I see a lot people posting flack about #BellLetsTalk . Let's do a dive into the structure of Bell and their financials. Disclaimer - I am not an accountant nor a stock broker, this is one guy off the internet's analysis. I could be totally wrong. Alright, lets go (1/n)

One common thread is that Bell doesn't pay their tax obligation. That's not the case. In Canada, business is only liable to pay tax on profits. In the case of BCE, their 2019 income is $24B, with a profit of $10B. Tax is payable on their profit only, not gross income (2/n)

In 2019, BCE's effective tax rate is calculated as being 25.8% and statutory rate is 27%. The 27% value is based upon a formula on the income and expenditures in each province BCE does business. In this case, BCE would likely owe taxes to all Provinces (3/n)

The deductions that BCE claims are all pretty standard for a business. The "Change in Provincial Rate" item is an exception that wouldn't occur going forward. Any possible tax breaks from #BellLetsTalk would be included in the $2M "other" line item (4/n)

I am not going to get into the if BCE should pay more tax argument, but I will say this. The tax impact of this event is tiny, $2 million savings on a $1.2 billion tax bill is inconsequential. So then why sponsor this event? It's all about improving their image (5/n)

Let's dig into their financials a little more. BCE notes that they spent $63M on severance in 2019 and $92M in 2018. That is more significant. Being laid off is one of the worst things that can affect your mental health, yet BCE sponsors a mental health awareness day (6/n)

The next question is why. BCE pays out a huge dividend. Giving up to 75% of your free cash flow to investors is huge. Great for investors, right? Someone has to pay for it and in this case is workers. You need big profits to support this, and the biggest expense is labor (7/n)

So what's the solution? Perhaps BCE could take a hard look at their corporate objectives. Instead of focussing on dividends, instead look at your staff. Keeping their interests in mind will help you be profitable. I'll get off my soapbox now, thanks for listening. (8/8)