The government says the county's major financial institutions made significant profits during the pandemic and have recovered faster than other parts of the economy -- in part due to the federal pandemic supports for people and businesses.The federal budget includes a one-time, 15-per-cent charge on taxable income above $1 billion for the 2021 tax year for the country's big financial institutions.
Ottawa also plans to permanently increase the corporate income tax rate for banking and life insurance groups by 1.5 percentage points for taxable income above $100 million. The increase would bring the tax rate on income above that threshold to 16.5 per cent from 15 per cent. The budget estimates the two measures combined will raise $6.1 billion over five years with some $4.05 billion attributable to the one-time tax.
What about taxing the wealthy like yourself and your friends!
They will just charge us more for the service so no win for the taxpayers there .. next
At some point the Government will run out of people and businesses to tax
Going out on a limb here … I’m going to say almost every pension fund in Canada holds banks and insurance companies. Less profit worse for pensioners, retirees, CPP. Banks bounced back from Covid so let’s punish them, which in turn punishes everyone as we all bank.
They will just raise fees and increase premiums.
I’m sure the banks and insurance companies will absorb that no problem. Do you think that raising bank fees and insurance rates is how that gets “absorbed”? They should get taxed more but something should be put in place to protect consumers first otherwise it’s inflationary!
Well just think I grew up with these new stations.And now is clearly seen personally myself you do not always portray shame on all that was involved the truth and you do not always give the citizens what they deserve which is The complete truth. And not BS propaganda just Sad.
Out of our pockets or out of their profits?
What would it take your newsroom to report the actual truth and ignore being on the government side as we know you’re being paid by them as well this is not news what you’re doing you’re either lying or you’re shoving propaganda out that you have no clue of i’ve had to go t Wion
In turn they will find loop holes and pass any additional costs onto us. Ottawa and corporations will not lose a penny.
Here's an idea JustinTrudeau cafreeland SPEND LESS MONEY.
Hmm they will just pass it on to consumers so guess what just made life more expensive for us AGAIN
Bull any cost that they can’t find a loophole for is passed on to us so in reality it’s a further drain on is as we will be paying the tax
They will keep same. ( +++ ) profits, guess who will fork the increased fees?!
Which then adds to more costs to the people they serve…. Makes sense! 🤔
So what you should day is, raising prices for Canadian families...again!
Who in turn, will raise fees and premiums to customers. Typical Liberal logic. DUH...
Great they will just pass on the higher taxes to the people in the form of service fees. Great Job!
Nice to see but they will get even with us by extra charges you can bet! Big Banks have us where they want us unless other multi Billionaires come up with a better plan !
Now let’s do the same to big companies also🤨
👍👍
Wonder who they’ll pass the costs off onto? 🤔
That’s stupid. They will charge customer more to make up.
Who in turn will raise the little people's fees and premiums 😭
Ethereum fixes this
This is what happens when there are wars. People pay the price.
No. They’re only raising premiums and bank charges to the regular public.
Government is stupid, they will a) layoff workers b) pass on costs to customers. Tax the CEOs instead
These fees will just hit us the clients
Oh wonder who will end up paying for that? Maybe they’ll cut their CEO bonuses? Ha! Not a chance. Guess our bank fees and insurance is going up. Thanks Trudeau!!!!
The banks are not going to eat this and they will pass them to the smaller clients, for big clients perhaps they will eat partially. This indeed is adding on top of already sky high inflation. Oh, I forgot, Trudeau never faced inflations when he was young.
They will take from common people we pay taxes then they will put all burden of their taxes on us
So govt has indirectly made it official that they will go after sectors which make profits. First oil and gas, now banking and insurance. End users will eventually pay. Ridiculous govt. The only solution they come with each year is higher taxes to cover for their stupid spending.
That should encourage them to conduct more business outside of the Canadian tax net.
NICE IN THEORY but Yeah who pays? US Chargers will go up because they have to answer to shareholders 🤬
In turn the banks and insurance companies raise fees and the average consumer pays more. Bad enough we get taxed on Carbon emissions to 'Save the planet' which litetally does nothing except cost us more money. Liberal Government....We're helping 🙃🙃
Translation: Banking fees just went up, bank revenue improves and common folk paid for it. The Liberal way.
How can you be so dumb. They will pass it to customers
the Bank CEO's literally just said days ago that if they increase taxes, it'll be passed on to consumers. Full disclosure.
rexglacer Not “Ottawa”. The useless Liberal Party and the embarrassment of a PM that Canadians are stuck with.
Pass on costs and / or layoff a whack of people, liberal/NDP logic at its best.
Awesome. So my fees and insurance payments will increase so they can cover these and still make billions a year.
And then the banks and insurance companies will pass these amounts on to us...hence increasing taxes for bank users and insurance buyers. Happy Budget Day everyone.
Here come the extra fees.