TORONTO The federal budget tabled Thursday includes a smaller-than-expected tax hike for financial institutions, but bank CEOs say a corporate tax rate increase will hurt Canada's competitiveness on the global stage. Thegovernmentannounced a 1.
Thursday s federal budget will include a surtax on financial institutions that have made huge profits during the pandemic, CTV News has learned. In being asked to share their wealth, the big chartered banks and major insurance companies are bracing for the new targeted measure that is expected to increase their corporate income taxes. How much more they will have to pay, is set to be detailed in the budget.