Power Of Provincial Legislatures To Tax Banks
This section is from the book "Canadian Banking Practice", by John T. P. Knight.
This section is from the "" book, by .
Power Of Provincial Legislatures To Tax Banks
Question 596. - Under what authority does the Provincial Government tax banks?
Answer. - Section 92, sub-section 2 of the British North America Act gives the Provincial Legislature the exclusive right to make laws in relation to "direct taxation within the Province in order to the raising of a revenue for provincial purposes." See also the well-known case of Bank of Toronto v. Lambe, 12 A.C. 575, in which it was decided that the Provincial Legislature has the power to tax banks.
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