Bank of Nova Scotia T.BNS

Alternate Symbol(s): BNS

Financial Services

The Bank of Nova Scotia is a bank in the Americas. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. Its segments include Canadian Banking, International Banking, Global Wealth Management and Global Banking and Markets. The Canadian Banking segment provides a full suite of financial advice and banking solutions to retail, small business and commercial banking customers. The International Banking segment is a diverse franchise with Retail, Corporate, and Commercial customers. The Global Wealth Management segment is focused on delivering comprehensive wealth management advice and solutions to clients across its footprint. The Global Banking and Markets segment provides corporate clients with lending and transaction services, investment banking advice and access to capital markets.

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Bank of Nova Scotia

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Post by ckwongon Aug 27, 2021 6:01am

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Post# 33774711

Raising Bank’s Tax from 15% to 18% for Earning More than $1B

If you wander what drove the bank shares (except National) down yesterday, it is because Liberal vows to raise the corporate tax on the banks with more than $1B earning next year. The following is quoted from Reuters:

https://www.reuters.com/world/americas/canadas-ruling-liberals-vow-raise-taxes-profits-big-banks-insurers-2021-08-25/

The Liberals said they would hike the rate to 18% from 15% on all earnings over C$1 billion ($793 million) and vowed to establish a special dividend, so that those same institutions contribute more. The measures are expected to generate C$2.5 billion per year over four years, starting in 2022/23.

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