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The “Great Reset” – how will Canada pay for it? Open Letter to PM Trudeau

Dear Prime Minister Trudeau,

Thank you for your transparency with regards to the intentions for the “Great Reset” initiative. I’ve heard this term and the slogan “build back better” for a number of months now but haven’t been quite sure what the ultimate agenda was or who was behind it. Thank you for sprinkling some sunlight on it so we understand that the World Economic Forum and founder Klaus Schwab, with the support of Prince Charles, are the architects of the initiative.

The World Economic Forum has called for a “Great Reset” of capitalism, and said that every industry, from oil and gas to tech, has to transform, citing that “we must build entirely new foundations for our economic and social systems

As someone who works in oil and gas, I must share my concerns; there’s a noticeable attack on the fossil fuels sector in the literature put out by the World Economic Forum – everything from stopping the “subsidization” of fossil fuels, to building green urban infrastructure, to combating climate change by increasing investment in “green bonds” by demanding that “we invest in a cleaner, greener future.”

All of the above clearly shows that there’s no room for one of Canada’s largest contributors to GDP, the oil and gas sector. The “Great Reset” has ambitious, costly targets, so what are your government’s plans to meet them? Canadians would really like to know because this isn’t something you and your party campaigned on in 2015 nor in 2019.

Will you raise taxes on the middle and lower classes? It’s quite likely that you’ll have to. We know that “taxing the rich” through a wealth tax sounds good, but has little impact. The Parliamentary Budget Officer estimated that the NDP’s proposed one percent tax increase on income over $20 million would bring in only $5.6 billion in the first year. In the 1990’s 12 out of 14 EU countries had wealth taxes, but only 3 out of 27 do now because they realized that it wasn’t filling the coffers like they thought it would.

When New Brunswick implemented a wealth tax, they saw decreased revenue from that tax category. And when your government raised the federal top tax bracket from 28% to 33%, less revenue was brought in. Former Finance Minister Bill Morneau even made financial decisions that lessened his tax burden to avoid the very tax increases he implemented.

Growing Canada’s resource and manufacturing sectors will be instrumental to increase government revenues. The plastics industry contributes $28 billion year, and revenues contributed to all levels of government from oil and gas royalties average $26 billion/ year; renewables and biofuels don’t pay royalties, and so far they’re taking tax dollars, not contributing to the tax pool. If our resource and manufacturing industries are destroyed, where will you get the money to pay for the “Great Reset”?

“In every crisis, there is an opportunity” – Klaus Schwab, World Economic Forum. Prime Minister, please take this opportunity to set policy for the benefit of all Canadians.


Deidra Garyk

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