Source: The Canadian Press
Prime Minister Stephen Harper met with French President Nicolas Sarkozy and French PM Francois Fillon on Friday and came away agreeing to disagree on the thorny issue of a bank tax.
Harper is vehemently opposed to the idea of a bank tax, saying the country’s financial institutions shouldn’t be penalized for weathering the economic turmoil better than their international counterparts
“We’re trying to reach an agreement on this question, where even if countries do things differently, we can recognize a common principle to ensure that risks are taken by the institutions themselves and not by taxpayers,” Harper said after his meeting with Fillon.
“We also have to make sure that we don’t increase risk by sending the message to the financial sector that the taxpayers will underwrite their bad decisions.”
The meetings in Paris came one day after Harper discussed the same issues with British Prime Minister David Cameron in London.
France and Britain are some of the staunchest proponents of the tax.
Fillon told reporters there is general consensus among G20 countries to limit the risks to which banks are exposed.
The tax — supported by many G20 nations — would help pay for economic rescues like ones adopted around the world since 2008.
The topic will be discussed at the G20 meeting to be held in Toronto later this month.
Latest news In From the Regulators
Advisors face new U.S. fiduciary requirements
Labor Department finalizes fiduciary rule for retirement advice
- By: James Langton
- April 24, 2024 April 24, 2024
- 14:10
Nature, workforce risks next on ISSB’s agenda
Standards setter defines its policy direction beyond climate disclosures
- By: James Langton
- April 23, 2024 April 23, 2024
- 14:39
FCA escalates greenwashing fight
Regulator seeks to extend regime to portfolio managers
- By: James Langton
- April 23, 2024 April 23, 2024
- 12:54
Court certifies crypto class action against Binance
Suit alleges that retail investor trades violated securities law
- By: James Langton
- April 22, 2024 April 22, 2024
- 14:06
Today's top stories
CRA releases FHSA return for taxes owing
FHSA holders may trigger tax when they overcontribute or hold non-qualified investments
- By: Rudy Mezzetta
- April 26, 2024 April 27, 2024
- 16:26
Emerge ETFs class action won’t proceed
Fund manager has no assets or insurance, lawyer says
- By: Melissa Shin
- April 26, 2024 April 26, 2024
- 15:00
Feds to give CRA new powers to compel data from taxpayers
The agency could extend reassessment period if a taxpayer is issued a notice of non-compliance
- By: Melissa Shin, Rudy Mezzetta
- April 25, 2024 April 25, 2024
- 16:23
CIRO proposes new fee model
Fees to rise for most firms as minimums go up, certain dealers pay higher share
- By: James Langton
- April 25, 2024 April 25, 2024
- 17:18