Friday, September 5, 2008

Question for Flaherty: Will OMERs pay the 31.5% tax on Teranet? If not, why not?



OMERS Borealis Infrastructure unit offers $2 billion in cash for Teranet


September 4, 2008

TORONTO — A $2-billion takeover offer from a unit of one of Ontario's largest public-sector pensions caused units of Teranet Income Fund (TSX:TF.UN) to soar Thursday to their highest level since the land registry operator has been on the stock market.

Teranet units closed Thursday at $11.24, up $1.88 or 20 per cent and above the offer of $11 per unit announced earlier in the day by Borealis Infrastructure Management, part of the Ontario Municipal Employees Retirement System.

The previous 52-week high was $10.69. Earlier in Thursday's session, the units traded as high as $11.25 - a record since the units began trading in June 2006.

The units were at $8.98 before media reports of takeover speculation began to circulate in late August.

3 comments:

Polyian said...

The short answer is NO, OMERs won't pay the tax. The latest reason given by Flaherty on BNN this week "It's the law". It's pathetic how bad laws, based on Lies and Myths, are easy for Tory's to uphold but good laws like Election Timing are easy to break.

Jean-Marie said...

Sure, OMERS won't pay taxes. Those receiving their pensions will pay the taxes.
We were in same position BEFORE the evil Flaherty took care of us.

Now, double taxation is for us.
Taxation later is for pensionnees.
No taxation at all is for private equity.

The worst treatment is for us.

Tax Fairness Plan ????

Brent is right it is simply a " Tax Failure Plan " and the facts are there for all to see.
No need to be Einstein :
We pay double taxation.
The advantages are in the hands of the powerful ( private equity ) and powerful unions.
Our government loses taxes way beyond what was sopposed to be the tax leakage.

Idiots are at the wheel.
Flaherty was an ambulance chaser but now, he is the driver. Problem that this guy is too short and he suffers lack of vision.

Dr Mike said...

The problem has always been "Double Taxation"---why is this so hard for governments to understand.

Maybe they understand it all too well.

Double taxation means much more tax money ---that appears to be all they can see.

I have been told by MPs that the problem is too complex to deal with.

Give me a break--stop the practice--easy as pie.

Give credits within registered plans that would account for tax being removed at the source.

Account for capital gains & losses within these same plans.

There are ways to achieve this.

This is obviously a tough sell to governments that are used to this double dip on our savings.

Dr mike Popovich.