The Globe and Mail reports in its Wednesday, March 29, edition that Ottawa is planning to raise billions of dollars from banks and insurers through a change in tax rules on dividends that financial institutions receive from Canadian companies. The Globe's Stefanie Marotta writes that the Liberal government delivered the second major shift in taxation for the financial sector in two years as part of the federal budget unveiled Tuesday. The measure is expected to drum up $3.15-billion over five years starting in 2024, and $790-million annually after that. The government plans to amend tax treatment on dividends of Canadian shares held by financial institutions. The update would require banks and insurers to count those dividends as business income. By excluding dividends from their income, financial institutions have been able to lower their tax burden and reduce government revenues that could be used for public services, according to the budget. The Canadian Bankers Association said it is reviewing the budget to assess its implications for the industry. "Strong banks are a hallmark of our country, and they are key contributors to durable economic growth for all Canadians," said CBA spokesman Mathieu Labrèche.