FACT CHECK: Jagmeet Singh claims the NDP will close the stock options loophole – but his party voted against it
October 7, 2019
In 2019, the Liberal government put forward an approach to limiting corporate stock option deductions. This was to address the fact that in 2017, 2,300 millionaires claimed approximately $1.3 billion in employee stock option deductions. While Jagmeet Singh claims the NDP will close the stock option loophole to raise taxes on wealthy executives, the NDP voted against a Liberal motion to do just this.
A re-elected Liberal government would continue to make the tax system fairer, including by implementing limits on stock option deductions. Additionally, we would crack down on corporate tax loopholes that allow companies to excessively deduct debt to artificially reduce the tax they pay, make sure that multinational tech giants pay corporate tax on the revenue they generate in Canada, and introduce a new 10 per cent tax on luxury cars, boats, and personal aircraft over $100,000.
These actions would ensure that we continue to have the resources needed to invest in people and keep our economy strong and growing.