Mr. Speaker, on behalf of Jeremy Knox of Burlington, Ontario, I am pleased to present a petition that addresses the income trust broken promise. Mr. Knox remembers the Prime Minister boasting about his apparent commitment to accountability when he said, “There is no greater fraud than a promise not kept”.
The petitioners remind the Prime Minister that he promised never to tax income trusts, but he recklessly broke that promise by imposing a 31.5% punitive tax that permanently wiped out over $25 billion of the hard-earned retirement savings of over two million Canadians, particularly seniors.
The petitioners therefore call upon the Conservative minority government to: first, admit that the decision to tax income trusts was based on flawed methodology and incorrect assumptions; second, apologize to those who were unfairly harmed by this broken promise; and finally, repeal the punitive 31.5% tax on income trusts.