Corporate Banking Taxes

[BigIsland]

I am looking to find what the BIG Banks in Canada paid in tax in 2007.

Thanks in advance

[blueblood]

I am looking to find what the BIG Banks in Canada paid in tax in 2007.

Thanks in advance

a lot more than you

[Riverwind]

I am looking to find what the BIG Banks in Canada paid in tax in 2007.

We could tell you but then we would have to kill you...

[bush_cheney2004]

I am looking to find what the BIG Banks in Canada paid in tax in 2007.

Thanks in advance

Here is ScotiaBank's report for 2007 taxes (PDF file):

http://cgi.scotiabank.com/csr2007/en/pdf/2007%20Taxes.pdf

[Vancouver King]

In the interests of furthering bank liquidity, Jim Flaherty will soon announce a moratorium on Canadian Banks paying federal taxes. This will come to be known as the Leona 'only the little people pay taxes' Helmsley amendment.

[BigIsland]

a lot more than you

You think?

[BigIsland]

Check my math for me but if I am correct $330,142.00 is 1/9000 of a percent of $3,994,000,000.00

So according to Scotia Banks own annual report they paid 0.009% on their Net income. Wow that is a lot! I am amazed they are still profitable! It looks to me like they are paying their fair share.

And to think I make up the rest at 45%!

I will be waiting for you to come and kill me now, I know too much!

[Riverwind]

I will be waiting for you to come and kill me now, I know too much!

You better read that report again because you don't know as much as you think you know.

[BigIsland]

So is it $330,142,000.00 or $330,142.00?

[blueblood]

Check my math for me but if I am correct $330,142.00 is 1/9000 of a percent of $3,994,000,000.00

So according to Scotia Banks own annual report they paid 0.009% on their Net income. Wow that is a lot! I am amazed they are still profitable! It looks to me like they are paying their fair share.

And to think I make up the rest at 45%!

I will be waiting for you to come and kill me now, I know too much!

Except for the fact that there is a

($thousands)

this means the number x 1000.

Don't let the facts get in the way or anything.

The bank is paying at 40% and does a lot more for the economy than you do. They should be complaining about your taxes.

[BigIsland]

Except for the fact that there is a

($thousands)

this means the number x 1000.

Don't let the facts get in the way or anything.

The bank is paying at 40% and does a lot more for the economy than you do. They should be complaining about your taxes.

You must have been abused as a child as you find it hard to carry on a normal conversation. I am trying to understand how this system works. If you don't want to help then don't be an ass!

$330,142,000.00 Total taxes paid

$3,994,000,000.00 Net Income

Works out to 8.3% tax

Not sure where you get 40% and I sure don't see what they are doing for the economy.

Edited January 12, 2009 by BigIsland

[Riverwind]

Not sure where you get 40% and I sure don't see what they are doing for the economy.

Your responses would be a lot less snippy if you:

1) learned to use google.

2) read the links carefully if someone else is kind enough to do your googling for you.

From the links:

In 2007, this totaled $2.0 billion (taxable equivalent basis), representing 39 per cent of the Bank’s pre-tax income for the year.

[BigIsland]

Your responses would be a lot less snippy if you:

1) learned to use google.

2) read the links carefully if someone else is kind enough to do your googling for you.

From the links:

In 2007, this totaled $2.0 billion (taxable equivalent basis), representing 39 per cent of the Bank’s pre-tax income for the year.

There only seemed to be one ass out there.

That amount includes all taxes paid world wide for all facets of the business. On the sheet that was posted by bush_cheney2004 it clearly states that they paid a total of $330,142,000.00 Income tax. That still makes it 8.3%.

I have been googling this but have not seen the sheet that bush_cheney2004 gave a link to.

Thanks for the help.

[Riverwind]

That amount includes all taxes paid world wide for all facets of the business. On the sheet that was posted by bush_cheney2004 it clearly states that they paid a total of $330,142,000.00 Income tax. That still makes it 8.3%.

Any business that operates in multiple countries will have to pay taxes to the local governments and these taxes are deducted from the canadian taxes owed so you have to add them in when calculating the taxes paid. The federal tax total does not include those numbers. Edited January 12, 2009 by Riverwind

[Wilber]

Any business that operates in multiple countries will have to pay taxes to the local governments and these taxes are deducted from the canadian taxes owed so you have to add them in when calculating the taxes paid. The federal tax total does not include those numbers.

Same goes for individuals who work offshore and find themselves subject to both foreign and Canadian tax for whatever reason.

[OddSox]

In addition to corporate taxes, the shareholders (if you own mutual funds there is a good chance that you are a shareholder) will sooner or later also have to pay taxes on the same income, either through dividends and/or capital gains.