...something we've argued for 20 months
The income trust tax was predicated on the assumption that Canada WAS an island unto itself and that Canadians saving for retirement could be dutifully made captive to the investment wares and whims of Manulife Financial and Power Corp.
Wrong. Investment capital is fluid. It can leave the country as easily as it can stay in the country. Harper’s income trust tax served to favour foreign investors like Abu Dhabi Energy and Providence Capital over Canadians saving for retirement......so much so that Harper has tax subsidized the displacement of Canadian taxable investors with foreign non taxable entities and pension funds. The LBO of BCE alone, caused by Harper’s knee jerk income trust tax, will cost Canadians taxpayers the loss of $800 million a year in tax revenues. Brilliant, Bring in the clowns
As for Flaherty, he should move to an island.......perhaps Alcatraz.......a perfect place for Canada’s Minister of Tax Leakage Fraud
Flaherty says Canada's energy resources will buffer it from global slowdown
2 hours ago
CALGARY — Finance Minister Jim Flaherty maintains that the country's "strong fundamentals" and status as an emerging energy superpower will keep it in better shape than the United States, although not immune to a global economic slowdown.
"Canada is not an island," Flaherty said to a Calgary Chamber of Commerce luncheon in Calgary Wednesday. He said that Canada is being affected by the "recession" in the U.S. housing sector, which has turned out to be longer and deeper than expected.
It will also have to deal with competition from emerging economies like China and India.
But even still, Flaherty said Canada is the "envy of the G7" with its booming resource industry.
Flaherty said Canada's financial institutions are "well capitalized and strong" and sales of autos in Canada have not declined, as they have in the United States.
Wednesday, July 16, 2008
Posted by Fillibluster at 6:27 PM