Where do Canada’s soaring corporate profits go? Not ‘back into the country’ - Lemmy.ca

Loblaw chairman Galen Weston Jr, the creaseless face of inherited Canadian wealth, smiled serenely at parliamentarians as he explained why, when it came to rising food prices, his company was blameless. Speaking to an agri-food committee in the spring of 2023, he told them that Loblaw’s profit “goes back into the country.” While Weston didn’t back up his claims with any numbers, nor did his critics have any with which to dispute him. Now we do. Two new reports, one by Canadians for Tax Fairness [https://www.taxfairness.ca/en/resources/reports/profits-rise-investment-stalls-canadas-affordability-crisis] and the other by CLC economist D.T. Cochrane [https://www.progressive-economics.ca/2024/05/what-do-canadian-corporations-do-with-their-profits/#_ftn1], reveal that Loblaw—and many of Canada’s major corporations—are primarily using their profits to enrich their already wealthy owners, instead of using them to the benefit of Canadians.