Mr. Speaker, I am pleased to present this income trust broken promise petition.
The petitioners, who come from Scarborough, Ontario, remind the House that the Prime Minister promised that he was not going to tax income trusts, but he actually broke that promise by imposing a 31.5% punitive tax which permanently wiped out over $25 billion of the hard-earned retirement savings of over two million Canadians, many of whom are seniors.
The petitioners therefore call upon the government to admit that the decision to tax income trusts was based on flawed methodology and incorrect assumptions; to apologize to those who were unfairly harmed by this broken promise; and to repeal the punitive 31.5% tax on income trusts.