It has been a relatively low key federal election campaign so far, with a surprising amount of convergence on some key issues by the major parties. As a bit of blip, Liberal Leader Justin Trudeau pledged on August 25 that a returning Liberal government would raise the corporate tax rate on the profits on all banks and life insurance companies, profits in excess of $1 billion. Further, these fin institution would pay a fee over a four-year period, a “Canada recovery dividend”.
The announcement is not surprising as some, including myself, see it as inevitable, for reasons discussed below. It will also likely be one of those campaign announcements that will face an up-hill battle in implementation, much like a proposed wealth tax. Despite a electoral mandate to carry it out, I
Read More »