New taxes on bank and insurance companies in Canada would raise $10.8 billion (US$8.6 billion) over the next five years, according to documents released by Prime Minister Justin Trudeau’s Liberal Party.
The money includes $5.3 billion from higher income taxes on profits earned by large banks and insurers between this year and 2026, and another $5.5 billion from a temporary tax that the Liberals are calling the “Canada Recovery Dividend.”
Both measures were announced last week by the prime minister, but the party didn’t provide specific revenue projections until it released a more detailed platform on Wednesday. Trudeau’s party has been struggling in polls as he campaigns to win a third term in a Sept. 20 vote.
The Liberals didn’t spell out how the Canada Recovery Dividend will work.
Advertisement