Mr. Speaker, today marks the first anniversary of the famous Halloween income trust surprise, when Canadians suffered a loss of more than $25 billion.
One year ago, the Minister of Finance claimed that the tax treatment of income trusts would cause major revenue losses for the government, but refused to give any details.
Today the government has been proven wrong. That is why, yesterday evening, instead of admitting its error, the government decided to hand out tax treats to redeem itself.
Canadians are shocked not only that seniors have lost this hard-earned money, but also that the government broke the promise it had made not to tax income trusts.
Fortunately, we in the Liberal Party are doing everything we can to help Canadians. We will not forget them.