Seven things you need to know about Liberal-NDP support plan

Here’s seven things you need to know about the support agreement reached between the Liberals and NDP:

Justin Trudeau’s federal Liberal Party of Canada struck a support agreement with Jagmeet Singh’s New Democratic Party on Tuesday, a deal that will see the NDP keep the Liberal minority in power through the end of its current mandate in 2025.

Under the terms of the deal, the NDP will support the government on budget and confidence votes in exchange for agreeing to pursue wide-ranging policy objectives ranging from climate initiatives to stronger medical supports.

Here’s seven things you need to know about the support agreement reached between the Liberals and NDP:

New taxes on the big banks and insurers

The two parties seem intent on pushing through Trudeau’s campaign promise to hike taxes on the big banks and insurers. That proposal would boost taxes on bank and insurance profits above $1 billion a year to 18 per cent from 15 per cent, a move Ottawa said would generate $2.5 billion for the government over the next four years. When announced, the measure was met with pushback from the Canadian Bankers Association, which took umbrage with the banking industry being singled out.

Crack down on money laundering and tax evasion