Comments from every Province and Territory of Canada:
(1) Either adopt the Marshall Plan or reinstate Income Trusts. These broken promises will not be swept under the carpet. A recent CBC survey puts income trusts way out in front as the number one issue at 1796 votes for and 15 votes against.
Why won't you listen to the voters? http://www.cbc.ca/news/yourview/2010/01/your-question-period-week-2-what-should-cbc-news-ask-our-politicians.html
(2) The proposed plan is a highly imaginative and effective means of assisting seniors who were unfairly penalized by the 2006 decision while at the same time helping to increase tax revenues at the Federal and Provincial levels. It will also serve to reduce expenditures by decreasing the amount of Old Age Security payments to which many seniors would be entitled and possibly reduce medical costs associated with the stress of trying to make ends meet. I strongly encourage the early implementation of such a plan which should form part of the next Federal budget at least.
(3) At a time when income is increasingly hard to establish for those of us retiring, and also at a time when companies have difficulty raising funding - it makes complete sense to restore the income trust status of companies.
the present system of double taxation of companies, their employees, and their shareholders will eventually damp out Canadians ability to compete, regardless of the industry they are in.Allow business and citizens to trust each other once more as partners, and open this channel toward competitiveness.
(4) Please, for the greater good of this country and for the people that it is supposed to serve, I call on the Prime Minister and the Conservative Government to please support the Marshall Plan. It is a win-win for everyone and is one sure way to get much needed monies back into the coffers of the state to be shared amongst its people for improved health care, education, retirement income for the 70% of the people who have no company or government pension plan, as well as it will lessen the burden on hardworking Canadians who will not be subject to higher taxation levels caused by the careless act of taxing income trusts and will level the playing field when compared to private and public pension plans and private equity groups that pay no income-tax on these investment vehicles. Please do the right thing for this country and if you truly cared for our country and her people you would enact this plan immediately. Thank you.
(5) As a concerned Canadian I call upon you to ensure the Marshall Savings Plan is implemented in the upcoming 2010 budget. Diane Francis (Editor, Financial Post) considers the Marshall Savings Plan a "brilliant" solution. As a former Conservative Party supporter, I deplore the "income trust debacle",and need some evidence of the Conservative Party supporting retirees in a financial way. Words, speeches, etc have been reneged upon in the past, I would like you to exhibit some substance. Thank you.
(6) Give me back my retirement income. It is money that I would be spending in my community. I have lost over 50% due to the tax grab on income trusts in my retirement stock portfolio.
(7) I am a tax-paying resident of Canada whose retirement plans were adversely affected to a significant degree by the federal Conservatives plan to end the income trust structure in spite of their previous promise not to do so. I am not a member of a pension plan and will rely on my RRSP's to provide the funds I need in my retirement. The value of those RRSP's was substantially reduced by this action.
I felt absolutely betrayed by this reprehensible action of the federal Conservative party. As a consequence I have determined never again to vote for the party in any future election, even though I have been a committed Conservative supporter all my adult life.As a way to mitigate the damage which has been inflicted upon myself and millions of others in similar circumstances, I call upon you to ensure the Marshall Savings Plan is implemented in the upcoming 2010 budget. This will partially restore a level playing field between the 75% of Canadians without pensions (RRSPs) and the 25% of Canadians with pensions. If the Conservatives embrace the Marshall Plan I shall again consider voting for the party.
(8) As a concerned working Canadian and a future retiree who is worried about having adequate retirement benefits, I call upon you to ensure the Marshall Savings Plan is implemented in the upcoming 2010 budget.
(9) Never before have I witnessed a government attack the very people they are elected to represent. The trust unit broken promise goes beyond all imagination. To wipe $35 billion from the market and savings of trusting Canadians is simply mind-boggling, and even more so given the fact that it was absolutely baseless. Please take a good hard look at the Marshall Plan and do the right thing for once. Thank you.
(10) Please listen to common sense for once. You are our government that is supposed to work FOR Canadians, not against them. You broke a promise that has caused serious issues for an incredible number of Canadians. Please think straight and fix this mess you've created.
(11) The announcement by Flaherty on Halloween had the immediate effect of dropping our RRSP's by 45% in 1 day. This well make our upcoming retirement very frugal. We voted for the Conservative party only because they had promised to leave Income Trusts alone. We well never be fooled again by that lieing political party.
(12) There are 308 Members of Parliament and it appears that 300 of them have not read their job description. Namely taking care and listening to their constituents. There is the odd consentous MP, but the vast majority would perfer to look after the Banks, Insurance Companys, Pension Funds and lastly foreign entities. They all have one thing in common, they pay no taxes when they acquire an Income Trust. I don't mind really.What I find unfair is that my wife and I are not accorded the same. That is right. Our RRSPs are dinged 31.5% at source and again when we make our manditory withdrawals.Mr. Harper, Mr. Flaherty and Mr. Layton call this leveling the playing field.You be the judge.My wife and I are really finding it hard just to pay the bills.
