Mr. Speaker, there is an uneasy nervousness, especially among seniors, regarding the current shadow hanging over income trusts. It is solely based on the government's recent decision. Or should I say “indecision”?
Seniors draw regularly from their investments to supplement their retirement and when the value of their investments drops so does their retirement income. In a recent email, a St. Catharines senior writes:
I am retired and depend on distributions from income trusts to supplement my pension. The remarks by the Finance Minister have confused the situation...At the present time, finances of individuals in my position are in limbo.
The finance minister's reckless move to avoid making a decision on new income trusts has had a detrimental impact on the nest eggs of seniors and ordinary Canadians saving for retirement. Let us call it what it really is: another Liberal tax grab.
With energy costs continuing to soar and winter fast approaching, this government has done nothing but offer the double whammy to our seniors: higher energy costs and higher taxes. It is time we stopped penalizing our seniors and started to give them the respect they so richly deserve.