this post was submitted on 12 Jul 2024
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Where do Canada’s soaring corporate profits go? Not ‘back into the country’ (breachmedia.ca)
submitted 3 months ago by girlfreddy@lemmy.ca to c/canada@lemmy.ca
4 comments fedilink hide all child comments
 

Loblaw chairman Galen Weston Jr, the creaseless face of inherited Canadian wealth, smiled serenely at parliamentarians as he explained why, when it came to rising food prices, his company was blameless.

Speaking to an agri-food committee in the spring of 2023, he told them that Loblaw’s profit “goes back into the country.”

While Weston didn’t back up his claims with any numbers, nor did his critics have any with which to dispute him.

Now we do.

Two new reports, one by Canadians for Tax Fairness and the other by CLC economist D.T. Cochrane, reveal that Loblaw—and many of Canada’s major corporations—are primarily using their profits to enrich their already wealthy owners, instead of using them to the benefit of Canadians.

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[–] Cobrachicken@lemmy.world 16 points 3 months ago

Interesting read, ty for the link.

Related: https://breachmedia.ca/2023-food-prices-grocery-giants-screwing-canadians-farmers-data/

[–] shinratdr@lemmy.ca 13 points 3 months ago

So glad people are pushing to shutter the LCBO so we can put more dollars into the hands of these shitheads.

Who wants unionized, well paying, quality retail jobs and tons of money to fund the province? I want to be able to buy vodka at Loblaws at midnight!

[–] Untitled4774@sh.itjust.works 6 points 3 months ago* (last edited 3 months ago) (1 children)

I’m not all that shocked. All the Loblaws corp and Galen has is empty platitudes with the hope of making more money.

The vacuum is on and if they’re not maxing out their returns from farmers and the general public their board is calling for someone’s head. They have no mercy.

They are a cancer on this society and I wish the boycott went on forever and actually put them out of business to show we don’t fuck around but the public at large are lazy and passive.

[–] christopher@lemmy.ca 4 points 3 months ago

I wish I had got a Co-op membership sooner. I stopped shopping at Loblaw last month. Much better service at my Co-op.