Canada’s banking sector and its more than 280,000 employees consistently contribute significantly to our country’s strong and vibrant economy and proudly serve millions of clients across our country. Canadian banks are among the largest taxpayers and the six largest of Canada’s banks accounted for $12.7 billion in tax revenue to all levels of governments in Canada in 2019 and provided $21.3 billion in dividend income that same year – payments that went to seniors, families, pension plans, charities and endowments. Our sound, well‑regulated banking sector helps Canada grow, contributing 3.5%, or over $65 billion, to Canada’s gross domestic product. During the pandemic, Canada’s banks provided hundreds of thousands of Canadians with mortgage relief, waived millions in fees for individuals and small businesses, and were instrumental in standing up essential programs like the Canada Emergency Relief Benefit and the Canada Emergency Business Account. We welcome and engage in constructive dialogue with any sitting government and share in a collective commitment to enable a thriving Canadian economy now and over the long term.

CBA statement on Liberal Party’s bank taxation proposal banks,news release

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