Unceded Anishinaabe Algonquin Territories [OTTAWA], 2 June 2026:
New polling shows that two in three Canadians support a tax on oil and gas companies’ excess profits, as oil and gas companies make record profits from the closure of the Strait of Hormuz, while energy prices for consumers remain unaffordably high.
The national poll, conducted by Liaison Stratégies for Elbows Up For Climate and Climate Caucus, shows that 66 per cent of Canadians support an excess profits tax, with revenues used to help households lower their energy bills. Support is highest in Ontario (69 per cent) and Quebec (73 per cent), and three-quarters of Liberal voters (74 per cent) support the tax. Only 24 per cent of respondents oppose the proposal.
Research from the Centre for Future Work predicts that the oil supply disruption resulting from the U.S. and Israel’s war on Iran will cost Canadian consumers anywhere from $50 to $129 billion, depending on how long the Strait of Hormuz remains closed, with inflation jumping to between 4.2 and 8.6 per cent—even though the oil and gas that Canadians use is not shipped through the Strait.
Four of the biggest oil and gas companies operating in Canada are 60 per cent U.S.-owned—meaning that these profits are going into the pockets of American shareholders, rather than being invested in Canada.
A tax of 75 per cent on profits 120 per cent above pre-crisis profit levels could generate about $46 billion dollars that could be returned to Canadians, while still leaving oil and gas companies with billions of dollars of profit.
In adopting an excess profits tax, Canada would be following the lead of peers such as the United Kingdom, which introduced one in 2022, following Russia’s invasion of Ukraine, and the European Union, which is also considering implementing an excess profits tax.
Quotes:
David Miller, Co-Chair, Elbows Up for Climate, former Mayor of Toronto:
“The investment required to build and deliver a robust, well-funded national resilience and recovery strategy is significant. The money exists, but it’s in the pockets of multi-national shareholders—predominantly American—benefitting from the windfall profits of war. It is imperative that Prime Minister Carney listens to the hundreds of municipal leaders calling for solutions to the growing, interconnected crises of affordability and climate impacts devastating our communities. Canadians are clear that they want nation-building climate policy, and it is clear there is plenty of money available if the companies causing the problem—these multinational oil giants—pay to solve it.”
Jared A. Walker, Executive Director, Canadians for Tax Fairness:
“Time and time again, polling shows that Canadians overwhelmingly support taxing the rich and corporate behemoths. An excess profits tax on oil and gas is a rarity in these times — a political policy that is broadly popular across partisan lines. This is because it clearly addresses two clear existential threats to everyday Canadians: the corporate greed eroding our quality of life and the climate crisis endangering our future.”
Hailey Asquin, Comms Lead, Common Horizon:
“At Common Horizon–a grassroots movement of young workers fighting back against corporate greed – we’ve had over 1000 conversations with people in our communities on the issue of a windfall profits tax. Those conversations on the doors have made it clear that taxing windfall corporate profits is a popular and common sense of a policy. Many people don’t even let us finish our pitch without taking the clipboard and signing! For the young workers who make up this movement, corporate greed defines what life is like for our generation: from the high cost of living to low wages to the climate crisis– all of us are struggling. We need our government to do more to ensure a dignified, livable future for young people in this country.”
Atiya Jaffar, Canada Country Manager, 350.org:
“If Carney is serious about tackling the cost-of-living crisis and building the renewable energy economy of the future, he should move quickly to implement a 75% tax on the excess profits of fossil fuel companies. It’s outrageous that oil and gas billionaires are making record profits while people across Canada and around the world grapple with soaring energy prices and inflation. This new polling makes it clear that a strong majority supports taxing these excess profits, now it’s up to Prime Minister Carney to pick a side: Big Oil or everyday Canadians.”
Anne-Céline, Analyste climat-énergie, Nature Québec:
“Today, 73% of Quebecers are sending a strong message: it’s past time for oil and gas companies to stop cheerfully profiting off of the war in the Middle East to pad the pockets of shareholders while people in Quebec pay more and more to feed their families, pay rent, and move around. Taxing their excess profits and redistributing them fairly through measures that benefit both household budgets and the environment is the way forward.”
Caroline Brouillette, Executive Director, Climate Action Network Canada:
“American oil and gas companies are profiting off of war and destruction at an astounding scale while Canadians struggle to pay their bills. Our government needs to hold them accountable. An excess profits tax could pay for five to ten years of free public transit across the country—or four to five million heat pumps—to help Canadians shift away from dependence on volatile fossil fuels. Other countries are leading the way, and two-thirds of Canadians want an excess profits tax: it’s time for the federal government to get on board.”
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Elbows Up for Climate is an alliance of nearly 300 mayors and councillors representing more than half of all Canadians. They are advocating for clean nation-building projects that protect Canada from the dual crises of climate breakdown and economic instability, and make our communities safer, more affordable and prosperous. It is co-chaired by David Miller, Former Mayor of Toronto, and Director at C40 Center for City Climate Policy and Economy, and Former Mayor Valérie Plante of Montréal, with Climate Caucus as anchor partner.
Canada’s farthest-reaching network of organizations working on climate and energy issues, Climate Action Network – Réseau action climat (CAN-Rac) Canada is a coalition of close to 200 organizations operating from coast to coast to coast. Our membership brings environmental groups together with trade unions, First Nations, social justice, development, health and youth organizations, faith groups and local, grassroots initiatives.
For more information or to arrange an interview, contact:
Alex Cool-Fergus, Senior Manager, Public Affairs, Climate Caucus
alex@climatecaucus.ca
Alexander Walsh, COPTICOM, Strategy and Public Relations
awalsh@copticom.ca
Vicky Coo, Communications Manager, Climate Action Network Canada
comms@climateactionnetwork.ca
Image: Person counting money for groceries (JulieAlexK/iStock.com)