Beautiful Virgin Islands

Monday, Aug 04, 2025

Rich millennials in Canada plead with the government to let them pay more taxes

Rich millennials in Canada plead with the government to let them pay more taxes

A group of 200 rich Canadians, members of a group called Resource Movement, are in favour of higher wealth taxes to help reduce inequalities between the most fortunate and the rest of the population.

As Covid-19 continues to ravage Canada, these rich millennials say it is urgent to tax them more.

"As wealthy people, we recognise that we and our peers must step up and do our fair share," they reiterated in a press release in early November.

The members of Resource Movement are calling for the creation of two new taxes. First, they want a wealth tax on the richest 10 percent of Canadians, increasing through income brackets up to a rate of 10 percent on each dollar of wealth over 20 million dollars.

Second, they want the government to establish an inheritance tax for the top 10 percent of estates, increasing to a marginal rate of 55 percent on successions over 7,5 million dollars. Canada is the only G7 country without an inheritance tax.


Much-needed during the pandemic

Resource Movement estimates that these new measures could generate around 9 billion dollars in government income each year.

They want the money to be invested in different kinds of social programs,such as affordable housing, public transport and access to dental care.

"We also need to support emergency income programs. We are in a situation similar to the post-war period. We need extraordinary revenues for a fair and green economic recovery," said Jonathan McPhedran Waitzer, one of the members from the Montreal chapter.

Many ultra-rich families in Canada


Canada ranks in the top five countries in the world having the largest population of ultra-wealthy residents, with 11,285 people in 2019, after the United States, Japan, China and Germany, according to Wealth-X, a New-York based research firm.

 

"As a first step, we are targeting wealth over 20 million dollars. The exorbitant lifestyle of these people will not change. Nobody should shed a tear. They don’t need that much money. If they say they do, they are lying," David Gray-Donald, Resource Movement’s cofounder, argues.

Taxing the rich, an efficient measure?


With the risk of tax avoidance, it is difficult to evaluate the efficiency of these proposals as a means of refilling government coffers. "It is a tool among others and, even if it might not be perfect, we cannot rule it out," argues Julia Posca, of the Institute for Socioeconomic Research and Information in Montreal.

She believes in going beyond philanthropy to address the problems caused by inequality. "The goodwill of some rich individuals, who choose the causes to support, is not enough. These are decisions that must be made by the experts of a democratically elected government," Posca insists.

Founded in 2015, Resource Movement has members in Montreal and Toronto and is developing chapters in Ottawa and Vancouver.

"The movement is growing, especially since the pandemic started. Some people had their income cut entirely while other are still able to save money. The divide is clear," says David Gray-Donald.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
×