July 24, 2009
Re: "Ottawa, provinces look to beef up pensions," The Journal, July 22.
I find it ironic that the federal government and the provinces are meeting in Calgary to consider how to encourage Canadians to save more since the economic downturn eroded savings.
The truth is that the Tory government in Ottawa, aided and abetted by the provinces, especially Ontario and Alberta, devastated seniors' incomes with the legislation introduced in November 2006 announcing the taxation of income trusts.
Seniors lost billions in their portfolios and to this day the federal government has not been able to justify its actions or provide evidence of taxation losses because of the existence of income trusts.
In fact, time has shown that the feds have lost billions of dollars in taxation as a direct result of this legislation, which was politically motivated at the request of big insurance companies and other financial institutions.
Yes, the second shoe to fall was the economic downturn, but the first shoe to fall was the devastation brought on with the taxation of income trusts and the impact this decision has had on seniors' incomes and the deterioration of income trust values since 2006.
S. J. Rideout, Edmonton
© Copyright (c) The Edmonton Journal
Saturday, July 25, 2009
Posted by Fillibluster at 9:15 AM