Archived information is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.
Peter Mc Tague's Submission in Response to Finance Canada's Tax and Other Issues Related to Publicly Listed Flow-Through Entities (Income Trusts and Limited Partnerships) consultation:
To whom it may concern,
As I have already stated in a previous e mail to Finance Minister Goodale, I am totally opposed to any changes to the status quo regarding the tax structure for Income Trusts. The threat of such actions have wiped billions of dollars from the value of these trusts and have had a huge negative impact on my RRSP funds.
My research indicates that the Government actually stands to earn more in taxes by maintaining the status quo. A more fair and equitable solution would be for the Government to "Grandfather" the status of existing Income Trusts . How does this Government expect to maintain any trust and credibility with the public who sees their retirement nest egg almost wiped out overnight? it seems bizarre to me that any Government that encourages people to save and invest for their own retirement would take these actions and wipe out years of savings for the average citizen.
I heard on the news today that the Liberal government will follow through with it's plan to increase the taxes on Income Trusts which I have no doubt will cement the recent losses to my portfolio caused by this decision. I will demonstrate my dismay and disgust with this government at the upcoming election by encouraging as many people as possible to vote them out of office.
Fell free to post this response on your web site.
Peter Mc Tague
Surrey, British Columbia