Trudeau promises to hike taxes on Canada’s big banks, insurance companies

DM

Higher corporate taxes on banks, new ‘recovery dividend’ would raise $2.5 billion a year, Liberal party says. Liberal Leader Justin Trudeau said today a re-elected government led by him would raise the corporate taxes paid by Canada’s “largest and most profitable” financial services firms to help pay for his promised multi-billion dollar housing program. Speaking to reporters at a campaign stop in Surrey, B.C., Trudeau said Canada’s major banks and insurance companies have recovered from the COVID-19 crisis better than companies in just about any other industry and should pay more to help offset the cost of ambitious post-pandemic programs. The commitment comes during a week when Canada’s banks are reporting eye-popping quarterly profits fuelled by drawing down the capital reserves they set aside last year to guard against possible COVID-related loan losses.

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