King Turdeau not helping the banksCAD govt putting more tax on the banks without any input from regular Canadians, or the financial institutions they are attacking.
2023-09-12 07:00 ET - In the News
Also In the News (C-BMO) Bank of Montreal
Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-NA) National Bank of Canada
Also In the News (C-RY) Royal Bank of Canada
Also In the News (C-TD) Toronto-Dominion Bank
The Globe and Mail reports in its Tuesday edition that the Canadian Bankers Association is calling out Ottawa for targeting financial institutions and ignoring warnings that the government's taxes will dampen lending and stunt profit growth. The Globe's Stefanie Marotta writes that the CBA says talks with Ottawa have gone nowhere. Over the past two years, three new taxes have been imposed on banks and insurers to help drum up funds to support government initiatives and help pay down debt. Each change was unveiled without prior consultation, blindsiding the companies that typically have an opportunity to provide input on economic policy. The CBA is speaking out publicly for the first time since Ottawa unveiled the taxes in 2021. It is a rare move by the CBA, taking aim at a government that has come under increasing fire for economic concerns and its deficit spending. The new taxes target banks and insurers at a time when rising expenses and mounting lending risk are stunting profit growth, prompting some banks to trim jobs. While the CBA has provided feedback on its issues with the taxes, the group says that the government has not addressed the potential of the amendments to reduce lending by the banks.
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