Supporting Governments: Transfers From Financial Institutions to Governments, 2000 Edition

This report summarizes the findings of the Conference Board’s ninth annual survey on taxes paid by financial institutions to all levels of government in Canada.

Document Highlights 

A corporation’s ability to utilize tax losses is typically short-lived, since such opportunities exist only during infrequent reorganization transactions. It is not surprising, therefore, to find that the 1999 taxation levels are back to the near-record levels of 1997 at almost $9 billion.

Unless government tax changes include significant aspects of financial institution taxation such as capital taxes and premium taxes, the sector’s burden is likely to remain high, perhaps surpassing the record levels experienced during the 1997.