening our social safety net.”
In response, energy companies might argue that elevated taxes amount to an unfair burden on an industry still trying to recover from the global crash in energy prices during the early stages of the pandemic, Page said.
“Those are the tough tradeoffs that we want our political leaders to wrap their heads around,” Page said.
Industry says Ottawa benefiting from increased royalties
The Canadian Association of Petroleum Producers (CAPP) declined an interview but said in an emailed statement that higher commodity prices translate to a bump in federal royalties.
“Canada is set to see a year-over-year growth of 283 per cent in royalties collected from the four producing oil and gas provinces,” the association said in its statement, in which it also cited income taxes, municipal taxes, corporate tax remittances and the auctioning of mineral rights as additional pools of government money flowing from the oil and gas sector.
Increasing production from democratic countries like Canada would help lower consumer costs, CAPP added.
Twenty-six organizations call for MSI for migrant workers in Nova Scotia
Halifax, NS (March 21, 2022) – Today, as the spring session of the Nova Scotia legislature opens, twenty-six organizations have published an open letter calling for healthcare access for Kerian Burnett and all migrant workers in Nova Scotia. Today is also the International Day for the Elimination of Racial Discrimination.
The signatories to the letter include the Antigonish Coalition to End Poverty, Central Kings Community Health Board, CUPE NS, King’s Students’ Union, National Farmers Union – Nova Scotia, No one is illegal – Nova Scotia, Nova Scotia Health Coalition and Western Kings Community Health Board.
In some provinces, migrant workers have access to public healthcare on arrival. In Nova Scotia, migrant workers must have a one-year work permit to be eligible for public healthcare coverage (MSI). This means that Caribbean and Mexican workers who come to Nova Scotia under the Seasonal Agricultural Workers Program (SAWP) are not eligible, because their contracts are a maximum of 8 months of each calendar year.
“Nova Scotia’s MSI eligibility criteria shuts out this racialized workforce. This is a blatant example of systemic discrimination, which can and must be immediately redressed,” said Stacey Gomez, Manager of the Migrant Workers Program with No one is illegal – Nova Scotia.
Migrant workers in the SAWP only have access to private health insurance, which is tied to their employment.
“Private health insurance from employers and restrictions on eligibility for MSI prevents migrant workers from accessing the care they need leaving them vulnerable and falling through the cracks of our public healthcare system. The NSHC signs onto this letter and supports the call for all migrant workers, especially seasonal agricultural workers, to be eligible for MSI immediately upon arrival in Nova Scotia. Access to free, universal, public healthcare is the right of every human being, regardless of immigration status. We must do better,” said Alexandra Rose, Coordinator of the Nova Scotia Health Coalition.
Ms. Burnett, who was diagnosed with cervical cancer after arriving in Nova Scotia as a migrant worker, now has a Temporary Resident Permit until January 10, 2024. However, she still does not have medical coverage in Nova Scotia. She was advised by her doctor to remain in Canada to undergo life-saving treatments and for follow-up care. Ms. Burnett is currently hospitalized.
– 30 –
No one is illegal – Nova Scotia
Telephone: (902) 329-9595
Canada's inflation rate cools more than expected – Financial Post
OTTAWA — The annual pace of inflation cooled in February as it posted its largest deceleration since April 2020.
Statistics Canada said Tuesday its consumer price index in February was up 5.2 per cent compared with a year earlier.
Analysts polled by Reuters had expected the annual rate to fall to 5.4 per cent.
The reading compared with an annual inflation rate of 5.9 per cent in January and was the lowest annual inflation rate since January 2022 when it was 5.1 per cent.
Statistics Canada noted that the decline was due to a steep monthly increase in prices in February 2022 when the global economy was significantly affected by the Russian invasion of Ukraine.
Despite the overall cooling, grocery prices remained elevated and outpaced overall inflation.
Prices for food purchased from stores in February were up 10.6 per cent compared with a year ago, the seventh consecutive month of double-digit increases.
Which food items went up in price in Canada – CTV News
Inflation for goods in Canada is cooling but prices for food remain high, Statistics Canada’s latest report shows.
The Consumer Price Index (CPI) for February was at 5.2 per cent year-over-year, a decrease from January’s 5.9 per cent year-over-year increase.
“This was the largest deceleration in the headline CPI since April 2020,” the StatCan report reads.
