Thursday's federal budget will include a surtax on financial institutions that have made huge profits during the pandemic, CTV News has learned. In being asked to share their wealth, the big chartered banks and major insurance companies are bracing for the new targeted measure that is expected to increase their corporate income taxes. How much more they will have to pay, is set to be detailed in the budget.
OTTAWA -- Thursday’s federal budget will include a surtax on financial institutions that have made huge profits during the pandemic, CTV News has learned.
Moving forward “in the near term on tax changes on financial institutions who have made strong profits during the pandemic,”inked a few weeks ago, stemming from both parties’ commitments to go after pandemic profiteers. The NDP’s suggestion was that given the rising cost of living and wealth inequality, the billions of dollars recouped should go directly towards measures that help Canadians make ends meet.
With the government having to factor into this budget a series of pressures—the ongoing pandemic economic rebound and inflation; promised funding for housing, climate, and health-care initiatives from the Liberal platform; pursuing elements of the confidence-and-supply agreement with the NDP; and increasing Canada’s defence spending—the budget is expected to include billions in new spending.
Pursuing revenue-generating initiatives such as the this surtax, is one way the government could be looking to pay for their long-list of spending commitments.
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