TRUE FAIRNESS: The Opposition Should Call For A Tax Hike On The Big Banks

Despite making record amounts of money, Canada’s biggest banks got a slap on the wrist when they were caught ripping-off Canadians. True fairness would mean hiking taxes on the banks, instead of Canadian small businesses.

As the Trudeau government continues pushing their attack on Canadian small businesses, the opposition parties have a big opportunity to bring true fairness.

Early in 2017, reports emerged of shady banking practices at Canadian banks. After one bank was caught using unethical actions to push customers further into debt, employees from all the big banks came forward and said those same unethical practices were taking place at their companies.

Said one bank employee, “It’s not what’s important to our clients anymore. The bank wants more and more money. And it’s leading everyone into debt.”

Additionally, In some cases, employees were ordered not to tell clients when the stock market had gone down, and added higher interest rates to mortgages – without telling clients they could negotiate on those rates.

As I said at the time, Trudeau and the entire government had a pathetically weak response to those outrageous bank actions. The penalties faced by the banks were only $500,000 at their highest – which is just pennies to those massive institutions.

All of this took place as the banks made record profits, and as they were increasing bank fees on Canadians. Here’s what happened in the second quarter of 2017:

  • Bank of Montreal – up 12%
  • Royal Bank – up 6% to $1.3 billion
  • TD Bank – up 18%
  • CIBC – up 4%.

This is clear evidence of a rigged and unfair system, as middle-class and working-class Canadians watch the banks get richer and richer while wages stagnate and debt rises.

Yet, Trudeau and Moneybags Morneau seem unwilling to look to the banks for more revenue, perhaps because they have tons of elitist friends on Bay Street and don’t want to tax their own buddies.

True fairness that will help further expose the elitism of Trudeau and Morneau

The opposition should call for a 2-3% tax hike on the biggest banks. The banks can easily afford it, and that would be a step towards a more fair tax system. It would also be a clear statement that the banks can’t just get away with ripping off Canadians.

Additionally, credit unions should be exempt from the increase. Only the big Canadian banks should face the tax hikes.

Calling for a tax hike on the banks would further expose Trudeau and Morneau as the 1% elitists they really are. It is almost certain that they would oppose it, and by doing so would reveal their true allegiance to the Bay Street elite and their opposition to middle-income and working class Canadians.

Spencer Fernando

***

The elites want to hide their many failures behind political correctness, deception, and manipulation. We need to push back and spread the truth.

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Miles Lunn

Bad idea. The government has a spending not a revenue problem so needs to cut spending and not raise any taxes anywhere. While the big banks make healthy profits you tax them more, they will just pass it on in charges and fees.

George Townsend

Correct Sir

Henry E.

The debt is definitely rising.

“The borrowing and spending binge by Canadian households, businesses and governments (all levels) continues unabated. Growing the debt in the economy significantly faster than the economy itself grows seems to have developed into a way of life in Canada.”

Canadian total (household, business, and all levels of government) debt numbers as of the end of June, 2017

https://owecanada.blogspot.ca/2017/09/canadian-total-household-business-and_19.html

jack grandville

It is (or should be by now) obvious to anywho can still read and write that the banking system, with the constant backing of ‘our government,’ is just rolling in money and exist in an unreal world of their own. All the logic, all the evidence and all of the potential of strangling the economy to a dead stop does not affect their thought processes one iota. If the economy of our country collapses, the banks and major financial institutions will simply close down and run off to another location — assuming there is still a location for them to… Read more »

don morris

Re the headline: not if they ever want to win an election in this Country.

GREG

I noticed some time ago that Spencer has a bone to pick with the Canadian Banks. Though I agree they can be creepy and aggravating to deal with . one can make the same argument against Canadian utility companies . Ever hear anyone complain about Bell’s practices ?Just about everyone. So knee jerk taxation of organizations that may seem unethical is far to short sighted , easy and wrong. The banks employ hundreds of thousands here in Canada and around the world, and large numbers of high paying jobs. They vast sums of taxes at all levels and are already… Read more »