Economic Insights: Ottawa is proposing to levy a 2% tax on stock buybacks in the hopes of raising $420M in revenue annually on average. It's too bad the tax proposal is a paper tiger. Here's what a better approach would look like.
has put retail investors and the country’s struggling tech sector in the crosshairs. In an urge to keep up with and surpass the Biden administration, the federal government is proposing to levy a two per cent tax on stock buybacks in the hopes of raising an auspiciously high $420 million in revenue annually on average. Red meat for progressives, the tax is a fun hammer to nail corporate Canada with for “diverting resources away from making investments in their workers and businesses.
A smarter way forward would be to exempt corporate buybacks that correspond to employee share issuances to help advance employee ownership, or actually focus on taxation treatment for stock dividends as it seems the Department of Finance wants, or even focus on the increases in the base salaries of top executives. These options would arguably better soothe the economic anxieties shared by middle-class Canadians than surface-level tax policy changes.
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