Please take a good look at the Marshall Plan. You will find it has merit and will go along way to solving our financial problems and help Flaherty get his much needed income.
(13) The Marshall Plan is a win, win for everyone.
(14) Preserve income trusts as an essential "profit sharing" investment choice for ALL CanadiansCreate a massive new stream of cash tax revenue for the government ($6 Billion per year) Help the 75% of Canadians without pensions and preserve the means to a decent retirement income and standard of living
(15) As a concerned Canadian I ask that you ensure that the so-called "Marshall Savings Plan" is implemented in the upcoming 2010 budget.
(16) The Marshall Savings Plan will accomplish many things including:
Preserve income trusts as an essential "profit sharing" investment choice for ALL Canadians,
Create a massive new stream of cash tax revenue for the government ($6 Billion per year),
Provide a new source of revenue equal to 0.75% GST increase, but with no GST increase required,
Halt the continued rash of takeovers of vulnerable income trusts (eg. state-owned Abu Dhabi Energy acquiring Prime West etc), and
Promote saving and investment in Canada by Canadians.
Most importantly, however, the Plan will greatly help the 75% of Canadians without pensions and preserve their means to create a decent retirement income and standard of living for their families. In addition, the Plan will restore a level playing field between the 75% of Canadians without pensions (RRSPs) and the 25% of Canadians with pensions.
My 35+ years in public accounting suggests to me that there is no basis whatsoever for penalizing Canadian retirees who have used their RRSPs to invest in income trusts by DOUBLE-TAXING such income. Such punitive measures aimed at a vulnerable segment of our population undermines the respect for the taxation system and creates further cynicism toward politicians.
(17) Please implement the Marshall Savings Plan solution into Canadas deficit crisis and pension crisis. Thank you.
(18) This is your chance to do the right thing; you now know what that is as you have all the facts
(19) I support the Marshall Plan as the best solution.
(20) Please implement the Marshall Savings Plan.
(21) I totally agree with the Marshall Savings Plan. It would allow those who have their trust units in an RRSP to keep a larger portion of their money and therefor increase their standard of living.
(22) Yes I am proud to be a Canadian Senior. We have so much money for retirement that our government (Harper) through its finance minister (flaherty , the one without a clue) has decided to tax the meagre resources of us rich seniors. How wonderful. Now Brent Fullard has to invoke the "Marshall plan" against our own government (Harper)
To be a physician, or airline pilot, or shoe-maker, or plumber, one must undergo rigorous training. BUT in the harper government, all you need is someone with a law degree and NO experience in finance to be finance minister. This is what we have in Canada; a G7 country. A law degree DOES NOT qualify anyone to do anything but practise LAW, When it comes to FINANCE, a lawyer is a MORON and the person delegating such tasks (Harper) is also a MORON. The ONLY outcome of a moronic delegation is a moronic decision like TAXATION of Trusts which have served Seniors very well under Jean Chretien and Paul Martin.
Delegating such important duties to absolutely INCOMPETENT ministers (Flaherty) results in this crisis and catastrophe we now have. Thirty-five Billion dollars in Trust equity was wiped out overnight by flaherty's obscene action. Flaherty responded with "well its only paper money". Is this guy for real? Is he really THAT stupid? Did he get his "law degree" as a prize in a Cracker Jacks box? This is not even Econ 101. Does this "minister" not know that value in a Canadian dollar depends on CONFIDENCE in the dollar? What is CONFIDENCE? Confidence means "with faith". From Latin cum (with), fidere (trust).
It means that if there is a lot of confidence that a dollar, when presented for goods or services, will result in a reasonable amount of return. Its that simple, and flaherty, as finance "minister" he should know that. Does flaherty think that a twenty dollar bill is intrinsically more valuable than a five dollar bill? (Maybe the ink was more expensive).
Therein lies the basic problem; elect an incompetent leader (harper), who appoints an equally incompetent finance minister (flaherty), who makes equally incompetent decisions and Canadian Seniors have to bear the brunt of all this incompetence. Seniors who have BUILT this country to the level of a G7 nation, with blood, sweat, and profuse TEARS. Seniors who have raised the standard of living in Canada. Seniors who have paid millions in taxes. Now the same seniors are scurrying around, trying to preserve our life-savings from an administration which is absolutely and totally inept.
There can be ONLY ONE SOLUTION to this manufactured problem. RETURN THE TRUSTS to their former tax status, before flaherty introduced his bill to tax them. After all, was it not Harper HIMSELF who stated that "the Trusts would not be touched" in the election? Then turned around and did just that. Being incompetent could be blamed on many things like, lack of brain power, lack of Mother's milk etc.. But to be a LIAR (Harper) means to lack a SOUL.
(23) I have almost given up hope for the Conservatives, I party that I have faithfully voted for and financially supported for over 40 years. If you do not do something to repair the damage you have done to your own credibility and the hopes of hard-working Canadians, then I will never vote for the Conservatives again. Liars! You should be ashamed of yourselves.
