Toronto-Dominion Bank's chief executive says the corporate tax rate increase targeting financial institutions announced in last week's federal budget 'could lead to unintended consequences.'
Toronto-Dominion Bank's chief executive says the corporate tax rate increase targeting financial institutions announced in last week's federal budget "could lead to unintended consequences."
The Liberals' 2022 budget included a proposed surtax of 1.5 per cent on bank profits over $100 million, as well as a one-time 15 per cent charge on income above $1 billion for the 2021 tax year, a move Canada's big bank leaders say could hurt Canada's competitiveness on the global stage. TD's financing of fossil fuel projects and climate strategy was brought up several times during the meeting, similar to previous Canadian bank shareholder meetings over the last couple of weeks.
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