Attention News Editors:
CAITI calls upon Auditor General to heed the Liberal Party's call for an audit into alleged tax leakage
TORONTO, March 4 /CNW/ - By way of this press release, and in the name of its five thousand plus Founding Individual Members and on behalf of over 2.5 million income trust investors, the Canadian Association of Income Trust Investors (CAITI) is today calling upon the Auditor General of Canada, Sheila Fraser, to pursue the investigation of alleged tax leakage from income trusts that was requested of her in a letter dated February 28, 2008 from the four Liberal Members of the Standing Committee on Finance.
Information on the Liberal Party initiative is at: http://www.liberal.ca/story_13639_e.aspx
Separately the Green Party have called for a public inquiry into alleged
tax leakage at: http://www.greenparty.ca/en/releases/07.12.2007
The income trust tax was premised upon the assertion that income trusts cause so called "tax leakage". This concept has never been proven by the government to exist, apart from 18 pages of blacked out documents issued by the Finance Minister, that were subsequently demanded be returned.
As such, Parliament has passed sweeping tax legislation on the basis of mere assumption. Such an approach undermines Canadian democracy and sound fiscal management and contradicts the mandate of the Auditor General, whose website states: "Parliamentarians need objective fact based information on how well the government raises its funds (taxes)."
Where is that information? Meanwhile much harm has arisen because of this unproven legislation, including:
- $65 billion in trust tax related takeovers, much of it by foreigners
- resultant loss of $1.4 billion in annual taxes to all Canadians, see
- $35 billion loss in Canadian hard earned life savings
- $300 million loss in the assets of the Canada Pension Plan
To these myriad negative outcomes, Finance Minister Jim Flaherty has brazenly stated: "It's not my fault".
It's time for the Auditor General to investigate that empty claim. It is incumbent upon her office to do so.
The Harper Conservative government promised it would usher in a new era
of Accountability and Transparency. By that, Canadians assumed more accountability and transparency, rather than less.
For further information: contact firstname.lastname@example.org or call (647) 505-2224
Tuesday, March 4, 2008
Posted by Fillibluster at 10:38 AM