Statement on federal election taxation announcementRelease Date: 08/25/2021 Staff Reference: Kevin Dorse
Stephen Frank, President and CEO of the Canadian Life and Health Insurance Association issued the following statement on the Liberal platform announcement concerning corporate income tax rates.
“Canada’s life and health insurance industry provides over 29 million Canadians with products that support their financial security. The industry directly employs over 157,000 Canadians in all provinces and territories. In 2020, life and health insurers contributed over $8 billion in tax revenue to federal and provincial governments.
If a future government were to introduce new tax measures, we expect that the government would consult broadly with all stakeholders. We remain committed to working with government, today and in the future, to ensure the public policy objectives and implications of any tax changes for Canadians’ access to affordable financial solutions are clear.”