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.
The elites want to hide their many failures behind political correctness, deception, and manipulation. We need to push back and spread the truth.
That’s why I write.
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