Thank you, Mr. Chairman.
My name is David Marshall and I'm from Cornwall, Ontario. Thank you for inviting me to share with you the impact that the government's decision regarding income trusts has had on our lives.
Let me tell you a bit about myself and my wife, who is with me today. When I got out of high school, my first job was as a telegraph messenger boy for Canadian Pacific at $24 a week. For many years I worked as a truck driver and a chemical plant worker, and then I retired five years ago at the age of 65. My wife retired last August from an auto parts warehouse at the age of 60.
During our working days, my wife and I raised two daughters, and I had to diligently save for our children's education and our eventual retirement. We realized that the income from GICs, T-bills, CPP, OAS, and my company pension was not going to support our modest lifestyle. My wife has never had the opportunity to participate in a company pension plan. After studying the income trust sector and the risks that were involved in all types of investments, we cashed in our GICs and T-bills and invested in income trusts. We were very satisfied with the results. Our portfolios were diversified and consisted of both growth and income.
So why are we here today? Because Mr. Harper and his finance minister took a sledge hammer to our savings and income. Overnight we lost over 20% of our retirement savings and big chunk of our future income. During the last election campaign Mr. Harper said—and this is important—that a Conservative government would protect seniors and not tax income trusts. You can't get any plainer than that.
Because of that very statement, I took him at his word and decided to vote for his party. As it turns out, one of the biggest mistakes of our lives was believing in Stephen Harper. What is amazing to me is how this government can flip-flop 180 degrees on something that is so important to the welfare of ordinary Canadians such as us.
To top it off, it appears that the government made its decision with very little study or understanding of the impact of their action. Many credible, knowledgeable people and institutions have come to the defence of the income trust structure.
Based on what I read from various sources, it is obvious that the government had alternatives. If in fact the government had become a threat to the Canadian economy, they could have taken action to limit the creation of new trusts and reform the reporting standards of the existing ones, without causing any financial hardship to pensioners such as us.
I must say it is very disturbing when a Canadian citizen applies for documentation through the Access to Information Act and all he gets back are blanked-out sheets. We have to wonder what this finance minister has to hide. My guess is nothing.
It should make all of us very sad. What has this great country of ours come to? My father and father-in-law fought in the First World War and Second World War, during which many men and women died. Presently our Canadian soldiers are fighting in Afghanistan. All this is to protect the rights and freedoms that each and every one of us enjoys today. So why the secrecy? The citizens of this country deserve an open and honest government—the kind that Stephen Harper promised us. We deserve full disclosure, because this is important to us whether we are young or old.
I have written to Mr. Harper concerning my concerns about the way his finance minister is treating us seniors, who were once the foundation of this country and now are the vulnerable within our society. No reply.
I'm nearly finished, but I want to say I believe that as members of Parliament, it is your duty to support a full public review of this matter before the members of the House vote on this legislation. I urge you to vote on this.
One last thing is that I do not want Mr. Rosen looking after my interests.
Thank you.