So who really benefits from the Tories tax cuts the most. Why the most underprivileged of all Canadians. The Banks. They will get a boost to their bottom line on July 1st, with an increase tax cut to their base capital increased from a mere $300 million to $1 billion, costing the government $45 million in lost revenue. More than any other costs.
Compare that to all their tax cuts for average Canadians which will cost half that, around $22 million. So who really benefits from the Tories budget? Well the wealthiest and greedyist of all Canadians.
Financial companies such as banks and insurers will start paying the 1.25 percent tax on their capital at the C$1 billion level instead of today's C$300 million as of July 1, according to budget documents. The change will cost the government C$45 million by 2008.
ALSO SEE: Service Charges
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