Mr. Speaker, I am pleased to present this income trust broken promise petition on behalf of Mrs. Janet Tieman from my riding of Mississauga South. She recalls that when the Prime Minister was reflecting upon his apparent commitment to accountability, he said that the greatest fraud is a promise not kept.
The petitioners remind the Prime Minister that he promised never to tax income trusts, but he recklessly broke that promise. He imposed a 31.5% punitive tax which permanently wiped out $25 billion of hard-earned retirement savings of over two million Canadians, particularly Canadian seniors.
The petitioners therefore call upon the Conservative minority government to admit that the decision to tax income trusts was based on flawed methodology and incorrect assumptions and to apologize to those who were unfairly harmed by this broken promise, and to repeal the punitive 31.5% tax on income trusts.