As the soaring cost of the pandemic response continues to bite, expect a lot more of these “one time” levies, and not just on banks and insurers. If the Trudeau/Singh alliance can get away with this, the search for milch cows will undoubtedly broaden in the near future.
Jack Mintz, the President’s Fellow at the University of Calgary’s School of Public Policy, said the new provision does single out the financial services industry and rolls back to an earlier and complicated era when corporate income was taxed depending on its source.
“Many sectors of the economy benefited from the federal government bailing out the economy. Investors and workers too. Somehow only the banks and life insurance companies are subject to a special tax,” he said.
And they’ll last “just two weeks”, won’t they?
Create the problem, blame everyone else for the problem, then screw everyone else. Canada at it’s absolute best. Have I mentioned that Canadians are terminally stupid? Yes I have.
Good. No sympathy here- the banks and credit unions SHOULD suffer for their betrayal of their customers when ordered by gov’t to do so. Life insurance companies: get off your weak asses and fight back, and fight back publicly. Otherwise, you’ll be steamrolled like the rest of us.
Our gov’t attacked it’s own citizens, with the willing cooperation of the banks and credit unions. Again:
NOT ONE BANK OR CREDIT UNION CEO stood up and publicly said “No, we will not do this to our customers.” NOT ONE.
Wife and I, along with millions of other Canadians, began withdrawing our money from the bank, leaving just enough to function month to month. We were attacked and betrayed by the very institutions we thought we could trust.
We will never forget, nor forgive.
Excellent, good for you to stand up. As a retiree I was stunned by the fact that our financial institutions folded like a cheap suit. I too will never trust them again but how to protect our assets will be a challenge.
David, these might be of interest: https://silvergoldbull.ca/ and https://mfbullion.ca/
Disclaimer: I’m no financial expert, nor do I work for those companies. I’m just a retiree like you, trying to hang on to what we’ve got.
It seems to me that sooner than we think, there will be a collapse of the system. I consider precious metals (held by you personally) to be some insurance against that day. I sure hope so, anyway.
“Good. No sympathy here…”
This. In spades.
WY, when companies do not stand up in the face of what we believe to be wrong then it means the government has promised far more in profit than they are currently making. It will be through a back door, but make no mistake it will be there. Any idiot who knows that the government gave millions to the media to carry their water knows I am right.
Big banks and insurers hit with one-time 15% tax on income over $1 billion…
I’m sure there are people reading the headline and thinking…”Oh well, doesn’t affect me”. You have to be a special kind of stupid if you think banks and insurers are going to eat this without passing it on to consumers.
Canadians don’t think about this.
This is why Justin is wasting money right now.
OK, Canadians and Americans don’t know shit from tar when it comes to economics.
It hits the Banks’ share price, which hits virtually every pension plan, RRSP and RRIF in the country
Except for Justin’s pension which is guaranteed by taxpayers.
Golly, I said that using different words yesterday.
Exactly. This is the NDP politics of envy, resentment, and hatred enshrined in tax law and will not punish the “Banks” but all those that rely on their dividends for income.
This crap stops when the creditors see that the federal government is barely able to make interest payments no matter how much they increase taxes.
They should send that memo real soon.
Joseph, do you know how any Canadian government can change that? A free for all in the development and extraction of the natural resources. Trillions not millions or billions sit in the damn ground in this country. Have I mentioned that Canadians are stupid? Yes I have. People think I simplify things, well, yes I do, because most things are not complicated, only people make things complicated. One does not need a thesis when a paragraph will do.
The life insurance companies aren’t going to have to be worrying about profits for a while.
They’ll probably be asking for bailouts in the future.
Probably but in the meantime they will jack up your premiums just like they did big time these last 2 years.
Something tells we’ll be paying the price for “Dentures” Freeland for some time yet.
Here is yet another project in the budget to look forward to –
‘Starting in 2022, the government would give $25 million over two years to create a national pilot that helps make menstrual products available to Canadians’.
My friends in the black market talk about this stuff all the time. It has not really reached the underground economy yet.
Doesn’t Justin know where his Liberal elite friends make their money? The Desmarais’ will have a sit down with Sox shortly and set him straight.
If the Trudeau/Singh alliance can get away with this
If? Is that even a question any more?
I had a thought. People hate the oil companies. The government introduced a carbon tax. People hate the banks. The government introduced a tax on their profits. The government hates you. Feel free to complete the paragraph.
Hang them all.
Insurance companies can suck it.
They love the government when it’s mandatory to buy their products to do things like drive a car or do any kind business.
Cry me a fkn river
Only in Canada can higher taxes mean more money for everybody:
https://rumble.com/v10aum5-justin-trudeau-higher-taxes-for-everyone-means…-more-money-for-everyone.html
This country is led by geniuses, I tell you……
Oh there is going to be “More Money for Everyone” in Canada.
Zimbabwe Mon.
Venezuela.
You will be a zillionaire.
Those zillions will buy you nothing.
But indeed.
You will have “More Money”.
Everyone will.
38 million can starve as cheaply as ….?
If we do not separate our affairs from Confederated Canada.
We deserve everything thats coming.
Imagine the stupid.
Eastern Canada borrowed over a trillion dollars,over and above the billions they pillage from the West..
And we “Loyal and Patriotic western Canadians” are so stupid we are going to slave away to pay it off.
Now VOWG is way too polite.
We are so stupid..even the 5 laws of human stupidity are too generous for Canadians.