Energy reflected the cooling as prices fell 0.6 per cent year-over-year. Gasoline prices are leading the drop, StatCan says, with a 4.7 per cent difference year-over-year — “the first yearly decline since January 2021.”
“Inflation is cooling more than what was typically expected,” David George-Cosh, BNN Bloomberg reporter, told CTV News Channel on Tuesday. “But when you drill down into some of the details, it’s unlikely to really convince Canadians that the worst is really behind us.”
Despite the overall signs inflation is decreasing, Canadians are not seeing this reflected at grocery stores, where food prices rose 10.6 per cent year-over-year in February. This is a slight decrease from January, which saw a 11.4 per cent year-over-year increase.
FOOD PRICES REMAIN HIGH
February marks the seventh consecutive month of double-digit food inflation, StatCan says.
This pressure is largely due to supply constraints from extreme weather in some regions and higher costs of animal feed, energy and packaging materials.
Pasta products continue to increase in price, with a 23.1 per cent year-over-year difference in February. This is an upward trend from January, which had a year-over-year increase of 21.1 per cent.
Fruit juice had the largest increase in price from January to February 2023, data from StatCan shows. In January, the product had a year-over-year difference of 5.2 per cent; this rose to 15.7 per cent year-over-year in February.
According to StatCan, the quick rise in the cost of fruit juice is led by the increased price of orange juice specifically.
“The supply of oranges has been impacted by citrus greening disease and climate-related events, such as Hurricane Ian,” the CPI report reads.
William Huggins, lecturer of corporate finance and business economics, explained supply chains are under pressure from many areas.
“We’ve had, for instance, problems with avian flu…There are problems with African swine fever in China, we’ve had trouble getting enough employees to come back post pandemic with their steel supply chains,” Huggins told CTV’s Your Morning on Wednesday. “We’ve seen this not just in Canada, but also in the United States as well. So rather than people thinking it’s very much a homegrown problem, it’s much more of a North American logistic problem.”
Oranges on their own have not increased quite as dramatically between January and February of this year. According to the data, in January oranges had a year-over-year increase of 14.1 per cent, which rose to 15.1 per cent year-over-year in February.
Similarly, apples rose in price year-over-year to 16.6 per cent in February, a 4.5 per cent increase from January.
Some areas did see prices slowing, StatCan said.
Meat products decreased to 6.2 per cent year-over-year, though this is a smaller decrease than in January.
But Canadians aren’t seeing decreases in all types of meat.
Fresh or frozen poultry remained high, as StatCan pegged the year-over-year increase at 10.7 per cent in February, a slight increase from January.
Fish, seafood and other marine products increased by 1 per cent from January’s year-over-year marker to 7.4 per cent year-over-year in February.
Fresh or frozen beef saw a reduction in February, with a year-over-year increase of 2.4 per cent compared to January’s 3.7 per cent difference.
Buyers of some types of produce are seeing a cooling effect as well, including the costs of lettuce and tomatoes.
Lettuce in January rose to 32.8 per cent year-over-year, but dropped the next month to 20.2 per cent compared to February 2022.
Tomatoes in January had a 21.9 per cent year-over-year increase, which dropped to 7.1 per cent year-over-year in February.
STUDY SHOWS MISTAKES ON RECEIPTS
Many Canadians are now acutely aware of how much food items cost, so they can ensure they are not paying more, but a new study shows two-thirds (67 per cent) of people have seen a mistake on their grocery receipts in the last year.
Dalhousie University’s Agri-Food Analytics Lab polled 5,525 respondents.
According to the survey, 78.5 per cent of those who noted a mistake reported the most common error was that the price at the cash register was not the same price displayed on the shelf. About one-third of respondents said the daily discount was not applied and a total of 31.4 per cent claimed the cashier scanned an item too many times.
A majority of people said they check receipts for mistakes as they exit the store, before getting home. However, the survey notes not all Canadians have the habit of checking for mistakes; only half said they always check, while 3.3 per cent never do.
“As for frequency of mistakes, 79.2 per cent of respondents claim that they find at least no mistakes on their receipts, at least 10 per cent of the time,” the press release reads. “A total of 15.2 per cent will find at least one mistake on their receipt, 25 per cent of the time.”
Food inflation tracker
Note: data for some specific grocery items are available only nationally, and are not available by province. Can’t see the interactive above? Click here.
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