Mr. Speaker, it gives me pleasure to present another income trust broken promise petition on behalf of a large number of constituents of Mississauga South.
The petitioners remind the Prime Minister that he promised never to tax income trusts, but he did break that promise by imposing a 31.5% punitive tax on income trusts which permanently wiped out $25 billion of the hard-earned retirement savings of over two million Canadians, particularly of seniors.
The petitioners therefore call upon the Conservative minority government: first, to admit that the decision to tax income trusts was based on flawed methodology and incorrect assumptions, as was clearly demonstrated at the finance committee hearings; second, to apologize to those who were unfairly harmed by this broken promise; and third, to repeal the punitive 31.5% tax on income trusts.