Mr. Speaker, I have the pleasure to present a petition on behalf of Mr. Brad Fullard of Ontario. Mr. Fullard is one of two million Canadians who lost a lot of money from their life savings that was invested in income trusts.
The tragedy, according to Mr. Fullard, is that many of those two million Canadians were encouraged to invest even more in income trusts, based on the promise of the Prime Minister and the Minister of Finance not to tax them. The promise was not kept. A 31.5% punitive tax was added and they lost, jointly, over $25 billion in capital assets.
The petitioners ask that the House and the government repeal the punitive 31.5% tax on income trusts and that an apology be extended to all those who took the Prime Minister at his word.