(24) We have been screwed by our PM and the rest of his party once and he will probably do it again I would'nt trust him with anything he is just a SCUMBAG.
(25) Relief from the oppressive double taxation on Income Trust investments is a critical issue for us retired tax payers. Proposed plan could be a win /win for ALL. sincerley,
(26) I think to keep real estate trusts "open" while taking punitive action against energy royalty trusts is outrageous! The effect of this legislation shaved about 20% from my retirement plan and in my mind does very little to fix the tax leakage problem.
(27) The change in the Income Trust taxation hurt us greatly and any solution to the problem will be greatly appreciated. We trusted the government when they said that no change would be made to Income trusts and a great deal of our money was placed in trust to produce income for us to live on. WE TRUSTED THE GOVERNMENT!!! We were paying twice as much income tax before the change as we are now, so you figure out how the government was loosing money!!!
(28) It is very human to make mistakes. But not to admit them, and not to rectify them when opportunity arises - I do not have a polite word for this.
(29) This fiasco MUST be fixed. The ability of this country to fund its increasing demographic problem (people who are getting older and retiring) depends on it.
(30) Please implement the Marshall Saving Plan. Mr. Flaherty - Your ill advised decision to attack the Income Trusts in the manner in which you have can be somewhat repaired, so I am pleading to you to implement the Marshall Plan. Your bad decission has cost me a lot of hard earned money, so do the right thing.
(31) A significant piece of work which makes a great deal of sense; let's hope it receives serious consideration and adoption.
(32) Having owned income trusts since 1997 and watching the value of my investments drop due to government inexplicable and unwarranted change in policy (after expressly saying they would not change the policy with respect income trusts) I call upon the Canadian government to review and ensure the "Marshall Savings Plan" is considered and implemented in the upcoming 2010 budget.
(33) I agree that the Marshall Savings Plan is an excellent solution to a difficult problem.
(34) Please implement the Marshal Plan Savings Solution
(35) If a truck driver and his wife can come up with a way out of the income trust mess and Dianne Francis gives her stamp of approval, who in their right mind, but financially inept, politician, wanting to be re-elected, would not support this and get back on the good side of your voters.
(36) Please, please, please do the sensible and right thing by implementing the proposed Marshall Savings Plan. It is tragic what has happened to Income Trust Companies since that fateful day when our great Countries leaders went back on their word and gutted Income Trusts.
I personally am a humble, simple hardworking Canadian who has no pension except that which I have created for myself. I have never drawn Unemployment Insurance or drawn welfare thank God. I am self employed have paid huge income taxes and maximum unemployment insurance premiums although I could never draw unemployment insurance because of my self employment. I had taken the word of our leaders in Ottawa and invested heavily in Income Trusts only to have my pension gutted on the fateful day in October. I was hurt financially big time and had my faith in our countries leadership rocked big time to say the least.
Please please please save face, save our countries jobs and companies and recover $6,000,000,000.00 a year in taxes that will be paid to U.S.A. and other countries if you do not implement The Marshall Savings Plan.
I would also like to have a little bit of my faith and trust restored in our leaders in Ottawa.
(37) Reverse the Income Trusts tax.
(38) Please adopt the Marshal Plan. We think it is time to help seniors who have lost so much because of Mr. Jim Flahery's medling with income trust fiasco............
(39) Please implement the Marshall Savings Plan solution in the 2010 budget. Thanks.
(40) his action, this PROMISE, and this FLIP-FLOP of the Income trust decision has been probably the worst case of political dishonesty and foolish political knee-jerk reaction that I have witnessed in my political memory. As we all know, there have been numerous political "scandals" before, but this one is the top "dog". Not only was it dishonesty plus, but it continues to be so harmful to so many loyal and hard working Canadians who aren't blessed with the "Golden Retirement Packages" provided to you politicians by we taxpayers. This is SHAMEFUL, the way it presently stands.
Mr. Harper, Mr. Flaherty I beg you and your assistants to seriously examine this brilliant "Marshall Plan" and take the respectable and necessary action of implementing it in the upcoming March budget. We voters all have excellent memories, particularly with regards to blatent dishonesty. With it, you have made a huge black mark on the minds of many Canadians- but it's still not too late for a revival. We can forgive, but we can't forget!!
(41) he income trust issue has not gone away, the issue of trust has not either. Do the proper and ethical thing and alleviate seniors' tax burdens.
(42) Please implement the Marshall Savings Plan solution
(43) Please insure that the Marshall savings plan is implemented as a solution to the Income Trust fiasco. It would help to restore some of the damage done by the Income trust decision and make it more fair for the 75% of Canadians without pensions.
(44) Help the 75% of canadians without pensions and preserve the means to a decent retirement income and standard of living.
(45) Please stop the damage caused by your policy on the income trust and implement the Marshall Savings Plan solution.Thanks,
(46) Create a massive new stream of cash tax revenue for the government ($6 Billion per year) Halt the continued rash of takeovers of vulnerable income trustsPromote saving and investment in Canada by Canadians Please remove the double taxation of income trusts inside of RRSP's.
