How to Pay for Basic Income in Canada
Who pays? Probably not you.
Last updated: July 19, 2022
If your money comes from a paycheque, you likely won’t pay for it.
We can fund a basic income without taxing the vast majority of Canadians, while encouraging economic growth. Although there are many ways to fund a basic income, we propose to pay for it with contributions from our financial sector, fewer tax breaks for large companies, and fewer subsidies for the wealthiest.
Net Cost of Basic Income
$51B
Funding options that don’t tax most Canadians, while encouraging economic growth
$52B
Contributions from our financial sector
$15B
Fewer tax breaks for large companies
$19B
Fewer subsidies for the wealthiest
$18B
While a majority of Canadians support basic income, polls show that most would not be willing to pay more taxes to help fund it. The intention of this proposal is to show Canadians that we can fund a basic income with little or no impact on most working Canadians while also encouraging economic growth.