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The Globe and Mail Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account Getting audio file . This translation has been automatically generated and has not been verified for accuracy. Full Disclaimer MANDEL NGAN/AFP/Getty Images Some of Canada’s largest banks are facing higher tax bills if U.S. President Joe Biden’s administration raises corporate tax rates, but analysts say any hit to earnings could be offset by other economic tailwinds. All things being equal, increasing the federal corporate tax rate in the United States to 28 per cent from 21 per cent, as Mr. Biden has proposed, would knock an average of about 2 per cent off Canadian banks’ earnings per share in 2022, according to CIBC World Markets Inc. analyst Paul Holden.

United statesDonald trumpPaul holdenBharat masraniGerard cassidyJoe bidenWorld markets incDominion bankDominion securities incRoyal bankToronto dominion bankNova scotiaCorporate taxesPresident bidenCanadian banksTax increase