OTTAWA — Canada’s ruling Liberal Party said on Wednesday that if re-elected it would raise the corporate tax rate paid by the most profitable banks and insurers by 3 percentage points on all earnings over C$1 billion ($793 million).
In a statement, the party also vowed to establish a special dividend, so that those same institutions contribute more over the next four years. The measures are expected to generate C$2.5 billion per year over four years, starting in 2022/23.
The election will take place on Sept 20.
($1=1.2617 Canadian dollars) (Reporting by Julie Gordon in Ottawa Editing by Chris Reese)