(47) Comme 2.5 millions de canadiens, j'ai fait confiance au premier ministre lorsqu'il promettait a tout le pays qu'il ne toucherait pas au fiducie de revenue.Malheureusement il n'a pas tenu sa promesse le soir de l'halloween 2006 Nous avons donc perdu collectivement 35 milliards de capitalisation en quelques semaines. En plus de perdre une excellente source de revenus, la plupart de ces fiducies ont perdu 75% de leur valeur. La conséquence est évidente, je suis presque ruiné... Je n,ai plus confiance en ce gouvernement ni en aucun autre politicien. Je me suis fait flouer par ceux et celles qui normalement devaient me protéger...
(48) I retired in 2005 looking forward to a comfortable, but not opulent lifestyle. I have no private pension, just my savings which were invested for income. With Harper's assurance that he would not touch the nest eggs of seniors, I felt secure.
I had to take part-time employment to try to ensure that my now meager savings would allow me to support myself until the actuaries say I should expect to die.
Please implement the Marshall Plan ... it would make a tremendous difference in my life to be able to enjoy the income from my life's toil without giving the lion's share to the government.
(49) your reversal of policy on income trusts has hurt our family terribly, i have worked in the investment community for all my life and always at small firms and i never had the oppotunity to join a retirement plan, so i had to make my own , guess what i chose to believe the Conservative bs and plan my retirement around the income trusts as the low interest rates at the time wernt enough to generate an adequate income to live on.Well i sure am paying for that.MY only hope is for the members of parliament to share their nice gold plated pension with me , And i believe in Santa claus to. Well im 72 years old this year and it looks like im going to apply to Walmart as a greeter so i can keep paying the taxes on my home so my wife and i can keep living here for as long as possible, thanks again Harper you have really made a long time Conservative a Liberal . Not thats a much better choice but i can assure you that they are going to get my vote not you. Jim Schweitzer
(50) As someone who has supported the Conservative ideals since I began voting in 1984, i strongly urge you to take this opportunity to right a wrong. Your broken promises on Income Trusts, damaged me financially, damaged my parents financially, and will impact the legacy I will leave for my children. But more than any monetary pain caused, you for the first time in my life caused me to lose faith in my government. You've created a disillusionment that will likely stay with me as long as I live.
I urge you to take the opportunity that the Marshal proposal represents and salvage something from the this situation. Though I am under no illusion that you will go so far as to admit to the mistakes that were made, I do hope you’ll at least make an effort to repair some of the damage.
With great hope,
(51) At a minimum - our elected officials owe us this. It will take some of the sting out of the painful and unnecessary blow dealt to hard working individuals like me, who have endeavoured to save and invest in order to be financially self sufficient in our twilight years.
(52) This is about fairness. When I was in practise as a CA, we often made reference to fairness in our dealings with assessors with CRA. We found the response to the fairness provisions generally positive. The tax on income trusts was unfair, particularly to retirees whose retirement plans were severely depleted by the 2011 tax, forcing them in this year 2010 to do things that otherwise they would not do. Taxpayers lost billions of $ in retirement RRSP"S and RRIF's. This is an opportunity for the government to exhibit fairness by the government of Canada to the Canadian people. Please consider it seriously and act with due diligence!
(53) From YouTube interview of Seymour Schulich:
"biggest blunder I have seen in 42 years"
"A large pension fund can own a company & not pay any tax on it & you can`t own it in your pension plan?"
"If you are driving the wrong way down a road & if your wife says you are driving the wrong way , are you a good leader if you say I don`t care , I am a strong leader & I will keep driving the wrong way or will I say I am driving the wrong way & I made a mistake & I am going to turn around & make some kind of amendment to this"
"They should have 5% of their net worth pledged , if they go back on their word they should forfeit that money to a charity"
"There should be a penalty if they lie to the electorate just like there is in society for anyone that commits a crime & they did commit a crime"
http://www.youtube.com/watch?v=C-AV4HhZbgw
(54) Please re consider your Bad ideas with our Awesome idea's
(55) Stephen Harper and Jim Flaherty did initial and substantial damage to Income Trusts with their 2006 Flip-Flop. The "Marshall Plan" recently put forward is a viable option to help offset some of this damage, and hopefully help save what is left.
(56) I do not expect the Goons in Government to do anything the least bit sensible.
The degree of my cynicism and distrust of Government has become extreme
If this were ever to be acted upon,that would go some way to assuage
these very serious doubts I have as to our entire system
(57) November 8, 2005.
Dear Mr. Laxton
Thank you for expressing your concerns about the confusion the Minister of Finance has caused on income trusts.
Income trusts have helped numerous Canadian companies grow and flourish and enabled ordinary Canadians to generate more income for their retirement years. The federal Liberal government's reckless decision last September to cancel advance tax rulings on income trusts caused Canadian businesses to lose billions of dollars in market capitalization and Canadians to lose thousands of dollars of personal savings.
