RE:RE:RE:RE:RE:RE:RE:RE:Raising Bank’s Tax from 15% to 18% for Earning More than $1BMore on topic:
“To me it looks like they’re just winging it,” said Martin Pelletier, managing director at Wellington-Altus Private Counsel in Calgary. “It looks like, well, everybody hates the banks because they charge so much, well we’ll just put a tax on the banks.”
Mark Roe, a professor of corporate law at Harvard University, told BNN Bloomberg that Trudeau’s proposal may give Canadian lenders an incentive to artificially lower taxes by financing their businesses through debt rather than equity.
“We want banks to hold as much equity as possible in case something goes wrong,” Roe said Friday.
David Dietze, managing principal and senior portfolio strategist for Peapack Private Wealth Management in New Jersey, warned Canadian banks may choose to take their business to other low-tax jurisdictions.
“They are likely to have more operations move out to the U.S., which is not going to help anyone who is trying to get a mortgage in Canada,” Dietze told BNN in an interview Wednesday.
Full article: https://www.bloomberg.com/news/articles/2021-08-28/trudeau-s-election-gamble-is-suddenly-reverberating-in-c-suites
FiddyFiddyOddz wrote: SILKOS is 100 % right. Any additional taxes levied on corporations will be handed down to the consumer. But hey, that's what Canadians want right ? Why else would they keep putting Trudeau in power. It is the will of the people, Trudeau doesn't put himself in office, the people of Can-Er-DUH put him there.
4 more years, keep repeating that, and get used to the idea...
Silkos wrote:"Why just banks and insurance companies? Is just a matter of time until oil / energy sector is added to the list. Just apply to all and see what happens. Air Canada & Bombardier should be excluded just because even if they make money we still have to bail them every other 5y.
All these corporate taxes have direct impact on the consumer. The corporation will have to make sure they get that 3% from someplace else not too affect their bottom line and piss off shareholders. Banks will increase their fees, insurance rates will go up. You think corporations are gonna pay extra 3%? Think again ... it will be you and me in the end - the consumers."