Mr. Speaker, I present this income trust broken promise petition on behalf of a constituent in Mississauga, Ontario. He remembers very well the Prime Minister boasting about his apparent commitment to accountability when he said, “The greatest fraud is a promise not kept”.
The petitioners would like to remind the Prime Minister that he promised never to tax income trusts. Then he recklessly broke that promise by imposing a 31.5% punitive tax, which permanently wiped out over $25 billion of hard-earned retirement savings of 2 million Canadians, particularly seniors.
The petitioners therefore call upon the Conservative minority government to: one, admit that the decision to tax income trusts was based on flawed methodology and incorrect assumptions; two, to apologize to those who were unfairly harmed by this promise; and finally, to repeal the punitive 31.5% tax on income trusts.