Canada rejects IMF bank tax plan


Tara Perkins
Globe and Mail
April 21, 2010

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Finance Minister Jim Flaherty says he will be adamant about opposing a bank tax, even after the IMF has come out in favour of one.

“Canada will not go down the path of excessive, arbitrary or punitive regulation of the financial sector,” Mr. Flaherty said.

He said the government does not want to see financial institutions in this country penalized because of their relative success and their stability during the course of the crisis.

The Finance Minister’s comments, which he made in Toronto Wednesday morning at a Euromoney conference, show that he is prepared to battle his G20 counterparts over the creation of a bank tax even as support for the idea grows.

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