London Daily

Focus on the big picture.
Thursday, Sep 11, 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

0:00
0:00
Close
ChatGPT CEO signals policy to alert authorities over suicidal youth after teen’s death
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
Starmer Establishes Economic ‘Budget Board’ to Centralise Policy and Rebuild Business Trust
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Brazilian police say ex-President Bolsonaro had planned to flee to Argentina seeking asylum
Trinidad Leader Applauds U.S. Naval Strike and Advocates Forceful Action Against Traffickers
Kim Jong Un Oversees Final Test of New High-Thrust Solid-Fuel Rocket Engine
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Supreme Court temporarily allows Trump to pause billions in foreign aid
Charlie Sheen says his father, Martin Sheen, turned him in to the police: 'The greatest betrayal possible'
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
Pig Heads Left Outside Multiple Paris Mosques in Outrage-Inducing Acts
Nvidia’s ‘Wow’ Factor Is Fading. The AI chip giant used to beat Wall Street expectations for earnings by a substantial margin. That trajectory is coming down to earth.
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
On the Anniversary of Queen Elizabeth’s Death: Prince Harry Returns to Britain
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Murdoch Family Finalises $3.3 Billion Succession Pact, Ensuring Eldest Son’s Leadership
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Court Staff Cover Up Banksy Image of Judge Beating a Protester
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
Elon Musk Poised to Become First Trillionaire Under Ambitious Tesla Pay Plan
France, at an Impasse, Heads Toward Another Government Collapse
Burning the Minister’s House Helped Protesters to Win Justice: Prabowo Fires Finance Minister in Wake of Indonesia Protests
Brazil Braces for Fallout from Bolsonaro Trial by corrupted judge
The Country That Got Too Rich? Public Spending Dominates Norway Election
Nearly 40 Years Later: Nike Changes the Legendary Slogan Just Do It
Generations Born After 1939 Unlikely to Reach Age One Hundred, New Study Finds
End to a four-year manhunt in New Zealand: the father who abducted his children to the forests was killed, the three siblings were found
Germany Suspends Debt Rules, Funnels €500 Billion Toward Military and Proxy War Strategy
EU Prepares for War
BMW Eyes Growth in China with New All‑Electric Neue Klasse Lineup
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
US Justice Department Launches Criminal Mortgage-Fraud Probe into Federal Reserve Governor Lisa Cook
Escalating Drug Trafficking and Violence in Latin America: A Growing Crisis
US and Taiwanese Defence Officials Held Secret Talks in Alaska
Report: Secret SEAL Team 6 Mission in North Korea Ordered by Trump in 2019 Ended in Failure
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Florida Murder Case: The Adelson Family, the Killing of Dan Markel, and the Trial of Donna Adelson
×