FILE PHOTO: Canadian flag flies in front of the Peace Tower on Parliament Hill in Ottawa
The Canadian Bankers Association's CEO Anthony Ostler said the government was "singling out the banks". The financial industry has been on the hook for taxes as the federal government looks to boost spending to help lower-income Canadians cope with inflation and step up clean technology investments to close the competitive gap with the United States.
In this year's budget, the government also proposed to treat dividends received by financial institutions from Canadian shares as business income, which could increase their overall tax burden.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: