Educational

http://canadauncut.net/facts/the_banks.php
Three Reasons banks need to Bail-In in Canada:
Tax Havens, the bail-out of Canadian banks, and absurdly low corporate tax rates.

Tax Havens
They have cumulatively dodged at least $16 billion in federal taxes between 1993 and 2007 .

The $75 billion dollar bailout
In 2008, the government took $75 billion worth of risky mortgage assets off the hands of the banks, and placed that risk in the hands of the taxpayers through the Canadian Mortgage and Housing Corporation. Harper justified this by explaining that they were only acquiring assets that the taxpayer was obligated to insure if debtors didn’t pay up.

The “bailout” helped create a 9.3% increase in Canadian household debt between June 2008 and June 2009. Meanwhile, compensation for bank CEOs has risen dramatically. It was recently reported that the Bank of Montreal’s CEO pay has increased by 28% (to $9.5 million annually), and CIBC’s Chief Executive received a pay raise of 50% (to $9.34 million).

Corporate Tax Rates
Canada’s corporate tax rate has dropped dramatically in the last half-century – from over 40% throughout the 1960s, to 28% in 2004. It currently stands at 16.5%, and will drop down to 15% in 2012. That’s one of the lowest rates in the developed world. The argument is that a low corporate tax rate benefits Canada, because it attracts business, and creates jobs. But it also means that Canadian job-creators sell out to foreign investment, and that good jobs that currently exist are replaced with less stable, lower-paying jobs. Many economists argue convincingly that these low rates hurt the Canadian economy overall. They do little to improve the unemployment rate, and they direct the most benefit to already wealthy corporations.
http://canadauncut.net/facts/the_banks.php

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