Canadians investing in good faith to save for their retirement deserve certainty, not a government review of how the Liberals can grab more taxes from them.
We know that Canadians draw regularly form their investments to supplement their retirement savings. When the value of their investments drops as a result of government indecisiveness, so does their retirement income. It is time the government stopped penalizing our citizens.
My colleagues and I in the Conservative Party are committed to maintaining income trusts as a valuable savings and investment tool for Canadians.
Thank you again for contacting me,
Yours sincerely,
[signed Stockwell Day]
Stockwell Day, M.P.
Okanagan-Coquihalla
Official Opposition Foreign Affairs Critic
(58) Help us!
(59) The "Marshal Plan" is a well thought out plan to assist retirees who continue to have income trusts in their registered accounts. I hope that this proposal is given serious consideration.
(60) Please implement the "Marshall Plan" to repair the damage done to the income trust industry by the October 31, 2006 policy change announcement.
(61) Please pay attention - my retirement plan was based on the promise that income trusts would not be taxed - I have already suffered a $ 10000 loss to my 2010 income - and the consolidation ( and destruction ) has just begun.
Please do not submit me to double taxation - my distributions get taxed inside my RRSP and now I have to pay 20+ percent income tax on the withdrawals from my RRIF.
Lets be reasonable and make the right choice - regards........
(62) please implement the marshall savings plan solution. as a concerned CANADIAN i call upon you to ensure the Marshall Savings Plan is implemented in the upcoming 2010 budget.you have never paid any attention to us taxpayers before so now is your chance to right a serious wrong and assist us seniors and WW2 veterans thank you for your action in this regard,PILOT OFFICER R.L.FERGUSON R.C.A.F J52701 age 83. on january 11 2010 i had to place my wife of 63 years in the local dementia ward and i desperatly require my legal portfolio to exist.
(63) To whom it may concern The income trust legislation has absolutely devastated my retirement savings. Upon the Conservatives PROMISE to NOT tax Income Trusts I converted the majority of my RRSP savings
into these vehicles. I mean if you can't trust the Govt. ????????????????????? Sincerely
(64) Please implement the Marshall Savings Plan solution to Canada's deficit crisis and pension crisis. We need this for the futuer of all retirees.
(65) It is long past time for Stephen Harper, that dishonest and dishonourable liar who also promised us "open and transparent government", to reverse this unjustifiable income trust policy.
(66) Please bring some sens e back in to the income trust issue by instituting the Marshall Plan for income trusts
(67) he reckless abolition of the Canadian Trust investment vehicle not only collapsed the investment source of many of us -- Canadian and US -- it also spoke very poorly of the reputation of Canada as being a country of very high integrity . The abrupt change in the trust was a betrayal of the investment industry and those of us who previously respected it . Thank you -- I hope this trust and integrity will be restored.
(68) I have been reading of the so called Marshall Plan for income trusts. It seems like a very good idea to me. Better yet would be to rescind the trust tax altogether but I guess once a promise has been broken why go back... But something has to be done and this seems like a good idea plus the government gets to take even more tax to help offset the GST cuts that have triggered the enormous deficit. One poor decision after another. And to think I voted for you lot. Another poor decision.
(69) There are better ways to fix the income trust issue than to cancel them. Diane Francis of the National Post has come across a better plan than to just cancel them.
(70) Prime Minister Harper misled Canadian Taxpayers who owned income trust investments. I have lost my trust for him and the conservative government unless he adopts the ``Income Trust Fix-the Marshall plan" or something similar. There is still time.
(71) Jack Mintz: "I do want to point out that there is a serious flaw in some analyses especially on the taxation of pension and RRSP accounts. The Department of Finance was not right to treat the impact as zero."
(72) The decision to tax income trusts has adversly affected my investment portfolio, both in my RRSP and in my non-registered plans. My investments were, and continue to be well diversified. I expect to incur risks when investing in the stock market, and I also expect honesty from my governmet. If I cannot believe my government, just who can I believe. I support the Marshall Plan described in the attached urls and urge the government to act accordingly.
As an aside, I reside in a province where the provincial has broken a clear election promise not to sell NB Hydro. While I usually do not support the liberal party in NB. this action insures that they will not get my support in the forseeable future.
In the last federal election, I voted for an obscure candidate who had no chance to win. My gut feelings about most matters tend to be near the center and perhaps a bit to the right of center on economic and financial matters. Consistent with these feelings I have most often voted for the conservative party. Mr Harper's government has caused me to severely question many of my past votes.
(73) This is one of the worst blunders ever made, compounded by the PC's promise not to tamper with income trusts.If we are wrong in our universal condemnation of this ill thought out move---- please present the EVIDENCE!! Unlike the government, I would listen to your arguments; you just don't have any! The people who received these distributions spent the money and paid taxes twice---once as income and again as PST and GST. Nice move to snuff that out!
(74) The proper thing to do would be to kill the tax on Income Trusts, however the Marshall Plan is a solution for those of us with Registered Plans. In my case it is a RIF so I will pay tax immediately.
