Mr. Speaker, I rise today on Halloween to mark the one year anniversary of the Conservative government's decision to wipe out $25 billion of hard-earned retirement savings of two million Canadians.
That was a cheap trick on Canadians, not a treat, as these Canadians believed a promise made by the Conservative government during the last federal election to preserve income trusts and not impose any new taxes on them. Instead, they were tricked and the Conservative government introduced measures that adversely impacted many Canadians, and seniors in particular, with the imposition of a 31.5% punitive tax on income trusts.
The government stands idly by as corporate Canada is sold out to foreign companies, made worse by the income trust decision. Since October 31, 2006, there have been 15 successful takeovers of income trusts by foreign companies.
As we sit here one year later, the Conservative government has much to explain about income trusts. It should do the right thing, apologize and correct this wrong.