Canada's ruling Liberal Party said on Wednesday that if re-elected it would raise corporate taxes on the most profitable banks and insurers to help pay for the cost of the COVID-19 recovery.

The Liberals said they would hike the rate to 18 per cent&nbsp;from 15 per cent&nbsp;on all earnings over C$1 billion ($793 million) and vowed to establish a special dividend, so that those same institutions contribute more. The measures are expected to generate C$2.5 billion per year over four years, starting in 2022/23.

Polls show the Liberals, led by Prime Minister Justin Trudeau, have a slender lead over their Conservative rivals ahead of the September&nbsp;20 election.

"Given that our banks have posted extraordinarily large profits, have continued to be incredibly successful, including through a pandemic ... we're going to ask them to do a little bit more," Trudeau told a campaign event in British Columbia on the same day that two banks reported big profits.

British Columbia is an influential province, accounting for 42 of the 338 seats in the House of Commons. Polls indicate the Liberals face a fight there from the opposition New Democrats, who also appeal to center-left voters.

The Canadian Bankers Association criticized the news, saying that "singling out specific economic sectors for special taxation is a proven detriment to economic growth".

The Canadian banks index slipped just 0.6 per cent&nbsp;after the announcement, compared with little change in the Toronto stock benchmark, but still ended the day up 0.5 per cent&nbsp;from Tuesday's close.

Maria Khoury, senior vice president for North American financial institutions' credit ratings at DBRS Morningstar, said

the muted reaction in part reflected skepticism over campaign promises and the broad expectation that some tax increases were inevitable following the flood of government support.

Large banks include Royal Bank of&nbsp;Canada&nbsp;(RBC), Toronto Dominion Bank, Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO) and the Canadian Imperial Bank of Commerce. RBC beat analysts' expectations for third-quarter profit on Wednesday after Scotiabank and BMO did the same on Tuesday. Large insurers include Manulife Financial, Sun Life Financial, Intact Financial and Great-West Lifeco.

Canada's ruling Liberal Party said on Wednesday that if re-elected it would raise corporate taxes on the most profitable banks and insurers to help pay for the cost of the COVID-19 recovery.

Canada's ruling Liberal Party said on Wednesday that if re-elected it would raise corporate taxes on the most profitable banks and insurers to help pay for the cost of the COVID-19 recovery. The Liberals said they would hike the rate to 18 per cent from 15 per cent on all earnings over C$1 billion ($793 million) and vowed to establish a special dividend, so that those same institutions contribute more. The measures are expected to generate C$2.5 billion per year over four years, starting in 2022/23. Polls show the Liberals, led by Prime Minister Justin Trudeau, have a slender lead over their Conservative rivals ahead of the September 20 election. "Given that our banks have posted extraordinarily large profits, have continued to be incredibly successful, including through a pandemic ... we're going to ask them to do a little bit more," Trudeau told a campaign event in British Columbia on the same day that two banks reported big profits. British Columbia is an influential province, accounting for 42 of the 338 seats in the House of Commons. Polls indicate the Liberals face a fight there from the opposition New Democrats, who also appeal to center-left voters. The Canadian Bankers Association criticized the news, saying that "singling out specific economic sectors for special taxation is a proven detriment to economic growth". The Canadian banks index slipped just 0.6 per cent after the announcement, compared with little change in the Toronto stock benchmark, but still ended the day up 0.5 per cent from Tuesday's close. Maria Khoury, senior vice president for North American financial institutions' credit ratings at DBRS Morningstar, said the muted reaction in part reflected skepticism over campaign promises and the broad expectation that some tax increases were inevitable following the flood of government support. Large banks include Royal Bank of Canada (RBC), Toronto Dominion Bank, Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO) and the Canadian Imperial Bank of Commerce. RBC beat analysts' expectations for third-quarter profit on Wednesday after Scotiabank and BMO did the same on Tuesday. Large insurers include Manulife Financial, Sun Life Financial, Intact Financial and Great-West Lifeco.

Canada's ruling Liberals vow higher taxes on big bank profits to help fund COVID-19 recovery

A strip club employee who tested positive for novel coronavirus in the Canadian city of Toronto has exposed 550 people to the deadly virus, according to the health officials.&nbsp;

The incident took place just days after the Brass Rail Tavern, one of the city's famous strip clubs reopened.&nbsp;

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The health officials said the Brass Rail Tavern employee worked four shifts at the beginning of August but did not provide any information on the role of the employee in the club.&nbsp;

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They added that the clients who came in contact with the employee were asked to watch out for COVID-19 symptoms, however public health experts argue how many people have given legitimate contact information.&nbsp;

"You know how long it’s going to take them to chase down 550 guys, half of which probably gave fake ID or information," said Andrew Morris, a professor of infectious diseases at the University of Toronto told news agency Associated Press.

Toronto health authorities said their initial probe found the club not fully following required protocols, including social distancing between staff and customers among others.&nbsp;

"There are 500 people – you’ve got to practice social distancing, you’ve got to put on a mask – I know it sounds ironic talking about that – you have to," said Ontario Premier Doug Ford, reported The Guardian.&nbsp;

Several people also questioned the move to reopen clubs, when the deadly virus has led to over 40,000 infections in the country.&nbsp;

A strip club employee who tested positive for novel coronavirus in the Canadian city of Toronto has exposed 550 people to the deadly virus, according to the health officials.

A strip club employee who tested positive for novel coronavirus in the Canadian city of Toronto has exposed 550 people to the deadly virus, according to the health officials. The incident took place just days after the Brass Rail Tavern, one of the city's famous strip clubs reopened. Also read | Canada PM Justin Trudeau’s life story to be turned into comic book The health officials said the Brass Rail Tavern employee worked four shifts at the beginning of August but did not provide any information on the role of the employee in the club. Also read | Record Arctic heat continues, Canada’s last intact ice shelf collapses into the sea They added that the clients who came in contact with the employee were asked to watch out for COVID-19 symptoms, however public health experts argue how many people have given legitimate contact information. "You know how long it’s going to take them to chase down 550 guys, half of which probably gave fake ID or information," said Andrew Morris, a professor of infectious diseases at the University of Toronto told news agency Associated Press. Toronto health authorities said their initial probe found the club not fully following required protocols, including social distancing between staff and customers among others. "There are 500 people – you’ve got to practice social distancing, you’ve got to put on a mask – I know it sounds ironic talking about that – you have to," said Ontario Premier Doug Ford, reported The Guardian. Several people also questioned the move to reopen clubs, when the deadly virus has led to over 40,000 infections in the country.

Canada: Coronavirus-positive strip club employee may have exposed nearly 550 more

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Canada's ruling Liberals vow higher taxes on big bank profits to help fund COVID-19 recovery

Canada: Coronavirus-positive strip club employee may have exposed nearly 550 more