8 days ago
CBC
Oil and gas companies have enjoyed record profits in the last couple of years thanks to skyrocketing energy prices. At a time when inflation is at decades-high levels, the growth of corporate profits has come under intense scrutiny, with some calling for windfall taxes to capture the excess profits. (Kyle Bakx/CBC)"I think we are already contributing significantly," he said, estimating the industry will pay somewhere between $10 billion and $12 billion in federal taxes this year. Pourbaix said countries that have opted for windfall taxes on the oil and gas sector have far less progressive tax systems than Canada. He warned that strategy could backfire as Canadians watch the industry rake record profits and send cash to shareholders.
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