The federal government is rushing an omnibus budget bill through Parliament that includes a significant tax hike on credit unions.
Credit Union Central of Canada estimates a $205 million tax hit over the first five years.
Government imposition of limits on debate in the House of Commons means Bill C-60 should be passed in principle by the end of this week and sent to committee for what likely will be brief hearings.
The government wants the bill into law by late June when Parliament takes a summer recess, although even with repeated time allocation imposition, it will be a race to get it through committee hearings, final Commons approval and then the Senate by June.
The budget bill implements a March budget promise to phase out a 40-year-old tax break for credit unions that are too big to qualify for the lower small business tax rate.
