Posted on Oct 2, 2020
MORE OIL AND GAS LAYOFFS AFTER KENNEY HANDS OVER BILLIONS IN CORPORATE TAX CUTS
CALGARY - Early reports that Suncor is firing between 10 and 15 per cent of their employees add to the growing number of companies that took advantage of reduced corporate taxes while cutting jobs.
According to reports, Suncor notified employees this morning that it will be laying off roughly 2000 employees over the next 18 months. This after TC Energy laid off an undisclosed number of employees earlier this week.
“Jason Kenney made a bad deal. Suncor received over a billion dollars from the UCP’s $4.7 billion corporate handout and they’re not hiring, they’re firing,” said NDP Leader Rachel Notley. “Everyday there is new evidence of Jason Kenney’s failure to create jobs and grow the economy. Instead of shoveling money off the back of a truck to finance corporate layoffs, the Premier and his UCP need to build a plan to guarantee job creation and job protection.”
According to Suncor’s second quarter report, "net earnings in the prior year quarter included a one-time deferred income tax recovery of $1.116 billion associated with a staged reduction to the Alberta corporate income tax rate of 1% each year from 2019 to 2022."
“Diversification of our energy sector must be an urgent priority,” said Irfan Sabir, NDP Energy Critic. “The UCP think diversification is a ‘luxury for another time.’ That is the kind of backward thinking that is going to prevent our economy from growing and hold back our recovery.”