Mr. Speaker, last year the CIBC racked up $1.7 billion in profits yet paid only $92 million in income tax, an effective tax rate of only 5%. For CIBC bank tellers, the situation was quite different. On a $24,000 salary there was a 20% tax rate. Even Bay Street analysts cannot figure out how the CIBC did it.
Perhaps the finance minister could explain how the CIBC did it, because ordinary Canadians would just love the same treatment.