Posted April 6, 2022 at 2:52 pm
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-ONE Larger font Increase the font size of the article A + The final message to Scotiabank shareholders from the annual speech of its President and CEO: a higher tax on the country’s largest banks is a tax for you. Brian Porter described the tax increase, which is widely expected to be included in Thursday’s budget, as “a sharp reaction that sends the wrong message to the global investment community”. He made the remarks in written remarks prepared for Tuesday’s annual general meeting, but did not give the address in person.
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During the 2021 election campaign, Prime Minister Justin Trindade promised a higher corporate tax rate for the country’s largest banks and insurance companies for profits of more than $ 1 billion, a measure that the Liberals estimate would bring in about $ 1.2 billion. annually. Trending Stories
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The story goes on under the ad The Liberals also said they would tax financial institutions “in the near future” in a confidence-building deal with the NDP, something leader Jagmeet Singh said would help the richest pay their share. The six largest banks made profits of $ 46.6 billion in 2019, according to the Canadian Bankers Association. However, economists say that while the policy creates “big visions”, it will not lead to lower bank profits, as they will pass on the extra costs to customers and employees. 0:37 Elections in Canada: Trinto Promises to Raise Corporate Income Tax on Big Banks Elections in Canada: Trinto Promises to Raise Corporate Income Tax on Big Banks – August 25, 2021 © 2022 The Canadian Press