(75) You promised not to tax Income Trusts, and then broke your promise. And in the process, , you wreaked havoc on my retirement plans. Here's a chance to, in some way, redeem yourselves.
Please consider the pain, the unnecessary pain, you have caused, and right this wrong.
(76) We are among the thousands who do not have a government subsidized pension plan. At retirement our savings were almost all in Trusts which we managed at our risk to support ourselves. The thought that the government would renege on its so recent assurance that the Trusts were to continue was not a serious risk. And we lost about one third of our savings almost overnight. And the party of the present government lost long time supporters.
There are very clear advantages to all in modifying your stance. We ask very sincerely that you do the intelliogent and compassionate thing.
(77) I don't feel income trusts should be taxed twice. Give us a break with our retirement plans-- we are all trying not to be a burden on the government and the people of Canada. We have worked hard for our money and made the best investments we could. And then it was such a shock what Flaherty did -that has really affected our retirement income. Please make the changes.
(78) This tax wrecked my RRSP's and continues to wreak havoc with my retirement savings. Please implement the Marshal Plan for trusts!!!!!
(79) This was a betrayal of our trust, and also a stupid move, due to the "tax leakage" that is now happening by the takeover of the trusts by those that do not pay ANY taxes. This hurt me personally, and I will never forget it!
(80) I think that it is time that the conservative government started listening to the electorate of Canada and seriously consider including the Marshall Plan in their upcoming budget. This would not only save face for Mr. Harper by showing that he is capable of having a change of heart, and does care about retirees and the small investors whoes nest egg accounts were decimated by his micalculation.
(81) urge you to restore fairness and equity to the income trust debacle created by the Conservatives. The best way for this to happen is for the government to adopt the Marshall Plan in the upcoming federal budget.
I have stopped supporting the Conservative Party in federal elections because of the betrayal by the party on this issue. If you adopt the Marshall Plan I shall again consider voting for the party.
(82) I am 100% behind The Marshall Plan. Flaherty's actions played considerable havoc on our investments. We are among those who do not have a measurable pension so for us the Trusts were and are our major investments. From the very beginning we were more than frustrated with Mr. Flaherty's action.
(83) As one who has lost a lot of money through the devaluation and take over of Income Trusts, I urge you to adopt this plan to help those with Income Trusts in their RRSP.
(84) I am one of the 75% without a pension. My husband and I were self-employed for 40 years, now retired. We counted on the revenue from our investments in the trust market to augment our OAS, which we have just begun to collect.
We were hit hard with Jim Flaherty's move, and, we trusted Stephen Harper when he said he would not touch income trusts.
I would really like some repayment of our 40% loss. The TFSA is not a solution, nothing but a band-aid. Hopefully something will be done to help the growing senior population.
(85) he bungling and lack of research by the government on the Income Trust debacle has been well documented....they screwed up bigtime. However, for a politician to say he's screwed up, is to say he's incompetent. When that happens, it'll be a first.
(86) As pensioners with the largest part of our savings in I/C Trusts RRSP's this "Marshall Plan" will certainly be a step in the right direction. Our province is implementing the "Harmonizing of the PST & GST Tax" this year which is another expense to take care of. Thank you in advance for your kind consideration.
(87) Please implement the marshall savings plan solution
(88) When Stephen Harper promised to never tax income trusts, I trusted his word. I have never felt so betrayed in my life when he broke this promise and in the most cynical manner possible announced the income trust tax on halloween. Too bad he lied about never taxing income trusts, and then continued to lie about why. The only remedy for correcting this is to go with the Marshall plan.
(89) COME ON HARPER TAKE THIS OPPORTUNITY TO TRY AND GET YOURSELF OUT FROM UNDER
THIS MESS THAT YOU CREATED BACK IN 2006.
PEOPLE STILL MAY NOT FORGIVE YOU BUT IT'S CERTAINLEY WORTH A SHOT.
(90) This sounds like a great idea, considering how we got conned on the Harper promise it would be a suitable alternative.
(91) I agree whole heartedly
(92) I recently read the column in the National Post regarding the "Marshall Plan".
Diane Francis is someone that I really admire and respect.
I couldn't agree more with her endorsement of this plan to salvage something out of the mess that your government got the country in, by bring in the ill conceived and poorly thought out tax on Income Trusts.
(93) As a concerned Canadian I want you to consider implimenting the Marshall Savings Plan in the upcoming 2010 for the following reasons
1. It will help restore a level playing field between the 75% of
Canadians without pensions (RRSPs) and the 25% of Canadians with pensions.
2. It will help the 75% of Canadians without pensions and preserve the means to a decent
retirement income and standard of living.
3. It could create a new substantial stream of cash tax revenue for the government.
4. It could direct the vast pool of Canadians retirement savings into real investment in
the Canadian economy.
