Mr. Speaker, Canadian Pacific Railway has donated 1,600 kilometres of abandoned railway right of way to the Trans Canada Trail Foundation and is basking in the warm glow of its public spirited gesture. Time for a reality check.
Thanks to the gravel topped grade that runs down the centre of the land, thousands of tonnes of cinders dumped on it during the steam age and contamination from a century of leaching of toxic wood preservatives, the gift is essentially wasteland. For tax purposes CP valued it at $40 million and received a $13 million tax break. That break alone is three times the market value of the land and the company is relieved of its responsibilities to pay real estate taxes, suppress weeds and so on.
CP tries to justify the high price by referring to urban segments in Nova Scotia and B.C., but they are minimal. Shame on Revenue Canada for approving this scam.