22:07:07 EDT Wed 02 Jul 2025
Enter Symbol
or Name
USA
CA



Toronto-Dominion Bank
Symbol TD
Shares Issued 1,735,862,598
Close 2025-05-16 C$ 89.83
Market Cap C$ 155,932,537,178
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Globe says TD ex Drummond sees no need for CRA minister

2025-05-20 05:32 ET - In the News

The Globe and Mail reports in its Saturday edition that Prime Minister Mark Carney unveiled a cabinet on Tuesday in which François-Philippe Champagne, who remained Finance Minister, also took on the role of Revenue Minister, which had previously been separate. The Globe's Erica Alini writes that the decision has Ottawa insiders wondering whether merging the two will affect the independence of the Canada Revenue Agency. It has also raised questions about whether the change will benefit or hinder the government's ability to formulate and administer tax policy, after a series of high-profile snafus -- from the botched capital-gains tax hike to the bare trusts saga -- under former prime minister Justin Trudeau. The CRA plays a crucial role in helping to workshop tax legislation, said Don Drummond, a former chief economist at TD Bank who served as assistant deputy minister of fiscal policy and economic analysis under Paul Martin. However, Mr. Drummond does not remember ever dealing with the revenue minister. The revenue minister, as the role existed until recently, was accountable before Parliament for CRA's activities, but the agency has a significant degree of autonomy, similarly to how Statistics Canada operates.

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