Mr. Speaker, I am pleased to present this income trust broken promise petition on behalf of Mr. Jordan Foster from my riding of Mississauga South and a large number of people in the same community. The petitioners want to remind the Prime Minister about his accountability commitment, but also that he said the greatest fraud is “a promise not kept”. The petitioners want to remind the Prime Minister that he promised never to tax income trusts, but he broke that promise by imposing a 31.5% punitive tax, which wiped out $25 billion of the hard-earned savings of over two million Canadians, most of whom were 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, as verified by the finance committee; second, to apologize to those who were unfairly harmed by this broken promise; and finally, to repeal the punitive 31.5% tax on income trusts.