This Black History Month, it’s important to recognize that economic injustice—both in Canada and around the world—is deeply rooted in racism. The property system in Canada was founded on the forced displacement and exclusion of Indigenous peoples from their land and immigration policies that prevented non-white immigration, effectively barring many thousands of people from accessing property in Canada. These racialized colonial systems laid the foundation for the current racial wealth gap, where racialized Canadians have about half as much wealth as their non-racialized counterparts.

Unlike the United States, where constitutional barriers have historically shielded the ultra-rich from direct taxation, Canada faces no such constitutional legal obstacles—only political ones. And those political excuses are running out.

A wealth tax enjoys overwhelming public support. Nearly 90 percent of Canadians back it, yet successive Liberal and Conservative governments have refused to act. Their refusal isn’t due to legal constraints but to the immense influence of corporate lobbyists and billionaire donors who oppose any effort to make them pay their fair share.

Just last year, powerful corporate interests mobilized to kill a progressive tax measure that would have primarily targeted Canada’s wealthiest citizens and corporations: the partial closure of the capital gains loophole.