Canadian Bankers Association Welcomes Substantial Tax Cuts That Benefit All Canadians

    TORONTO, Oct. 30 /CNW/ - Nancy Hughes Anthony, President and CEO of the
Canadian Bankers Association (CBA), today applauds the federal government for
the broad-based tax cuts outlined by Finance Minister Jim Flaherty in his
Economic Update.
    "This is a strong move that gives Canada a competitive tax advantage,"
said Ms. Hughes Anthony. "This will be noticed on the world stage, clearly
putting the spotlight on Canada as a place to invest, do business, live and
work. This benefits all Canadians."
    Lower corporate taxes will enable Canada to compete successfully with
other countries, stimulate sustainable long-term economic growth, and help to
improve the standard of living for all Canadians.
    "It means creating quality jobs, attracting investment and talent,
encouraging innovation, and building a strong tax base that can support the
social programs we hold dear," said Ms. Hughes Anthony.
    The CBA also welcomes the additional tax relief for individuals and
families, which is urgently needed. These measures put the focus of attention
on the lowest income tax bracket, which is where there are some of the highest
marginal effective tax rates on income.

    The Canadian Bankers Association works on behalf of 54 domestic chartered
banks, foreign bank subsidiaries and foreign bank branches operating in Canada
and their 249,000 employees to advocate for efficient and effective public
policies governing banks and to promote an understanding of the banking
industry and its importance to Canadians and the Canadian economy.

For further information:

For further information: Maura Drew-Lytle, Canadian Bankers Association,
Tel: (416) 362-6093, ext. 338, Cell: (416) 918-2777, E-mail:

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