TORONTO, Feb 19 (Reuters) – Canada will formally oppose international efforts by the world’s major economies to impose a global bank tax as the current government favors lower taxes, Canada’s National Post newspaper reported on Friday.

The report, citing unnamed government sources, said Canada’s move could potentially cause a major split among Group of 20 leaders at a summit in Toronto in June and thwart efforts to impose uniform financial regulations after the recession.

A spokesman for Canada’s finance ministry declined to confirm details of the report.

The newspaper, citing unnamed sources with knowledge of the plan, said senior Canadian officials would soon make a public response following recent public musings on the issue by British Prime Minister Gordon Brown.

Brown put forward the idea of a global tax on financial transactions at a G20 meeting last year and recently said he was working internationally to agree on a global bank levy.