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Head of major Canadian bank defends the country’s largest lenders

TORONTO (CU)_In late August, Canadian Prime Minister Justin Trudeau pledged to hike taxes on the country’s largest banks and insurers if he is elected for a second term at the federal election on 20 September. According the Prime Minister, the Liberal Party will increase the corporate tax rate on big banks and insurance companies by three percentage points from the current rate of 15 per cent, on all earning exceeding $1 billion. The move will be aimed at tackling the on-going housing crisis in Canada by assisting potential buyers, as the goal of accessing an affordable and healthy home has becomes more remote.

Responding to the government’s plans to target lenders in addressing this challenge, the head of Canadian Imperial Bank of Commerce (CIBC) noted that…

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