fbpx
Connect with us

News

Trudeau asks banks to do their part, pay higher tax rates

“So as we rebuild we’re going to ask big financial institutions to pay a little back, to pay a little more, so that we can do more for you.”

mm

Published

on

Banks may be forced to start paying it forward more than initially expected.

On Monday, cabinet proposed an annual $2.5 billion in new taxes on the largest banks and insurers, according to Blacklock’s Reporter.

This move by the Liberal Party would increase current corporate tax rates on financial institutions with earnings totalling over a billion dollars annually from 15% to 18%.

Prime Minister Justin Trudeau said since so many others had to “tighten their belts” during the pandemic, the government is going to ask banks to do the same.

When asked by a reporter why this choice was held off on until an election was on the horizon, Trudeau said he thinks “people understand an election is an important moment to make choices.”

On June 29 cabinet’s last budget passed through Parliament. In a document, Asking Financial Institutions To Help Canada Build Back Better, the higher corporate tax was proposed to begin in 2022.

Trudeau said large banks and insurers “will also be charged a Canada Recovery Dividend,” but did not elaborate.

The Help Canada document said large banks and insurance companies will pay this fee “in recognition of the fast-paced return to profitability these institutions have experienced in large part due to the unprecedented backstop Canadians provided to our economy through emergency support to people and businesses.”

Staff said the fee would be developed closely with the superintendent of Financial Institutions, and it would be “applied over a four-year period.” Trudeau said big banks got “a windfall” from the pandemic, “so as we rebuild we’re going to ask big financial institutions to pay a little back, to pay a little more, so that we can do more for you.”

Trudeau cited big banks and financial institutions having done very well in recent months, “this week Canada’s biggest banks are posting their latest massive profits of billions of dollars.”

On April 10, 2020, the Canadian Banks Association gave testimony at the Commons finance committee saying banks “did their part by deferring mortgage payments for almost 600,000 borrowers from the outbreak of the pandemic.”

Neil Parmenter, CEO of the Association, said “…this keeps money in the pockets of people who need it now.” Parmenter went on to say, “…banks have taken a variety of different actions including cuts on interest rates, flexibility, deferrals, all those sorts of things.”

NDP MP Peter Julian replied to Parmenter saying “Canadians want to see the big banks are not profiting during this crisis.” Parmenter reiterated that “Canadian banks always follow all the laws.”

Jackie Conroy is a reporter for the Western Standard
jconroy@westernstandardonline.com

Continue Reading
6 Comments

6 Comments

  1. Barry Williams

    August 26, 2021 at 11:33 am

    One day I saw a sign in a bank window exclaiming a sale on service charges.

    “BUY 25 SERVICE CHARGES ONLY $2.50!”

    What the hell are service charges? I wondered.

  2. James Taylor

    August 26, 2021 at 11:16 am

    Leftists and proponents of “taxation is a net good” [it is not but that is another conversation] are so retarded that they do not see that taxation schemes change behaviours; idiot leftists look an income statement (well just the bottom line), and say “well if we increased tax rates, then government will generate X$ more government revenue.” They never see the evidence that such schemes just force different behaviours and usually higher tax rates result in reduced tax revenues.

  3. David

    August 26, 2021 at 10:52 am

    Justine the trustafarian is a chip off the old Turd!

  4. Steven

    August 26, 2021 at 10:35 am

    Trudeau, your comment on monetary policy “You don’t really think about it” you Moron, is coming back to bite you. Why are you now interfering with the Canadian banks, moron?

    It’s because of Trudeau we have higher taxes. Why, because the motley fool Trudeau spends like a drunken moron, but only taxpayers money, never his own.

    A vote for Trudeau is a vote of his mediocrity on monetary policy. Trudeau has no clue how to handle money. Trudeau only knows how to spend it; unwisely.

  5. Jerry Terpstra

    August 26, 2021 at 10:29 am

    And guess where the buck stops at. Passed down to the little guy thats already taxed to the hilt to pay for this jackasses decisions.

