Billionaires in B.C. disproportionally benefitted by Canadian tax system, economy researchers say. (Flickr photo)

B.C. billionaires worth 5,845 times average middle-income household

Economists argue for changes to Canadian tax system benefitting rich

Ten families in B.C. are worth more than the combined total of 1.32 million lower-income residents in the province, according to the Canadian Centre for Policy Alternatives.

It’s a discrepancy economists Alex Hemingway and David Macdonald highlight in a recent analysis of how Canada’s tax system benefits people for their existing wealth rather than work they are actually doing.

READ MORE: Highest condo sale in Victoria fetches $10.79M

“[The] reality is that B.C. is enormously wealthy — we’ve simply allowed this wealth to be amassed by the richest few. There is nothing inevitable about this and we can create public policy to benefit the majority,” Hemingway said in a release.

Out of the 10 families researchers studied, seven inherited their wealth from previous generations.

READ MORE: Nearly 8,000 homeless in B.C. first province-wide count reveals

With a net worth of $25 billion, the wealthiest billionaires in the province are 5,845 times richer than the median middle-income household. Canada, the analysis said, is the only country in the G7 that doesn’t have an inheritance tax. The CCPA is asking to introduce an inheritance tax at the rate of 45 per cent on estates worth more than $5 million.

“This research shows that countries with more income inequality are likely to have lower life expectancy, worse health outcomes, higher crime rates and lower levels of social trust,” the analysis said.


@KeiliBartlett
keili.bartlett@blackpress.ca

Like us on Facebook and follow us on Twitter

Just Posted

‘No updates’ on five-year anniversary of South Surrey teen’s violent death

15-year-old Dario Bartoli died early Dec. 13, 2014 after being attacked in park

Surrey man accused of sex offences against child released on bail, warn Delta police

Gurchetan Singh Samra, 69, must stay away from — and not communicate with — anyone under 16 years old

Gift-wrapping tips from a new-to-Surrey pro

Nikki Pursani aims to bring ‘happiness and excitement’ with her Wrapped by Nikki enterprise

VIDEO: Alex Fraser Bridge counterflow expected to be up and running early next week

New movable centre barrier will give northbound drivers four lanes during the morning rush

Delta driver has car impounded for speeding to church

The driver, who said he was late to church, was clocked travelling 150 km/hr in a 100 km/hr zone

MAP: Christmas light displays in Surrey and beyond

Send us pictures of your National Lampoon-style lit-up homes, nativity scenes or North Pole playlands

1,300-signature petition for free menstrual products turned over to UFV president

‘Go with the flow’ campaign calls for all University of the Fraser Valley bathrooms to be stocked

Wagon wheels can now be any size: B.C. community scraps 52 obsolete bylaws

They include an old bylaw regulating public morals

Indigenous mother wins $20,000 racial discrimination case against Vancouver police

Vancouver Police Board ordered to pay $20,000 and create Indigenous-sensitivity training

Sentencing for B.C. father who murdered two young daughters starts Monday

The bodies of Aubrey, 4, and Chloe, 6, were found in Oak Bay father’s apartment Dec. 25, 2017

B.C. vet talks tips for winter travel with pets

Going to see the vet the day before a trip is never a good idea

Cranbrook man calls for ban after dog caught in leg hold trap

Black Lab loses teeth after biting at trap in pain and panic

UPDATE: RCMP investigating threats at two Maple Ridge high schools

Written notes found in three bathrooms at one.

B.C. Crown corporation immune from taxation, but may still have to pay GST: court

British Columbia Investment Management Corporation may still be on hook for GPS payments

Most Read