Canada proposes tax on corporate share buybacks

© Reuters. FILE PHOTO: A Canadian dollar, commonly known as the “Loonie,” is depicted in this illustration photo taken in Toronto, January 23, 2015. REUTERS/Mark Blinch

By Steve Scherer

OTTAWA (Reuters) – Canada will on Thursday propose a tax on corporate share buybacks, a senior government source said, similar to a measure introduced by the United States this year in a law to promote investment in green transformation technologies.

The source said the tax would generate “significant income” without providing any further details. Sources are not allowed to talk about records.

The news was first reported earlier on Wednesday by the Canadian Press.

The measure will be incorporated into Canada’s updated fiscal document, known as the Fall Economic Statement, which Finance Minister Chrystia Freeland will present to the House of Commons on Thursday afternoon.

The US Inflation Reduction Act passed in August imposed a 1% tax on stock buybacks.

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