  6. Left Coast

    August 26, 2021 at 10:27 am

    This is what you get when you elect the Stupidest Man in the room to run your country.

    I propose that “Trust Funders” pay 50% TAX EVERY YEAR on the Entire Trust!

    It’s time Justin paid up . . . after all much of it was likely stolen from Taxpayers.

You must be logged in to post a comment Login

Leave a Reply

News

Independent Alberta MLAs call for emergency debate on forced vaccinations

And the pair said they will not be revealing their own vaccination status, calling it a personal issue

mm

Published

on

Alberta’s two Independent MLAs are asking for an emergency debate in the Legislature over the issue of mandatory COVID-19 vaccination policies, especially for health workers and the RCMP.

Drew Barnes, MLA for Cypress-Medicine, joined his colleague Todd Lowen, MLA for Central-Peace-Notley in making the call to Premier Jason Kenney.

And the pair said they will not be revealing their own vaccination status, calling it a personal issue.

Barnes said he was particularly worried about the impact on the RCMP, especially in rural detachments where he claimed few officers had been vaccinated.

More than 33,000 RCMP officers and support staff have signed an open letter to RCMP Commissioner Brenda Lucki opposing mandatory vaccinations.

Prime Minister Justin Trudeau said all federal workers, including the RCMP, must be vaccinated of face job consequences. But government memos say two-thirds of the civil service could be exempt.

Continue Reading

News

Vax deadline for BC health-care workers looms overhead

In BC, roughly 5,500 unvaccinated health-care workers will be stripped of their jobs on October 26 if they do not get their first shot.

mm

Published

on

Health-care workers have been praised for their efforts surrounding COVID-19 for nearly 20 months, however, the ephemeral display of gratitude comes to an end tomorrow.

On October 26, roughly 5,500 unvaccinated health-care workers in British Columbia will be stripped of their jobs, as set forth in a public health order.

The order demands workers provide proof of having received one dose of vaccination against COVID-19 by the aforementioned date.

If they get their first shot before November 15, workers will be permitted employment seven days afterwards, provided they follow extra safety precautions until they get a second dose — which must be administered within 35 days of the first.

“We’re hopeful, of course, that people will move to get vaccinated and comply with the upcoming order,” said Health Minister Adrian Dix.

The roughly 5,500 employees do not include the unvaccinated long-term and assisted living facility workers who were forced out of their jobs by the province on October 12.

Similar policies have been rolled out across the country, but not without resistance.

In August, Alberta Health Service (AHS) announced that all employees, volunteers, and contracted health-care providers must be fully vaccinated against COVID-19. Last week, the deadline was pushed until November 30.

Similarly, Quebec extended its proof-of-vaccination timeline for health-care workers by one month, with the new deadline falling on November 15.

BC’s deadline — which looms a mere hours away — seems to be fixed in its place.

“The government forcing health-care workers to become vaccinated is really problematic because — for one reason — these are the people most likely to have natural immunity,” Dr. Steven Pelech, chair of the Scientific and Medical Advisory Committee at the Canadian Covid Care Alliance told the Western Standard.

“This is the way the health-care system treats them… a year ago they were heroes for helping save lives, now they are discarded for being unvaccinated.”

Reid Small is a BC correspondent for the Western Standard
rsmall@westernstandardonline.com
Twitter.com/reidsmall

Continue Reading

News

Chu sworn in as Calgary Ward 4 councillor

Chu was sworn in by Court of Queen’s Bench Justice John Rooke. Earlier Calgary mayor-elect Jyoti Gondek had said she would refuse to swear Gondek in over his actions in 1997 with a 16-year-old girl.

mm

Published

on

Embattled Calgary Coun. Sean Chu has been officially sworn in again to the represent the area despite allegations of a 24-year-old sex scandal that erupted just before election day.

