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Liberals plan to raise taxes paid by banks

These measures will generate a minimum of $2.5 billion per year over the next four years, beginning in 2022-23
Justin Trudeau
Liberal Leader Justin Trudeau held a campaign rally on Wednesday, Sept. 25, 2019 at The Outpost at Lakehead University. (Leith Dunick, tbnewswatch.com)

A re-elected Liberal government will move forward with a plan to have Canada’s largest financial institutions pay more, to support Canadians in their goal of owning a home.

The pandemic has been challenging for Canadians and since day one, Justin Trudeau and the Liberal team have had their backs. 

By investing in Canadians and small businesses, and stepping up to support everyone at their most difficult time, the Liberals helped workers keep their jobs and businesses stay afloat. But too many Canadians are still struggling to pay their bills and afford a home – and that has to change.

"For many Canadians, the past year and a half has been incredibly tough and now they’re wondering what the future will hold," said Justin Trudeau, Leader of the Liberal Party of Canada. "We have to rebuild a better Canada – one that works for everyone. That’s why we’re going to ask our largest financial institutions, who have recovered faster and stronger than many other industries, to pay a little more so we can invest in Canadians and help them find a home of their own."

To help Canadians find a home and rebuild a Canada that works for everyone, a re-elected Liberal government will:

Raise the corporate income tax rate paid by Canada’s largest and most profitable banks and insurance companies by three percentage points on all earnings over $1 billion; and

Establish the Canada Recovery Dividend so these institutions contribute more over the next four years of Canada’s recovery.

In total, these measures will generate a minimum of $2.5 billion per year over the next four years, beginning in 2022-23.

Yesterday, Justin Trudeau and the Liberal team announced their three point housing plan. A Home. For Everyone. will:

Unlock Home Ownership: Liberals will help renters become owners and save for a down payment faster, reduce the monthly costs of mortgages, and double the Home Buyers Tax Credit to help young Canadians buy their first home sooner. This plan will save a family buying their first home up to $30,000.

Build More Homes: Liberals will build, preserve, or repair 1.4 million homes in four years to help increase the supply of homes available to Canadians, create jobs, and grow the middle class.

Protect your Rights: Liberals will create a Home Buyers' Bill of Rights to make the process of buying a home fairer, more open and transparent, and ensure homes are for people and families. Our plan includes banning blind bidding,  establishing a legal right to a home inspection, and banning new foreign ownership for two years.

"For too long, the deck has been stacked against Canadians trying to find a place to call home," said Mr. Trudeau. "We have to change that, and we need to rebuild a Canada that works for everyone. Our housing plan will unlock homeownership and help people save up to $30,000, build more homes, and protect home buyers’ rights. While Erin O'Toole's Conservatives want to cut taxes for the wealthy and services for everyone else, our plan will create new jobs, grow the economy, and strengthen the middle class. We will move forward – for everyone."