Big banks and insurers hit with one-time 15% tax on income over $1 billion — and that's not all BatPost
Prime Minister Justin Trudeau made good on his promise to make big banks and insurers pay extra to help cover the cost of fighting the pandemic in the form of a 15-per-cent tax on income above $1 billion in 2021.Article content
Freeland’s budget, which she tabled in the House on April 7, justified the tax hikes by noting that government intervention during the pandemic — $350 billion in total for health and safety and direct support measures — insulated banks’ balance sheets from the economic fallout of the COVID recession.
Banks will be unhappy with the new measures. They have pushed back on the levy since Trudeau first announced it on the campaign trail last year. Trudeau was unmoved by the critique. His March power-sharing agreement with the New Democratic Party included a commitment to tax bank profits.
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