Chu was sworn in by Court of Queen’s Bench Justice John Rooke. Calgary mayor-elect Jyoti Gondek earlier said she would refuse to swear Gondek in over his actions in 1997 with a 16-year-old girl.

Gondek did not even mention Chu’s name during the ceremony.

In a media scrum following in the swearing-in ceremony, Gondek said council will be focusing on looking at the biggest priorities for each councillor in each ward and which councillor will be serving on the various committees, boards and commissions.

When asked why she chose not to swear councillor Chu in, Gondek said, “I didn’t feel it was appropriate for me to swear him in.”

“I’m focused on working with new members of council and one that have returned and letting them enjoy this day of being sworn in. All of us are incredibly proud of what we have accomplished and we are looking forward to celebrating this day as ours. So I’m choosing to focus on that today,” said Gondek when asked if she plans to take Chu up on his invitation to speak with him in person about the resurfaced allegations.

“The future will dictate that. Today I’m incredibly focuses on my family and my collegues who’ve achived a great success,” Gondek said about meeting with Chu at a later date.

Gondek became the first female mayor of Calgary in history. Eleven new councillors and two former ones were also sworn in Monday.

Calgary Mayor Jyoti Gondek was presented with the Chain of Office by her husband Todd. Justice John Rooke is on the left.

The Chu allegation involved an incident where he met the girl at the King’s Head Pub. After hitting it off, the pair agreed to meet later when Chu was off-duty and in civilian clothes.

The pair went to Chu’s house where he admits they engaged in consensual sexual foreplay. The girl then asked Chu to drive her home, which he did.

The girl later filed a complaint alleging Chu sexually assaulted her.

According to documents obtained by the Western Standard, Chu’s accuser said he had sexually assaulted her while holding a gun to her head.

However, Insp. Debbie Middleton-Hope, the presiding officer at the disciplinary hearing in 2003, said testimony from the then 16-year-old minor was not credible and not to be believed.

“I find Const. Chu to be forthright in his description of the details and I find his evidence to be believed,” said Middleton-Hope, a well-respected, now-retired, Calgary policewoman, in transcripts provided to the Western Standard.

“Under cross-examination (the woman) had difficulty in recalling pertinent details,” said Middleton-Hope.

“I find her evidence not to be believed and I was not able to consider her evidence when deciding a sentence.”

Middleton-Hope also confirmed there was no evidence that would have indicated Chu was aware the woman was underage stating, “several witnesses said [the girl] appeared to be 19 to 21 years old.”

Although allegations of sexual misconduct were thoroughly investigated and dismissed over the investigation, Chu had a letter of reprimand added to his file for discreditable conduct for caressing the accuser’s leg while on duty and was ordered to undergo six months of ethics training.

Gondek and Premier Jason Kenney, along with most of the incoming council have called for Chu to resign.

Chu offered to meet with Gondek in person to discuss the situation and has vowed not to resign.

“I’m sorry, I didn’t mean any harm,” Chu told the Western Standard in an exclusive interview on Tuesday.

“I have always told the truth. My reputation is important to me and now my family is hurting,” said Chu.

Chu is now looking at his legal options and a possible defamation suit over some of what he called “false reporting.”

Melanie Risdon is a reporter with the Western Standard
mrisdon@westernstandardonline.com

Continue Reading

Recent Posts

Recent Comments

Share

Petition: No Media Bailouts

We the undersigned call on the Canadian government to immediately cease all payouts to media companies.

613 signatures

No Media Bailouts

The fourth estate is critical to a functioning democracy in holding the government to account. An objective media can't maintain editorial integrity when it accepts money from a government we expect it to be critical of.

We the undersigned call on the Canadian government to immediately cease all payouts to media companies.

**your signature**



The Western Standard will never accept government bailout money. By becoming a Western Standard member, you are supporting government bailout-free and proudly western media that is on your side. With your support, we can give Westerners a voice that doesn\'t need taxpayers money.

Share this with your friends:

Trending

Copyright © Western Standard New Media Corp.