Yet the government did not take any steps in any substantive way to close these loopholes. I would be interested to hear what my hon. Parliamentary Secretary to the Minister of Finance. Mr. Speaker, several banks reported record profits in 1994. This has led observers to wonder whether the banks are paying their fair share of taxes.
Banks pay a considerable amount of taxes.
The banks also pay income tax, capital tax, property tax and other types of taxes to provinces and municipalities. Members are probably aware of measures that were introduced in the last two budgets to ensure that banks, and financial institutions generally, continue to pay their fair share of taxes. This year's budget introduced a special tax on the capital of large deposit institutions, including banks. Under our rules the motion to adjourn the House is deemed to have been adopted. Accordingly, the House stands adjourned until 10 a.m. tomorrow.