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Banks Hide Losses As Tax Break Lets Them Dodge Taxes
Canadian banks report hefty profits but shift losses into loan provisions. Ottawa allows writedowns to be tax deductible, creating tax holidays that slash income taxes and widen the deficit. Banks like Scotiabank, TD, Commerce, and others report rising reserves against troubled loans while promising strong future profits.
MENTIONED IN THIS ARTICLE
Ottawa
Scotiabank
the Royal
Bank of Montreal
CIBC
Feds
Ced Ritchie
Mike Wilson
Tom Hockin
House of Commons
Turkey