Flaherty reveals his total ignorance of campaign spending limits. Surprised?

I guess it should come as no surprise that Canada’s Finance Minister and a senior member of the Conservative Party would have no knowledge about campaign spending limits whatsoever.

Jim Flaherty claims “millions” will be spent in his riding attacking his poor blessed soul on the income trust issue. The reality is that CAITI can spend a maximum of $3500 in Flaherty’s riding, and a total of $150,000 nation wide.

Unlike the Conservative Party, CAITI will respect Election Canada’s campaign spending rules. No “in and out” for us thank you very much. We are a group of law abiding tax payers.

Canada's Flaherty stands by tax ahead of election
Tue Sep 2, 2008 6:09pm EDT




OTTAWA, Sept 2 (Reuters) - Canada's Finance Minister said on Tuesday he will not revisit his controversial policy to tax income trusts even though the issue may return to haunt him in an upcoming election campaign.

In an interview with Business News Network television, Finance Minister Jim Flaherty was asked whether he might bow to demands of disgruntled investors hurt by the new tax and soften the rules, particularly for energy trusts.

"No, its the law now," he answered.

"I know they're going to target me and I've been told how many millions of dollars they've put aside just to target me in my riding, and I guess that's part of life, but the decision we made was a decision for the good of the country and for future generations," he said.

Flaherty stunned investors in October 2006 with a plan to begin taxing the then C$200 billion ($187 billion) income trust sector as of 2011, breaking a promise of the governing Conservative Party.

A group of angry investors has been lobbying hard against Flaherty ever since and demanding a reversal of the policy. The opposition Liberal Party also opposed the change.

Trusts are investment vehicles that had become highly popular because they are structured to pay little or no corporate tax, allowing them to distribute cash directly to unitholders.

Prime Minister Stephen Harper has suggested he will request the dissolution of Parliament this week and call and election for Oct. 14.

Flaherty denied that the leader wanted a snap election to avoid governing during tough economic times, repeating that Canada's fiscal record is among the strongest in the industrialized world and that "there is no deficit looming".

"I think the motivation for an election now is simply that the House of Commons doesn't function well. I lived through that for two and a half years," he said.