Debt writeoffs by the federal government climbed above the $5-billion mark during the last fiscal year, according to figures reviewed by The Globe and Mail, adding to a debate over Ottawa’s practice of keeping the identities of those who benefit from such debt relief secret.
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The upward trend in writeoffs inspired Conservative MP Adam Chambers to introduce a private member’s bill, C-230, that would require Ottawa to publicly disclose all corporate writeoffs worth $1-million or more.
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“This is a great legislative initiative,” said Liberal MP Ryan Turnbull, the parliamentary secretary to François-Philippe Champagne, the Minister of Finance and National Revenue, during the debate on the bill.
https://www.theglobeandmail.com/politics/article-ottawas-debt-writeoffs-climb-above-5-billion-mark/
I understand write-offs could be justified under some scenarios, but if they’re kept under wraps, we won’t know if the system is being abused.
It’s great to see multi-party support for the bill.
There ahouldn’t be write offs in a capitalist system. If your corporation goes under for being inept that’s on you and the bigwigs. Instead Canada should use the savings to fund better unemployment and retraining options for workers
Ouuuuh! A conservative MP that is doing something good! … will he loose his job ?
Druggie is chock full of ways to help his buddies avoid paying their fair share.
Writeoff of corpo or business debt should be public, writeoff of individual debt should not unless it’s over 50k
As someone who’s had debt written off I’d hate to have my fuck up as a young adult haunt me forever.