Making sense of the markets this week: April 2, 2023 Mar 31st

Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.

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Making sense of the markets this week: April 2, 2023

– moneysense.ca

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.

Freeland fires again at Canadian Banks

There are several big-picture looks at the important aspects of the Canadian federal budget that was unveiled on Tuesday. For this week’s “Making sense of the markets this week” column, we’re focussing on two lesser-reported items buried in the details: A new measure aimed at Canadian banks, and another at corporate shareholders. (Read MoneySense’s full coverage of the 2023 federal budget.)

The 2023 federal budget and banks

If you’re a Canadian bank shareholder you may already be smarting from the hit you took in the last budget when the Canada Recovery Dividend was announced, and an extra 1.5% corporate tax was placed on banking and life insurance companies.

On Tuesday, Finance Minister Chrystia Freeland announced that the Income Tax Act would be amended, and that dividends received on Canadian shares held by Canadian banks and insurers would be treated as business income…

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