Mr. Speaker, pursuant to Standing Order 36 and as certified by the clerk, I am pleased to present a petition which has about 7,000 signatures submitted so far on the subject matter of income trusts. This petition comes from residents in the areas of Park Royal, Clarkson, Port Credit and Lakeview.
The petitioners continue to be concerned about the problem that occurred in 2006. They recall that the Prime Minister said that there is no greater fraud than a promise not kept. He emphatically promised during the election in 2006 that he would not tax income trusts. The petitioners point out that he did break that promise and imposed a 31.5% punitive tax on income trusts.
The independent experts also point out that the finance committee has shown that the finance minister's decision to tax income trusts was based on flawed methodology and incorrect assumptions, and I remember because I participated in those hearings. The petitioners therefore ask the Government of Canada to admit that the methodology was flawed and apologize to the holders of income trusts, and to repeal the 31.5% tax on income trusts.