Eighth Annual Survey Report
The eighth Total Tax Contribution (TTC) survey of the Business Council of Canada’s members analyses data received for the 2019 and 2020 fiscal years from 69 of Canada’s largest businesses. The pandemic in 2020 was a once-in–a-generation event that had a major impact on Canadian businesses. Elevated health concerns, social distancing protocols and business closures resulted in lower economic growth, disruptions to supply chains, job losses and reduced investment and corporate profitability.
Key Findings
Despite the unprecedented impact of the COVID-19 crisis, large businesses in Canada continued to make a significant tax contribution in 2020.
Profitability of Council members decreased by 25% as a result of the COVID-19 crisis, driving a decrease in TTC.
Despite the impact of the pandemic, large businesses in Canada continued to contribute through employment.
Profits decreased by 25% as a result of the COVID-19 pandemic, while corporate income tax decreased by 10%.
45.2% of the value distributed by survey participants goes to the government in taxes borne, taxes collected and other payments.
With profits decreasing, the average Total Tax Rate (TTR) for Council members increased by 5.4 percentage points in 2020.
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