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FP says CIBC, rivals brace for Liberal 3% surtax

2021-09-22 09:35 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Financial Post reports in its Wednesday edition that Monday's federal election produced another Liberal minority government that many expect will maintain the status quo. The Post's Barbara Shecter writes that for the financial services industry, however, a big change could be on the way. During the campaign, Justin Trudeau pledged to enact a 3 per cent surtax on banks and insurance companies on every dollar they earn over $1-billion, prompting complaints that the sector was being singled out and penalized for its strong performance during the COVID-19 pandemic. With the NDP again holding the balance of power in Parliament, industry watchers said Tuesday they would not be surprised to see the tax proposal -- the proceeds of which were earmarked to improve housing affordability -- move forward quickly. Fasken Martineau Dumoulin lawyer John Levin says: "It is consistent with the Liberals announced policy and plays well with the NDP desire to tax substantial sources of wealth. My guess is, especially in the context of a minority government, that they will quickly move ahead with the tax without any consultation. expect them to do this in order to show that they are meeting their election promises."

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