Tuesday, May 5, 2009

Teachers' neglected to mention they lost $236 million? Or CPP who lost $300 million? What did Caisse lose?

Les Parsneau wrote: Curious response from Teachers on November 1, 2006 because on November 7, 2006 their income trust portfolio had lost over $236,000,000. (file attached)  INSIDE THEIR FUND.

 Ooops and they forgot to mention anything to their pensioners?

Just like CPP who lost $300 million from Harper’s trust tax....and not a word?

......and yet Teachers’ mentions pension income splitting (OUTSIDE THEIR FUND)?

Talk about hypocrisy and politicization of Teachers’. Why would the pension fund managers of Teachers’ comment on a tax measure (pension income splitting) that occurs beyond the purview of its investment management. Will pension income splitting affect the performance of Jim Leech’s fund? No, so why mention it in this press release? Who wrote this....Stephen Harper or Jim Flaherty? Meanwhile we learn that Jim leech loves discrimination......just so long as it shafts others. Namely the 75% of taxpayers who pay for Teachers’ pensions , the same 75% of taxpayers and who can’t own income trusts, like Teachers’, free of the 31.5% tax.

Teachers' response to new federal income trust policy

November 1, 2006
The Ontario Teachers’ Pension Plan has advocated for a taxation policy on income trusts that does not discriminate against pension funds, and we are pleased to see that this is the case with the government’s announcement yesterday (October 31, 2006).

The reality is that, in a protracted period of low interest rates, it is important to find alternate investments with yields that help make up the difference. Income trusts have allowed us to do that in recent years. The challenge will be to find the investment vehicles that will replace the income and cash flow that income trusts have represented to us, but we are confident that our investment team will find them. The four-year implementation period for this new policy will enable us to gradually make any necessary adjustments to our portfolio.

There is good news for pensioners and other seniors over age 65 in this new policy, which will help take the sting out of the new tax policy on income trusts for them: the age exemption tax credit will be increased by $1,000 and income splitting will be permitted.

Deborah Allan
Director, Communications and Media Relations
Ontario Teachers' Pension Plan

1 comment:

Dr Mike said...

Here we go again!!

It`s just the old '"Scratch my back" at work.

It must have been hugs & kisses all around.

Dr Mike