Elizabeth May; Andrew Scheer; Jagmeet Singh; Justin Trudeau;
I was alarmed to hear about a tax loophole that subsidizes disgraced US tech companies like Facebook with 1.6 billion of our tax dollars each year – more than we invest in the CBC!
I am writing to ask that you to officially commit to closing the internet advertising tax loophole at once.
Since the 1960s, the Income Tax Act has incentivized Canadian advertisers to buy Canadian. The media outlets who sell the ads convert much of that revenue into journalism: the lifeblood of democracy. But while Canadian companies cannot deduct the cost of foreign TV, radio, and print ads, they can deduct the full cost of foreign digital ads.
This loophole encourages nearly $6 billion to leave the country, at the expense of Canadian journalism and democracy. And it cost taxpayers $1.6 billion in 2018 alone. Most of that money goes to disgraced tech companies like Google and Facebook.
As you know, Canadian journalism is essential to our democracy and independence.
It’s time to end special treatment for the likes of Facebook and support Canadian journalism instead. Please close the internet advertising loophole immediately.
I'm counting on you to Choose Canada!