This report summarizes the findings of the Conference Board’s eighth annual survey on taxes paid by financial institutions to all levels of government in Canada. The results from this year’s survey constitute a significant departure from the trend of prior years.
Document Highlights
After more than seven years of tax increases—and five years of substantial increases, culminating in over $9.3 billion of taxes in 1997—1998 was the first year that overall tax burdens decreased for the industry.
Reasons for the decrease include:
- unusually high profitability in 1997 or reduced profitability levels in 1998;
- the impact of industry consolidations;
- the utilization of recent losses for tax purposes; and
- the reduction of mark to market gains.
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