Seeking to share their wealth, the big charter banks and the big insurance companies are preparing for the new targeted measure that is expected to increase corporate income taxes.  How much more they will have to pay is set out in the budget.
In their 2021 election platform, the Liberals promised to impose an additional 3% tax on banks and insurers earning more than $ 1 billion a year. 
Moving forward “in the short term to tax changes for financial institutions that made strong profits during the pandemic” was consolidated in the Liberal-NDP agreement signed a few weeks ago, resulting from the commitments of both parties to hunt down its speculators. pandemic.
In the last election, the Liberals promised to raise income taxes on “the biggest, most profitable banks and insurance companies” and bring in a “temporary Canadian recovery dividend” that these companies would have to pay. 
The Liberals estimate that the additional three percent tax will generate about $ 1.2 billion a year, for a total of $ 3.6 billion over the next three years.
“We have a plan for everyone.  “And to fund this plan, we will ask the major banks and insurance companies to do a little more to share their pandemic profitability dividend with the Canadians,” the party said in a statement.
Shortly before the conclusion of their three-year alliance, the NDP was pushing in the House of Commons for the Liberals to keep this commitment in the 2022 budget. 
The NDP’s proposal was that given the rising cost of living and wealth inequality, the billions of dollars to be recovered would have to go directly to measures that help Canadians make ends meet.
“We believe that there is more than enough revenue available from companies that have made significant profits throughout the pandemic – they have made record profits in many cases – and are not paying their fair share.  “We believe there is more than enough revenue to pay for the initiatives we have presented and then some,” NDP leader Jagmeet Singh told reporters on Tuesday.
It remains to be seen whether the revenue from the surplus will be directed to a targeted funding initiative or will be added to the consolidated revenue available to the government at its discretion.
With the government having to take a number of pressures into this budget — the ongoing pandemic economic recovery and inflation; it has pledged funding for housing, climate and healthcare initiatives from the Liberal platform; · And increase Canada’s defense spending — the budget is expected to include billions in new spending.
How many billions the Liberals are preparing to spend – the 2021 budget saw the government reveal $ 101.4 billion in new spending – remains to be seen.
As of the December 2021 budget update, the government had projected a deficit of $ 58.4 billion in 2022-2023, decreasing each year thereafter. 
However, this forecast came before the Liberal-NDP deal, which promised billions for social programs such as dental care, and before the renewed focus on Canada, which falls short of NATO’s defense commitment of two per cent of GDP ongoing Russian attacks on Ukraine.
Pursuing revenue-generating initiatives, such as this extra tax, is one way the government could seek to pay for its long list of spending commitments.
Although Ernst & Young’s national fiscal policy chief Fred O’Riordan has warned that while bank harassment may be politically popular, costs could be passed on to bank customers in the form of higher commissions, unless the government moves to ban it.
“It’s somewhat consistent with the kind of taxes that signal the virtue that the current government seems to be favoring,” O’Riordan told CTV News.  “It is a relatively punitive tax in terms of those who are taxed; but this amount of money is pale in comparison with the possible deficit.”
As they prepare to implement the policy, banks have been pushing behind the scenes for the government to change course.
Speaking to shareholders at the bank’s annual general meeting on Tuesday, Scotiabank CEO Brian Porter described the “bank tax” as a “knee-jerk reaction”, according to his prepared remarks.
“The bank tax is not just a jerk that sends the wrong message to the global investment community; it’s ultimately a tax on you, our shareholders – about 70 percent of whom are Canadians.  It is a tax on those who directly own our shares or participate through retirement plans or mutual funds, index funds or ETFs [exchange-traded funds]”, Refers to a copy of his address. 
The Liberals’ platform has also promised a number of other tax justice initiatives that could contribute billions more to federal funds if pursued in this budget.
As the government tries to raise revenue to pay for everything it has been promised, former Parliamentary Budget Officer and current President of the Institute for Financial Studies and Democracy at the University of Ottawa, Kevin Page told CTV News that they may feel entitled to target banking and insurance sectors as they “basically went through the recession in 2020-21 without signs”.
“If you’re looking for revenue and you want to do new things to boost the economy after COVID-19, it’s definitely an area that stood out, that did very well, that could probably afford a tax hike,” Page said.
Experts interviewed by CTV News said that the forthcoming extra tax could be the beginning of a new trend, opening up the possibility for the federal government to pursue future tax increases in profitable sectors.
The NDP said it wanted to see lucrative oil companies and department stores also subject to corporate tax increases, and it is something Singh told reporters on Tuesday that he would continue to push for.
Freeland will submit the budget at 4 p.m.  EST on Thursday in the House of Commons.