If Canada had enough pipeline capacity to capture full value for its oil, a new hospital could be built in every province and territory.
Nearly 25,000 new teaching positions could be fully funded for ten years.
All three Maritime provinces could be exempted from all federal taxes for a year.
These are some of the new findings of the the Canadian Taxpayers Federation, which is launching a cross-country tour to show how much money taxpayers are losing because Canadian oil is sold for less than its full value.
The CTF says its analysis shows the federal government lost $6.2 billion between 2013 and 2018, and that number is rising by $3.6 million per day.
“Canadian taxpayers are losing out on billions of dollars because we can’t get pipelines built and we aren’t receiving full value for our oil,” CTF Alberta director Franco Terrazzano said in a statement.
“That means Canadians have less money for everything from hospitals to teachers and taxpayers are stuck with a higher tax bill.”
Based on data released by the Parliamentary Budget Officer, the CTF calculated the lack of pipelines cost the federal government $6.2 billion between 2013 and 2018.
“These figures only account for direct losses to the federal government and don’t include the cost of lost job opportunities, reduced household incomes, foregone revenue to energy companies and other costs to the Canadian economy,” the CTF said.
The Trudeau government is running up big deficits because it simply can’t pay for all its promises, said CTF federal director Aaron Wudrick.
“You would think they would be aggressively supporting these projects, rather than drafting legislation that actually makes it harder for pipelines to get built.”
The CTF says its tour will visit every province to show how much money taxpayers are losing because governments haven’t encouraged pipeline construction.