Mr. Speaker, one year ago today, the Prime Minister broke his promise not to tax income trusts. He lured hundreds of thousands of Canadians into the income trust market with his promise not to impose taxes and then he cut all those people off at the knees and imposed an unprecedented 31.5% tax.
A day later what happened? When the markets opened, $25 billion of Canadians' hard-earned savings went up in smoke. Overwhelmingly, those who suffered from this broken promise were not wealthy elites, but hard-working Canadians, many of them seniors. They took the Prime Minister at his word and he disappointed them.
We can be sure that the residents of London West and all Canadians will remember this broken promise.