Tax

The RPC will legislate the expansion of scope and power to the Competition Bureau and enact new tax policies (e.g., scaling tax surcharges for businesses controlling greater than 33% of any market segment in any market region) to prevent the development of monopolies in the private business sector; this largely won't apply to critical infrastructure as it will be entirely nationalized.

The RPC will direct the Canada Revenue Agency (CRA) to focus their efforts on identifying people who hide vast wealth, rather than conducting random audits of ordinary Canadians.

The RPC will entirely remove the capital gains exemption (i.e., increase the inclusion rate to 100%) - to finally put an end to the unfair two-tier tax system that favours the ultrawealthy - and instead tax all capital gains at the same nominal income tax rate. Fewer than 1 in 5 Canadians[1] benefit from this highly-inequitable policy, which is unique to Canada - even the USA does not have this exemption. To offset negative any impact this change might have had on Canadians (e.g., when they sell a cottage, retirement investments, or their small business), we will increase the Lifetime Capital Gains Exemption (LCGE)[2] from the current limit of $1,016,836 to $2,000,000 and expand the scope to include all Canadians; today, it is limited only to qualified farm and fishing property or qualified small business corporation shares. This limit will be tied to the consumer price index (CPI) to ensure it keeps pace with inflation. By nearly doubling the LCGE we dramatically reduce the number of Canadians affected by the increased inclusion rate. The wealthiest 0.01% of Canadians (approximately 42,000)[3] have an average net worth of over $35 million and will be the only group which is materially impacted by this policy.

The RPC will legislate recognition of complex modern interpersonal relationships, such as civil domestic partnerships including more than two adults, for all tax-related and other governmental purposes.

The RPC will increase the revenue limit from $500,000[1] to $1,000,000 to qualify for the lower rate, tie the limit to the consumer price index (CPI), gradually increase the higher corporate tax rate to 30% over 30 years, and work rapidly to close loopholes in corporate tax law which allow large successful corporations to avoid paying their fair share.

The RPC will create a new, extensive estate tax on the ultrawealthy to reduce the severe and ongoing societal harm caused by massively inequitable intergenerational wealth.

The RPC will work with international partners to implement a global minimum tax so that the biggest companies in the world are not able to escape the taxes they owe here in Canada or anywhere else.

The RPC will implement a new tax on luxury goods such as planes, yachts, expensive cars, and valuable gems, jewellery, and works of art.

The RPC will increase the federal basic personal amount income tax exemption from $13,808 (2021) to $20,000, tie the exemption to the consumer price index (CPI), add two new federal tax brackets[1] of 40% of taxable income over $500,000 and 51% of taxable income over $1,000,000, and work rapidly to close loopholes in personal tax law used by the ultrawealthy to avoid paying their fair share.

The RPC will work to ensure all programs, policies, benefits, reductions, and exemptions can be received at the point of sale, specifically to reduce the barrier to entry for low income individuals and families; specifically, this means the elimination of as many rebates, tax deductions, and other post-paid schemes as possible in favour of instant-savings.

The RPC will legislate that all Canadian citizens' tax returns will be posted publicly to reduce tax evasion by the ultrawealthy as well as wage theft and pay inequity by unethical corporations.

The RPC will work to reduce or entirely eliminate the number of government forms, filings, paperwork, processes, and other red tape which are burdensome for businesses and intimidating and confusing for many individuals; this unnecessary complexity was intentionally added as a social barrier to give a further advantage the ultrawealthy with armies of lawyers and accountants - at the detriment of everyone else.

The RPC will legislate strong financial regulations and criminal offenses for ultrawealthy Canadians and ultrawealthy foreign nationals who try to circumvent Canadian tax law by moving or hiding money, including seeking extradition to Canada for accused who flee.