Thursday, December 17, 2009

Evan Solomon: Please contact me.

Re: Pension Issue:

Evan Solomon:
CBC’s Power and Politics


I just caught Mike Hornbrook on CBC talking about Canada’s looming pension problem.

I have some very interesting observations to share with you and your viewers, since I was last appeared on your show a year ago (when it was hosted by Don Newman). At that time, I was running as the Liberal candidate in the 2008 election against Jim Flaherty, hoping to extract some simple truths from Canada's Minister of Finance, and provide some better representation for the people of Whitby-Oshawa.

However, it is not in that capacity that I ask to be on your show, but rather as the head of CAITI, in which capacity I have also appeared on your (Don Newman's) show before.

You might recall that the Harper government destroyed $35 billion of Canadians’ retirement savings with their income trust policy in 2006, as well as eliminating an investment vehicle that had been widely embraced by Canadians as the means to provide themselves with retirement income, namely income trusts.

Meanwhile the government’s argument of “tax leakage” was false and their only proof took the form of 18 pages of blacked out documents. Remind you of the Afghan detainee matter at all?

Now all these trusts are being taken over by foreigners, like the recent purchase of Harvest Energy Trust for $4 billion by state owned Korean National Oil Company (KNOC). Canadians were paying taxes on Harvest’s earnings at the rate of 38%. Now KNOC will pay ZERO.

Please contact me, this is a story that needs to be told. It dramatically affects Canadians; ability to provide MUCH NEEDED retirement income, and tax revenue to an over-strapped government. The government's income trust policy was the sole result of extensive lobbying by the life insurance industry, who were intent on destroying their competition (ie income trusts) for Canadians much sought after retirement savings.

The irony of that, in retrospect, is that the products offered by the life insurance industry, unlike income trusts, divert much needed capital away from investment in Canada's real economy and only offer synthetic and/or derivatives type investments. Many of which Warren Buffett considers to be "crazy" offerings by the life insurance companies, from all vantage points.

And some of which, like Manulife's Income Plus, were improperly hedged and almost brought about the collapse of the entire company.

This is a fascinating topic on which your viewers need to be updated, in light of the major widespread concerns about pensions and retirement savings.

Brent Fullard
President and CEO
Canadian Association of Income Trust Investors

647 505-2224 (cell)


Dr Mike said...

Perfect timing Brent as the need for products such as income trusts has never been more urgent.

Trusts were the perfect vehicle for those building an income stream either for retirement or just as an income supplement for families & all others.

Pension funds realized this from the onset as they hard-balled Flaherty into giving them a personal exemption in order to absorb these entities.

The problem was that the exemption was limited to these funds.

Oops , that`s not right either--I forgot all the foreigners who wished to be tax free owners were allowed to pack a few into their shopping baskets & take them back home.

Education is the way to save these trusts for the personal investor & the CBC is the best place to begin.

Dr Mike Popovich

Marx-A-Million said...

Bra, I love your blog, but I am not excited about tax loopholes for major corporation existing in my Grand Coalition. The pensions are underfunded because once upon a time Premier Bob Rae promised he'd pay for their shortfalls if they saved less. This is what Bob will do when he becomes Prime Minister.

Anonymous said...

Hey, I wish you would have won. But I actually agree we needed to stop the leakage from the income trusts.

CAITI said...


What tax leakage would that be? This tax leakage:


Dr Mike said...

I hate anonymous posters

I guess no guts , no glory.

We have proven the case that tax leakage claims by Mr Flaherty were a fraud & a lie to appease the Power Corps & the Manulifes of this country.

We proved our case , he did not prove his.

Unless of course 18 blacked-out & subsequently recalled pages does it for you guys.

I guess they would since you are non-existent , nameless , chicken-hearted nay-sayers who are afraid to back-up your claims with a name.

Show us your proof of this illusive tax loss or get lost.

Dr Mike Popovich

Anonymous said...

Maybe "Dr" Mike you hate anon posters, but have you ever thought that the same old discussion about tax loopholes, and the income trust BS is getting...uhhhmmmm....tiresome.

Don't you have patients to worry about?

CAITI said...

No Anonymous, what is getting tiresome is your repeated lack of proof of tax leakage. Without any proof of tax leakage, how can you infer there is a "tax loophole".

The only thing loopy here is you logic and complete lack of evidence.

No wonder you don't want to reveal your real identity. I would be embarrassed to myself, making such lame hollow arguments as you do.

Don't you have a doctor or two that perhaps you should visit? Health care is free in this country you know, giving you no excuse is seeking a cure for your inflcition> Just tell your doctors that you have an acute aversion to acknowledging the truth. They will take it from there.

Best of luck. Come back when you are cured...or when you have some proof of tax leakage, whichever comes first.

We are always here to help.

Brent Fullard

Dr Mike said...

Anonymous said...
Maybe "Dr" Mike you hate anon posters, but have you ever thought that the same old discussion about tax loopholes, and the income trust BS is getting...uhhhmmmm....tiresome.

Don't you have patients to worry about?

December 17, 2009 7:53 PM

Tiresome eh??

Is that why guys like you keep coming here time & time again never making a factual point.

I guess when you have no facts , it would be embarrassing to use your real name.

I guess I wouldn`t either.

Dr Mike Popovich