The financial industry is bracing for changes to its tax rate after the confidence and supply agreement between the Liberals and the NDP included a pledge to move forward on tax changes “in the near term.”
OTTAWA - The final message to Scotiabank shareholders from its president and CEO's annual address: a higher tax on the country's biggest banks is a tax on you.
The financial industry is bracing for changes to its tax rate after the confidence and supply agreement between theNDP Leader Jagmeet Singh said Tuesday that ensuring those who have benefited from the pandemic “start paying their fair share” was a key element of the deal with theDuring the 2021 election campaign, Prime Minister Justin Trudeau promised a corporate tax surcharge on the country's biggest banks and insurance companies.
“Either directly or indirectly, they're saying 'Look, this is how we're going to go after inequality,”' he said. “We're going to go after those big fat rich banks.” Lee said a higher tax bill won't translate into lower profits for corporations, which will simply absorb the extra cost and pass it on to customers or workers.But the next several Liberal budgets depend on the support of the NDP, and that party wants to go further.
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