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Will Trudeau’s promised bank tax hike mean higher fees?

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On the campaign trail this week, Liberal Leader Justin Trudeau promised to hike the tax rate for big banks.

The hike would see the corporate income tax rate increased by three percentage points on all earnings totalling more than $1 billion. Banks and insurance companies would also be slapped with a special fee to help pay for Canada’s recovery from the COVID-19 pandemic.

But experts suggest banks might pass on the added cost to their employees and investors. Anne Gaviola explains.

For more info, please go to https://globalnews.ca/news/8142492/trudeau-election-bank-tax-reaction/
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Category
U.S. & Canada
Tags
global news, corporate income tax rate, bank tax hike
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