Corporate tax hike could have ‘unintended consequences,’ says TD CEO – National
Toronto-Dominion Financial institution’s chief government says the company tax charge improve concentrating on monetary establishments introduced in final week’s federal funds “may result in unintended penalties.”
On the financial institution’s annual shareholder assembly, CEO Bharat Masrani mentioned that the federal authorities has chosen to “single-out” the Canadian banking sector with this measure.
The Liberals’ 2022 funds included a proposed surtax of 1.5 per cent on financial institution income over $100 million, in addition to a one-time 15 per cent cost on revenue above $1 billion for the 2021 tax yr, a transfer Canada’s massive financial institution leaders say may harm Canada’s competitiveness on the worldwide stage.
Masrani additionally urged the Canadian authorities to “scale back deficits constructed up in the course of the pandemic and give attention to development” amid hovering inflation and ongoing provide chain challenges.
TD’s financing of fossil gasoline initiatives and local weather technique was introduced up a number of instances in the course of the assembly, just like earlier Canadian financial institution shareholder conferences during the last couple of weeks.
Wealth inequality and the compensation hole at massive organizations between executives and the typical employee was introduced up as properly, particularly a request for the financial institution to publish its pay ratios.
This comes on the heels of TD asserting in an inside memo Wednesday a 3 per cent pay increase for many of its non-executive workers, efficient July 1.
This report by The Canadian Press was first printed April 14, 2022.
