Proposed new federal taxes on some financial institutions could generate $5.3 billion over the next five years, the parliamentary budget officer estimated in two new reports issued Thursday.
The documents calculated the expected revenues from the Canada Recovery Dividend and a proposed permanent increase to corporate taxes on banks and life insurance groups.
The PBO said the dividend — a one-time 15 per cent windfall tax on banks and life insurers profits made during the pandemic — will generate $3 billion.
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