These are just a few of the reasons why you should consider the merits of the Marshall Savings Plan
(94) I was a Canadian Citizen invested in Canadian oil and gas assets. I was earning a substantial second income of $1,500 a month and paying income tax on that money. That was until October 31st, 2006. The next day I watched as the value of my holdings suddenly dropped. Over the next few weeks I lost $26,000 from my accounts. It unbelievable the Government of Canada would affect the stock market in such a disastrous way, unannounced and opposite to their election promises. I also lost income over three years in the range of $54,000. My financial plans for the future were gone. Whichever party is in power, it's a long overdue necessity to correct the massive income trust fiasco.
(95) Thanks for decimating my meager r.s.p. pension plan and continuing to enhance the gold plated public service pension plans and lining the pockets of the ceo's all the insurance companies. How about some "Income Plus" ????
The Marshall Plan would go a long way in restoring some dignity and income to 3 million trust unit holders who were so brutally raped that dark Halloween night.
(96) This plan will save face for our Prime Minister and his flunkies. It will help retired people like my wife and myself begin to have our assets back. We may be able to enjoy our retirement as it was planned and not like it is. It was stolen from us when we were lied to when Mr Harper said on national T.V. "We will not tax income trusts". We were lifelong Consevatives , but that changed with this BIG lie.
(97) VERY UPSET THAT GOVT CAN LOSE TAX DOLLARS WITH THEIR TFSA ACCTS FOR THE YOUNG WHILE CLAIMING THEY LOSE TOO MUCH ON THE INCOME TRUSTS AND STICKING IT TO THE OLDER INVESTORS AND PENSIONERS-------
(98) n its forms justifying the dividend tax credit, the CRA speaks of the need for an "integrated" approach to taxation. Income trusts represented the most thoroughly integrated system we could possibly have, and yet they were trashed, undoubtedly because of the strength of the corporation lobby. Trusts' fate reflects poorly not only on Mr. Flaherty and the current government but on Mr. Goodale and the former Liberal government and on Mr. Carney and the Bank of Canada. Their thinking has led not only to the sad plight of trusts but, I am convinced, to the underperforming condition of the economy.
(99) We need our income trusts back. My income has been significantly reduced since the changes were announced.
(100) Last chance for me to ever support the conservatives again.
(101) This is a logical solution that should appeal to legislators who place their constituent's retirement planning as a high priority. Many Canadians, like myself, do not benefit from Company pension plans and rely on income-producing opportunities to provide a savings plan that will lead to a secure future.
(102) As a concerned Canadian I call on you to ensure the Marshall savings plan is implemented in the upcoming 2010 budget. Diane Francis ( Editor, Financial Post) considers the Marshall Savings Plan a " Brilliant "solution. Aside from that this would relieve some of the distrust I have for the Conservative government ( I used to be a conservative supporter )ever since they lied and said they would not tax the income trusts.I have a very strong dislike for any politician that comes on T.V., says one thing, then immediately goes back on his/her word once elected. I hope you will try to right the terrible wrong you did by imposing a tax on this income.
(103) It is time that the Conservative Party of Canada recognizes the fact that the income trust tax proposals make no economic sense and that they penalize Canadian investors. As a result the proposal should be reconsidered. The Halloween trick played upon us devestated my retirement portfolio and is still effecting it today. The fact that I voted for the Conservative Party partially because of the promise to leave income trusts alone only adds insulte to my financial injury. It is time that the Conservative Party makes changes to this proposal. Listen to your supporters and the common sense proposals that have been submitted to you over the years. The people of Canada that have to look after their own financial well being need as many investment options as possible to diversify their portfolios. Canadian investment options presently available are very limited (low income GIC's, high cost mutual funds, low yield CSB's and a stock market that scares most individuals). Consequently, the Bernie Madoffs of this world flurrish. Swallow your pride, admit that the proposals are not appropriate and make the necessary changes.
(104) By adopting this \"Marshall Plan\" the government would be saving us retirees from falling into the trap of the new financial engineering that Wall & Bay Street will come up with to give retirees the high yield investments that we desperately need to have a comfortable retirement and stay ahead of inflation. Unfortunately the new financial engineering will expose us to new and higher risk than that associated with income trusts. With today\'s low interest rates all investors looking for higher returns will be forced into these new financial engineering schemes in their quest for sufficient yield to beat inflation and pay the bills.
Income trusts served a useful and valid purpose in the overall Canadian economy especially the resource trusts. Dividends from corporations (even with the tax advantage) are too small to provide the level of income that is needed in retirement from limited investment funds. Corporations always prefer to do share buy backs and/or acquisitions with their spare cash flow rather than pay dividends. The non dividend ways of using cash flow are more rewarding or exciting for corporate executives but are less rewarding/more risky for investors. The forced distributions of the income trust structure made their executives more disciplined and less inclined to take risks since most of the cash flow went to investors. This would make for a boring life for the executives but a much more rewarding experience for investors.
The corporate structure is better suited to high growth and higher risk businesses that promise to reward their investors with capital gains resulting from growth and expansion through acquisitions. There is a place for both structures in the Canadian economy so I believe that it would benefit Canada to continue to allow income trusts to exist via the \"Marshall Plan\" than to tax them into riskier corporations.
