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.
How about we just stop playing games and kick all these corrupted politicians, bankers, police, judges out of their positions and start over? Because society is on a decline and headed into a one world government and dictatorship system.
...just means the extra costs passed on to the consumer... well done...
So are they going to lower our taxes than?
theJagmeetSingh JustinTrudeau How are you going to ensure the banks and insurance companies don’t just pass this back to the consumers? Middle class, watch out for covert taxes in the form of new bank and insurance fees! I call this BS!!!
It’s called the back door to taxing the middle class and lower class. Increase their taxes….they increase their fees. Please fools!!!!
Another tax on the middle class and seniors who can't afford it.
Won’t that affect political contributions and bribes. Must be a new politician not familiar with the game.
And big banks insurance etc will correspond by raise prices to cover taxes plus a little extra for good luck 😉
about time
Tax canadian banks who employ hundreds of thousands of canadians. Donate billions to canadian charity. Re-invest billions into the canadian economy, pay billions in divs. Give grants and tax breaks to US companies who cut canadian jobs when times are tough... smart
Liberals screw this country with so much debt then then want to completely screw everyone else while they can. Liberalism is a mental illness in this country.
So what you're saying is service fees and premiums are set to rise exponentially? I thought the budget would balance itself?
And those extra cost definitely won’t be passed on to their customers…..can’t make this stuff up.
Which they’ll just pass on to the end user thusly making life more expensive. I give up.
And expect to pay higher insurance rates and bank fees
Great. Get ready for premium hikes and more over the top bank charges
Another folly from our government. This hurts people - prices/fees will rise and shareholders, who are also people, lose too. The government needs to stop spending wildly and without any restraint.
There you have it, people. Bank fees and auto insurance are gonna skyrocket.
Car insurance is extortion in Ontario
Then the banks and companies pass those taxes onto us.
Another nice job by Justin- guess what the banks are going to do - extra charges - guess what the insurance company will do - extra charges! Can't wait - don't worry Justin jagmeet - I got your back !!
Sounds fair. They’re taking in profits.
Great... so the cost will be passed on to the commoner. How about you do this and regulate their fees? You bananas.
Why? This is no help at all.
As long as JustinTrudeau gets his spending money each month, he just doesn't care that it will hurt every citizen who has a bank account and/or a bank loan or mortgage. He's the least-caring Prime Minister since 1867.
The liberal groupies were bellowing everywhere when they claim Trudeau 'helped' to save the Michaels, that he deserved a break on the day of the new indigenous holiday, but there nowhere to be found under this tweet. Odd.
sure they will! And any money that they take from them will be given back as tax breaks and subsidies.
Which they will pass onto the consumer and increase the cost of living even more, bravo!
And the banks pass it back to the public… gotta keep the billion+ dollar a quarter profits
Obviously. We are so screwed it’s scary
Then the big banks and insurance will just upload costs onto consumers
And will they do anything to ensure fees and rates are not passed on to their customers
Ya great idea. Fvcking lovely. Just another excuse to give these pricks a reason to jack rates up higher.
Which will be passed onto customers. Wonderful 🙄
I like how governments are talking about making housing affordable for the average Canadian by making more housing available. How will this be done when the average Canadian cannot afford to buy a home starting at over $1,000,000. This madness has to stop. Out of reach!! 🤷♂️
You really think the scumbags at the banks and insurance companies will just absorb the taxes? 🤣 expect your rates to go up however much those taxes are. Why does the government get involved all they do is fuck up the free economy.
And thanks again your snake oil salesmen in Ottawa we will pay for it for sure when rates go up 10 dollars to keep a st amount in account. Is my fucking money so if not keeping set amount. Could cost 120 bucks a year. Banks are crooks ans so are insurance companies
So a tax on the middle class as it gets downloaded
Amazon , Loblaws etc who actually made a profit during the pandemic how about them too
In turn fees increase for us, the consumer lol
We all know what that means… We pay more!!!
It's pretty simple. Never vote liberal. Ever again. In any riding. Ever.
And the Middle class people !! Don’t lie … the Liberal party is the tax party !
Only way to make that actually work and not have it passed on to consumers clients would be something massive and untouchable where you cap their profits and collect the rest otherwise we all know it’s trickling down to us another tax that makes it look like it isn’t on u a
So glad they have a minority government, even though they don't even deserve that.
I'm sure insurance companies won't charge their customers more to make up for it
So their rates and premiums will increase to the end consumer?
To be accurate: the entire government votes on the budget
Poll: Should EVERY bank in 🇨🇦 be non-profit?
Why so they can keep the 'profits'
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Source: macleans - 🏆 19. / 71 Read more »