Press Release: 45 High Net Worth Canadians Demand Nov. 4th Budget Include a Plan to Tax the Super-Rich.
For Immediate Release
Oct. 30th, 2025
45 High Net Worth Canadians Demand Nov. 4th Budget Include a Plan to Tax the Super-Rich.
“The tax code is the best tool the government has to reduce wealth inequality, but its current design guarantees that the wealthy will always get a better deal than working Canadians.”
Canada – 45 high-net worth Canadians have sent an open letter to The Honourable François-Philippe Champagne, demanding that the Minister of Finance and National Revenue include a plan to tax the super-rich in the soon to be announced federal budget.
The letter, organized by Patriotic Millionaires Canada, but including signers from a wide variety of sources, was signed by tech executives, investors, philanthropists, business owners, entrepreneurs, and other high-net-worth Canadians. It highlights new data from the Parliamentary Budget Officer demonstrating how extreme wealth inequality has become in Canada, and demands that a government currently forecasting significant cuts and warning Canadians of the need for “sacrifice” to ensure that they also make an effort to effectively tax the ultra-wealthy as a way of raising significant revenue.
The letter specifically mentions revenue estimates from various proposals, including a recent report from Patriotic Millionaires Canada modeling taxes on assets over $100 million, a separate wealth tax model that was analyzed by the PBO, analysis of the recently proposed changes to capital gains taxes, and encourages cracking down on the abuse of tax havens and investing in enforcement.
The letter with a full list of signers can be read in its entirety below.
The Honourable François-Philippe Champagne, P.C., M.P.
Minister of Finance and National Revenue
There has been much speculation about the annual budget you are expected to announce on November 4th, including how the Government will balance competing priorities with its first budget. As some of the wealthiest people in Canada, we strongly encourage you to support economic stability, growth, and reinvestment in our economy and people by effectively taxing the rich.
Improving government efficiency is a worthy endeavor. However, if the Government is solely focused on cutting costs, much needed government programs will be shortchanged, and the people who rely on them, many of whom are already in a perilous economic state, will suffer.
Meanwhile, new research from the Parliamentary Budget Officer (PBO), updating the High-Net-Worth Family Database (HFD), indicates that the wealthiest people in Canada are doing better than ever, that wealth inequality is growing, and that Canada’s problem is not a lack of resources, but a tax code that does not effectively tax high net worth individuals.
Here are just a few details from that report:
The top 1% of households in this country, with wealth of at least $7.5 million, hold 24.1% of Canada’s total wealth, and it concentrates even more narrowly at the top.
Nearly half the wealth of the top 1% is held by just the top 0.1%, who are worth at least $36.5 million.
The top 0.01%, just 1,800 families worth at least $175 million, hold $1.4 trillion in total wealth.
Meanwhile, to join the middle 40% of wealth holders in this country, you only need $300,000 in total wealth.
The bottom 40% only hold 3.3% of Canada’s total wealth, while the top 0.01% hold 5.7%.
The upcoming budget will reflect the government’s plan to address many crises: protecting our sovereignty and detangling our economic reliance on the United States, fighting climate change, addressing the housing and cost of living crisis, fortifying our healthcare system, and more. The starting place should be ensuring we have a stable economy that allows everyone to succeed, and not a top heavy one where the consumer base is undermined, the workforce does not see the fruits of their labor, and wealth accumulates only at the very top. The tax code is the best tool the government has to reduce wealth inequality, but its current design guarantees that the wealthy will always get a better deal than working Canadians.
There are many proposals on how to effectively tax the very wealthy, but the core issue is a personal tax system that effectively taxes income but undertaxes or completely ignores assets. Meaning working Canadians earning a paycheck are impacted, while wealth holders are able to shrink or indefinitely delay their tax bill. It is a tax code that values already having wealth over working for a living, and also leaves a significant amount of revenue on the table.
According to the PBO, an extremely modest wealth tax, only impacting households worth more than $10 million, would raise close to $121.5 billion over the next 5 years. According to estimates compiled by Patriotic Millionaires Canada with the EU Tax Observatory, a 3% tax on assets over $100 million a year would raise $25 billion annually from just 3,700 households. A recently abandoned government proposal to raise the capital gains inclusion rate for the wealthy would have raised $19.4 billion over 5 years. The Government should also consider further investment to crack down on the abuse of tax havens, which is costing Canada an estimated $15 billion annually, and where modest increases in enforcement budgets can pay huge dividends.
We the undersigned are wealthy individuals, who would be impacted by many of these proposals, and understand that these taxes are a reinvestment in a working economy and in building the Canada we want to live in. We ask that you put forward a budget that is serious about taxing us and our economic peers.
Sincerely,
Brian Alkerton (ON)
Donna Assh (ON)
Natalie Black (ON)
Jenna Blumenthal (ON)
Avi Bryant (BC)
Neal Chambers (ON)
Lorne Collis (ON)
Todd Coulthard (ON)
Emma Davis (BC)
Lucas Ena (BC)
Diana Gibbs (ON)
Gordon Hagen (ON)
Dan Hoyer (ON)
Steven Klaiber-Noble (BC)
Aron Klein (QC)
Paul Lalonde (BC)
Shannon Low (AB)
Robyn Luu (BC)
Floyd Marinescu (BC)
Gabriel Marino (ON)
Steve Masters (ON)
Charles McCaron (ON)
Pat McCutcheon (BC)
Chantelle Oliver (ON)
James Perly (ON)
Martha Ramsay (ON)
Georges Sabbagh (QC)
Mitch Sabbagh (NS)
Karen Sander (BC)
Kalervo Sinervo (QC)
Dennis Sloan (ON)
Andy Smyth (BC)
Andreas Souvaliotis (ON)
Amber Stone (BC)
Meagan Sutton (BC)
Abhinav Thakur (BC)
Sylvie Trottier (QC)
Claire Trottier (QC)
Tim Trumble (ON)
Josephine Tyabji (BC)
Sabina Vohra-Miller (ON)
James Wagner (ON)
Erik Walle (BC)
Rachel Wasserman (ON)
Bradley Woodruff (BC)
Bill Young (ON
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About Patriotic Millionaires Canada
Patriotic Millionaires Canada is a group of wealthy individuals who understand that expanding inequality corrupts our economy, our politics, and our society, that the tax code is a driver of that inequality, and that it can also be part of the solution.
We leverage the voice and influence of wealthy Canadians who want to live in a country where everyone can experience economic security, where both businesses and workers can thrive, and where economic justice is made a reality.
