ICYMI: Liberal's deal with NDP puts bank tax back on the table — via financialpost surtax Canada banks
Victor Dodig, chief executive of Canadian Imperial Bank of Commerce, characterized a tax on the finance industry’s profits during the pandemic as discriminatory, and said Prime Minister Justin Trudeau risks hurting investment if he goes through with it.
“Capital will come into Canada, jobs will get created in Canada, when the economic conditions are better in our country, and the regulatory framework and the tax-policy framework, are better in our country than in other countries,” Dodig said.Article contentPhoto by THE CANADIAN PRESS/Ryan Remiorz files
During the election, the Liberals vowed to take aim at the wealth bank and life insurance companies accumulated during the pandemic with a three per cent surtax on profits over $1 billion. The party said the move was expected to generate an additional $2.5 billion a year in government revenue over the next four years starting from 2022.“We will deliver a fairer tax system for the middle class by addressing the profits made by financial institutions during the pandemic,” he said.
“We’re asking the government to keep their promise to put a tax on the excess profits of huge corporations and to reinvest it to help make life more affordable for you and your family.”Nigel D’Souza, an investment analyst at Veritas Research, told the Financial Post he does not expect a material impact to the banking sector, but remains concerned that it could open the door for more aggressive tax policies down the line.
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