MP Chambers Introduces Bill to Make the Government’s Forgiveness of Large Corporate Tax Debt Public
Ottawa, ON – Adam Chambers, Conservative Shadow Minister for International Trade, introduced Private Member’s Bill C-230 to create a Public Debt Forgiveness Registry.
Bill C-230 would create a public registry of corporations whose tax debts of $1,000,000 or more owed to the Government were waived, written off or forgiven. This will improve transparency and increase accountability for the decisions to no longer pursue tax debts owing.
The registry will disclose the name of the debtor, the amount and period to which it pertains, the legislation involved, and related details, making this information accessible to all Canadians.
“It is in the public interest that this information be available for all Canadians and taxpayers. This strengthens accountability and builds public trust in how taxpayer dollars are managed,” said MP Chambers.
“Last year, over $15 billion of tax debts owing to the government were waived, written off or forgiven. That is a record amount,” added MP Chambers. In fact, the average of the largest 100 tax debts owing by corporations was approximately $18 million, and just five corporate taxpayers had over $1 billion written off.
Last September, the Globe and Mail reported that there has been a sharp spike in the amount of corporate write-offs for tax debts owing, and the government has been tight-lipped about any details surrounding these write-offs.
This Bill follows Mr. Chambers’ ongoing efforts to improve government openness and enhance the integrity of Canada’s fiscal management.
“I am here to stand up for the average taxpayer who works hard, and pays and files their taxes on time. Reasonable people are frustrated to know that they comply with the rules, but under the cloak of secrecy, the government writes off large tax debts that corporations owe the Canadian government,” concluded Chambers. “I am willing to work with Members in any party who agree with this common-sense measure.”