Freeland defends the decision not to tax oil and gas companies' windfall profits
Author : Rutik Tiwari
In fall economic report, Finance Minister C. Freeland defended her president's decision not to impose a windfall tax on oil and gas companies
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Freeland revealed the Liberals' spending plans and gave a report on the state of the Canadian economy on Thursday when she released her fall economic statement
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The economic report also contains a "downside scenario," which shows its projected that Canada will encounter a recession in the coming year
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But, the NDP, the Liberals' supply and confidence partners, is calling for a windfall tax on both large oil and gas companies
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The windfall tax is a higher tax rate applied to some above-average revenues that emerge from unexpected circumstances, like the war in Ukraine
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“During COVID-19 lockdowns, the federal government undertook extraordinary emergency spending. We basically put a line, a net, underneath the Canadian economy”- C. Freeland
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“It was the right thing to do,” she also said. “And it also really, really helped our financial institutions.”
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“We've chosen to approach it in this fall economic statement in a slightly different — but I think really smart — way,” she added
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While the Conservatives want the Liberals to cut the carbon tax, the NDP is also asking them to do away with the GST on home heating