Mr. Speaker, two of Canada's big banks just announced the highest quarter profits in their history, putting them on track to break last year's record earnings. Meanwhile, automatic teller machines are replacing taxpaying workers by the thousands and the banks find new ways to pile on service charges. There were $5.2 billion dollars in profits for the five big banks last year.
I urge the Minister of Finance to continue with the temporary capital tax of 12 per cent he announced in the 1995 budget which is slated to expire this October or move to a bank profit tax. Life insurance companies already pay an additional capital tax, why not the banks?
I am confident that a majority of Canadians would support this measure with surging bank profits in tough times.