Cancelling Billionaires Before They Cancel Us: The Urgent Case for a Wealth Tax

by Linda McQuaig, Neil Brooks

A jarring portrait of a deeply unequal Canada and how a wealth tax could rein in the destructive power wielded by today’s billionaires.

As the ultra-wealthy siphon off an ever-larger share of the world’s wealth, they now dominate us to a degree unimaginable even a decade ago. With their voracious consumption, unbridled resource exploitation, and relentless obstruction of climate action, they are rapidly undermining democracy and destroying the very viability of the earth for human life.


Their staggering power and hoarding of wealth have prompted a number of G20 nations to consider imposing a wealth tax, aimed exclusively at the super-rich. In Canada, such a tax would apply only to those with wealth above $25 million. Yet it could collect $40 billion a year — funding public programs that could immensely improve the lives of millions of Canadians while clipping the wings of the super-rich.


Billionaires would threaten to depart. But as they left the country that had nourished them and enabled them to grow so wildly rich, they’d face a hefty “exit tax” on the way out.


Yes, change is possible.

Genres: Nonfiction, Politics, Canada, Economics

264 pages, Paperback

First published March 1, 2026

About the author

Described as ‘Canada’s Michael Moore’ by the country’s National Post, Linda McQuaig is an award-winning investigative reporter and columnist for the Toronto Star. She is the author of seven Canadian bestsellers, which have earned her a reputation as a fierce critic of the establishment.

Reviews

[Alex Parra]

A must read!

[Ayrton Dravetz]

Interesting book. Although it did feel like a bit of an angry, overly biased liberal rant at times, I strongly agree with the premise of the book (the need for a wealth tax in Canada and beyond). Insightful read for anyone interested in wealth distribution, the growing emergence and power of the ultra rich and general taxation (among other topics).

[Debbie]

We all need to read this book. Many of us have seen the rave comments on social media by the unsuspecting public that the philanthropy by the wealthy is so commendable. But we're all paying for it in many ways.
This book needs to be in all schools and libraries and bookstores.

[V]

The authors do a brilliant job of giving numerous examples to illustrate their points, and examining the other side of the argument and giving reasons as to why those arguments are (usually indirectly) caused by the billionaires and monopolies themselves. It is truly a book that I will continue to reference over and over. It actually made me upset at times because of how clear the data is to implement such policies, yet corruption and the top 0.1% of wealthy individuals prevent that from happening.
I’m so glad I read this book!

[Adam Watts]

Wow! Enlightening read on the influence billionaires have on politics, our tax system & the world, along with their current approaches to evade taxes and exploit tax loopholes. Strong and convincing arguments for a wealth tax and how the 99% could benefit from this redistribution of wealth. Appreciated that a large focus was on the Canadian landscape too!

Must read!

[Rochana Gunawardana]

Interesting read that helps provide reasoning as to why the ultra rich are bad for society and the significance of the wealth tax as a solution, i especially liked the emphasis on the canadian perspective, solid read overall

[Ultramarinedream]

This book lays out an excellent plan for a wealth tax on the very richest in our societies, with examples of common misconceptions, refuting them with recent reputable data. While focusing on how it could transform Canadian society in particular, there is data showing it could help all countries recover from the ongoing slide into damaging late-stage capitalism.

"The amount our proposed wealth tax would collect is simply staggering: in the range of $40 billion a year, and almost 40 percent of that amount would be collected from Canada’s billionaires. That’s because there is so much wealth at the very top of Canadian society. And $40 billion a year would enable us to pay for a wide range of benefits, social supports, climate measures, and public infrastructure improvements that could transform the lives of millions of Canadians."

Frequent arguments against instituting wealth taxes (ex: "The billionaires will all leave the country if we tax them too heavily,") are dismantled using studies, real life examples and common sense. I can only hope that there are still some political leaders out there who aren't corrupted by bribes from billionaires and have the guts to implement this plan, I don't think there's another way for the 99% to emerge from the spiralling mess we're in otherwise.

[Avid Reader]

Every citizen in this great country of Canada must read this book.
It is a layman’s guide that makes valid arguments for taxing the extremely wealthy.
They don’t pay tax to help the country and the people that supported them and helped to increase their wealth.
It is the 99.4 % of us that pay the taxes to support infrastructure, hospitals, schooling and so on and these billionaires pay nothing as their wealth increase year over year at very attractive interest rates where most of the population can’t afford to pay their mortgages, put food on the table etcetera.
I am not a socialist but i do believe that we ALL need to do our fair share and these people with 2 or more houses, private jets, gas guzzling extremely expensive boats have not been paying anything and also have the largest carbon footprint that we ALL suffer for.
It’s time we all band together and if you want to get educated on how we the majority have all been getting screwed over then do yourself a favour and read this book.
Let’s not get angry. Let’s tell our politicians we want a minimum tax on all super rich.
Enjoy !!!

[Wendy Fallis]

Wow, what an eye opener! An excellent, life altering read. Anyone who's interested in the welfare of humanity should read this book!!

[Emma]

An absolutely essential read for anyone who has a net worth of less than $25 million, especially Canadians.

[ML Icely]

An honest eye opener on billionaires in Canada, and US and how they escape taxes.

[Alex DG]

Goes over many of the common beliefs and objections to taxing high net worth individuals, with many Canadian centred examples.

[Pomegranate]

Great book that should be required reading. Exposes how the ultra rich avoid paying taxes. The use by the extremely rich of Private or Family Foundations to create a pretence of philanthropy while dodging taxes is a disgrace.