The federal government has singled out Canadian banks for gaming the tax system to artificially reduce their tax bills.

In the budget released Tuesday, Ottawa announced it will tighten tax rules “meant to prevent a small group of taxpayers, typically Canadian banks and other financial institutions, from gaining a tax advantage.”

The measure was one of a slew of reforms to prevent tax evasion and avoidance that Ottawa estimates will bring in almost $1 billion per year.

Read more at Toronto Star