Handouts for the rich
This is unacceptable to me:
Last year they made a combined $31.3 billion in profits. Their profits continue to skyrocket. Imperial Oil alone made $3.1 billion in profit over the last 12 months, up 53 per cent from the previous 12 months. It is the 5th most profitable company in Canada. Petro-Canada did okay, too, with a $2 billion profit for the same period. And Shell Canada managed to pull through with a $1.99 billion profit.
No, it isn't the fact of generous federal handouts. The companies get a cool $1.4 billion annually according to a detailed study by the Pembina Institute, based on department of finance data.
The handouts are in the form of tax breaks that deprive federal coffers at the expense of regular taxpayers. Much of the money goes to oil sands companies even though their developments are the single biggest contributor to Canada's increasing greenhouse gas (GHG) emissions.
Last year they made a combined $31.3 billion in profits. Their profits continue to skyrocket. Imperial Oil alone made $3.1 billion in profit over the last 12 months, up 53 per cent from the previous 12 months. It is the 5th most profitable company in Canada. Petro-Canada did okay, too, with a $2 billion profit for the same period. And Shell Canada managed to pull through with a $1.99 billion profit.
No, it isn't the fact of generous federal handouts. The companies get a cool $1.4 billion annually according to a detailed study by the Pembina Institute, based on department of finance data.
The handouts are in the form of tax breaks that deprive federal coffers at the expense of regular taxpayers. Much of the money goes to oil sands companies even though their developments are the single biggest contributor to Canada's increasing greenhouse gas (GHG) emissions.
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