The remarks prepared by Mr. Dodig at the bank’s annual meeting of shareholders come as Justin Trudeau’s Liberal government is expected to outline the details of a plan to tax the profits of banks in its annual budget Thursday.
Mr Dodig did not specifically refer to the tax, but when it was first proposed in August he stressed the need to grow the economy and attract foreign direct investment.
With interest rates rising and national debts needing to be serviced, governments will have to generate revenue, he said in prepared remarks at the shareholders’ meeting.
“You can tax to get that revenue, or grow it by creating a more productive economy that generates more wealth for everyone,” he said. “Our view is that investing in economic growth is the best path for everyone. We must choose our path, and quickly.”
On Tuesday, Bank of Nova Scotia CEO Brian Porter denounced the bank tax as a “gut reaction”.
Mr. Dodig called on Canada to be a leader not only in growing technology areas, including artificial intelligence and cybersecurity, but also to be a “world leader in tomorrow’s energy sector.”