Thursday, September 16

Canada’s ruling Liberals vow to raise taxes on profits of big banks, insurers

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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)

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