Hey Chris,
Yesterday’s news that Loblaw forecasts the company’s profits to grow faster than its sales in 2023 should come as no surprise. It’s well known at this point that big grocers are raking in record profits, with grocery prices continuing to race past inflation.
And it has been happening for years. Our research shows that Loblaw increased their price markup from 30.7 per cent in 2012 to 44.3 per cent in 2019. It reached an astounding 46.7 per cent in 2022!
Loblaw’s parent company George Weston Limited is built on a family legacy of wealth, power and political influence in this country. Remember “the great Canadian bread price-fixing scandal" five years ago? That’s when the company admitted to illegally colluding with other retailers to inflate bread prices yet gained immunity from prosecution.
Galen Weston Jr.'s claims that the company is facing legitimate higher costs driven by the pandemic don’t explain why their markup over those base costs also continues to grow. Had they maintained their 2019 markup, Canadians would have saved almost $900 million.
Canada’s billionaire grocery owners have made their choice, they’re willing to go to any length to line their pockets, even if that means starving Canadian families of essential goods.
You have a choice too. With a windfall profits tax, we could take some of that money back and invest it in making life more affordable through free dental care and pharmacare, affordable housing and more. You've already helped us win a tax on the excess profits of banks and insurance companies.
It's time for grocers and other major corporations in Canada to pay up when their profits soar. Help us reach more Canadians and send a powerful message to policymakers with a donation of $5.00 today.
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Thank you,
Muneeb Javaid
Fundraising Coordinator | Coordinateur De La Collecte De Fonds
muneeb.javaid@taxfairness.ca
647-877-9637
Canadians for Tax Fairness |Canadiens pour une fiscalité équitable
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