While everyday people struggle with spiralling costs, fossil fuel executives and shareholders are raking in billions of dollars that they didn’t earn.
This year alone, Canadian oil and gas companies could make extra profits to the tune of $50 – 100 billion.1 That’s wealth built on the backs of a devastating war and an escalating cost-of-living crisis.
There’s a term for this: war profiteering.
Over the past few weeks, Canadian economists and policy experts have made a compelling case for a windfall tax on Big Oil’s excess profits.2
Today, we’re teaming up with the Council of Canadians to launch a new campaign calling on the federal government to implement a 75% excess profit tax on the oil and gas sector. Will you join us?
Send a message to your MP and Finance Minister Champagne now.
This may sound bold, but there’s a historical precedent. During World War II, Canada didn’t let corporations get rich off global chaos — the government taxed excess profits at 75% to stop corporate profiteering and fill the public purse. We can do it again. A 75% windfall tax on Big Oil’s excess profits could raise $37.5 – 75 billion to fund:
- Direct relief to households struggling the most under the current oil price shock
- Support for renewable energy projects, public transit, and affordable green housing
- Federal funding for an East-West Grid that brings affordable, renewable energy to all
Prime Minister Carney’s recent move to pause the tax on gasoline, on the other hand, is a band-aid solution that amounts to a $2.4 billion subsidy for the fossil fuel sector and takes money away from public services. Relief for Canadians should come from Big Oil’s overflowing pockets, not from our schools and hospitals.
Take one minute to send a message to Finance Minister Champagne and your MP. It’s time to stop war profiteering and return money back to Canadian families and communities.
Blog by Atiya Jaffar, Canada Country Manager