Monday, November 10, 2008

The duplicitous Gordon Campbell claims he wants to protect RRSPs?

What a hollow claim from BC Premier Gordon Campbell at today’s First Minister’s Meeting that he wants to protect Canadians’ RRSP investments. If that were truly the case, then why did he support the double taxation of trusts in RRSPs, with no proof of alleged tax leakage? Why did he not tax Pension Funds in the same way if he was so concerned about alleged tax leakage, as opposed to padding his provincial governments nest egg for public service workers?

Gordon Campbell’s blind support of Flaherty back in January 20007 played a pivotal role in Canadians losing $35 billion and an essential income investment for retirement. He destroyed the RRSP savings of millions of Canadians, and now he wants to play Captain RRSP? Empty political opportinism in the extreme, that bears no relationship with his past conduct.

Here’s Kady O’Malley’s (of Macleans) live blogging from the First Minisiter’s meeting, where we get a first hand account of Gordon Campbell’s politically opportunistic concerns over Canadians RRSPs

Gordon Campbell, everyone - who looks shockingly chipper, even moreso than Brad Wall — isn’t he jetlagged? I guess not, because he is waxing enthusiastic, if vague, about the importance of the auto sector, and stressing the need to reassure “older people” that they won’t have to cash out their RRSPs, or sell their stocks. “If we don’t take care of Canadians today, it falls to governments to care for them later,” he notes. He also wants to remove trade abd labour mobility barriers, duplication, all the usual stuff. “Time is something we can use quickly,” he insists — he doesn’t want to meet again in a year, he wants action now.

Okay, RRSPs and RRIFs are his priorities,


Dr Mike said...

These guys just do not get it.

The best way to protect retirement savings within RRSPs & RRIFs is for gov`t to stop the grossly unfair practice of double taxation & the inability to declare capital losses.

They are looking at the problem from the wrong direction.

A total redesign is in order.

Dr Mike Popovich.

sm said...


like your concern good.

see you later

Anonymous said...

Everybody must . . . write to this A**hole and tell him what we think !


Anonymous said...

Or this A**hole.......Carole Taylor:

January 26, 2007


The Honourable James M. Flaherty, PC, MP
Minister of Finance
Government of Canada
House of Commons
Ottawa ON K1A 0G5

Dear Honourable Flaherty:

As Minister of Finance for the Province of British Columbia, I am writing in support of your proposed changes to the federal Income Tax Act that impact the tax treatment of income trusts.

I believe the measures you propose are necessary to address the policy and revenue impacts of converting corporations to income trusts. As you note in your October 31, 2006 announcement of the Tax Fairness Plan, there has been an increasing cost in terms of income tax revenues as a result of these conversions. In addition, the conversion of income trusts can result in shifts of tax revenues among provinces and shifts in tax burden among taxpayers. I believe that without action the continued conversions to income trusts would have led to a serious disruption of the tax system.

The measures you propose are appropriate and do provide fair transitional rules for existing income trusts and clear rules for new trusts.

In closing, I would like to thank you for taking the necessary steps to address this issue.


Carole Taylor
Minister of Finance

pc: Brian Pallister, Chair, Standing Committee on Finance, MP Portage-Lisgar

Dr Mike said...

I wonder how much research she put into that letter??

You can NEVER take Flaherty`s word on anything.

Well , other than if you hear him say "there goes an ambulance".

Dr Mike.

Anonymous said...

Dr Mike asked:

"I wonder how much research she put into that letter?"

I assume this letter was written for the mentally lame Carole Taylor by Flaherty, more likely Mark Carney.

Carole Taylor just signed it. That was the extent of her "research". Research by decree.

Anonymous said...

Joining Gordon in the Winners' Circle of callous and deceitful politicians are the other provincial premiers and their finance miseries.

Campbell said. "Frankly, if we don't let Canadians take care of themselves, at the end of the day it falls back to government to take care of them."

Well Gordon, Frank says you did not let Canadians income trust investors take care of themselves. You let Jim Flaherty screw Canadian retail investors, most of whom are Canadian retirees out of $35 billion in 2006; and what is worse, starting 2011, screw them out of income from higher-yield securities of Canadian businesseses that the Canadian retail investors know and understand."

Frankly Gordon, you are a duplicitous and deceitful politician.

Premiers urge quick action on pensions, infrastructure


at 12:16 on November 10, 2008, EDT.
OTTAWA - The premiers are urging Ottawa to act quickly on protecting the viability of pension plans, speed up infrastructure spending and rescue Ontario's teetering auto industry.

The issues appear uppermost on the premiers' agenda as they gathered for a three-hour working lunch with Prime Minister Stephen Harper.

"If we don't get it right on how we treat pension plans, we could affect their jobs," said Manitoba Premier Gary Doer on the issue of pension sustainability.

"If we don't get it right on pension plan flexibility, we could have the market just whack a lot of people close to age 71 and they may take a huge hit. These are very, very important issues."