(105) As a proud Canadian I have been very saddened, disgusted and just plain ticked off by our political leaders. As a proud Canadian I am disheartened to know that there has been a massive sell off of our Canadian businesses.
As a proud Canadian I am worried about the loss of democracy when blacked out documents are considered the norm and proroguing the government is called for reasons less than stellar.
As a proud Canadian, I am sorry for the number of other proud Canadians who have worked their entire lives trying to accumulate enough wealth to be self sufficient in their "golden years" so that they and I do NOT have to rely on our government for monies that can be used for the very less fortunate. On October 2006, after lying directly to the Canadian people regarding income trusts, the Conservative government has destroyed the savings of thousands of would be independent retirees.
As a proud Canadian I am asking the government to consider the "Marshall Plan" as a viable solution for any Canadian trying to fund their own retirements.
(106) As a concerned Canadian I call upon you to ensure the Marshall Savings Plan is implemented in the upcoming 2010 budget.
(107) This is an intelligent win/win bill. Pass it ASAP or there will be no trusts left.
(108) Please implement the Marshall Savings Plan in the March budget. The loss of distributions to me from the trusts I hold has been very significant. As a 73-year old senior I counted on the income from my trusts to help give me a comfortable income. The provisions of the Plan are reasonable and I urge you to give them your earnest attention. There is ample evidence the changes to the trusts have been harmful as well as with ramifications not considered by the government.
(109) This is one way to atone for the broken promise!
(110) Help Canadians without pensions and preserve the means to a decent retirement income and standard of living. Promote saving and investment in Canada by Canadians
(111) The Marshall Plan implemented would help to reverse the effects of very bad financial policies and help Harper and Flaherty regain the trust and votes of thousands of Canadians devistated by the flip-flop. Implementing a policy to help mitigate the damage would demonstrate some understanding of and concern for what the Harper flip-flop did to income trust investers who took him at his pre-election word.
(112) : Please note that my husband and I feel this is a very important issue and with todays economy and the fact that other countries are taking over some of our companies (one of the ones we held was rencently taken over by a Korean company) Mr. Harper needs to do something so we are sending our comments as noted below.
(113) I support the Marshall Plan or a similar initiative to help protect what is left of my retirement savings. I took a large and needless hit in October 2006, and my portfolio has not recovered and probably never will.
(114) Here is an opportunity for the Conservative Party Of Canada to redeem it's sad reputation in the minds and hearts of hundreds of thousands of disillusioned Canadians by adopting the Marshall Plan in the next Budget.
(115) Please implement the Marshall Savings Plan and resolve Jim Flaherty's income trust fiasco!
(116) I still believe that the cancellation of the Trust Units was STUPID. It was based on bad arithmetic and WORSE, it has the unintended consequence that the companies are being bought by foreigners as they revert I therefore still believe you should admit your mistake and cancel the regulation In the meantime I would like to add my name in support of the Marshall savings plan
(117) Flaherty has put me in the dog house. I'll remember.
(118) Dear Conservative Party members and leader,Please respect your election promise, and maintain income trusts units as taxable income on a level playing field.
(119) The RRSP/RRIF is a waste of money. I am 72, and after the law implemented by our...'beloved finance minister', every single penny that I am forced to remove from it is used to pay taxes. So far, I could not use a single dollar to support myself. On top of that, I cannot claim the huge capital losses that our.. 'BFM' caused me with is income trusts fiasco. If I was going to do it again I would not contribute a penny to my RRSP. To pay much much more later ???? Ridicolous!!! Better to keep the money under a mattress rather than be destroyed, in one day, by our... 'financial experts'.
(120) The Marshall Savings Plan has merit and should form a part of the upcoming budget. It is a way for the government to raise taxes while benefiting most Canadians. In addition it will improve access to capital for existing income trusts which leads to increased investment and JOBS!
(121) Please stop the erosion of our retirement funds by double taxing income trust distributions in my RRSP. Taxation must reflect basic fairness.
(122) I've worked hard for a lifetime and saved to provide for my own retirement. I've been comfortable with the risk of the market as it could mostly be understood. The one risk that proved to be not understandable was the cavalier attitude of my own government that wiped out a big part of my self built pension. If this proposed plan will help to right a terrible wrong then I;m for it.
(123) The Marshall Plan is the ideal solution to improving government tax revenues and at the same time correcting the horrendous decision made by the Conservative and New Democratic Parties to kill Income Trusts (for the benefit only of corporate exectutives and the life insurance industry).
(124) Please consider implementing the Marshall Savings Plan as a compromise to the new income trusts tax. This is a win win situation for us all. Please read Income trust fix: the Marshall Plan - Diane Francis, The National Post
http://tinyurl.com/dianefrancis
(125) Please implement the Marshall plan to reverse an error that shouldn't have been made. People relied on the previous assurances that Income Trusts would not be touched.
(126) he devastating effect of the "about face" on tax regarding the Income Trusts on Canadians and their retirement could be offset somewhat by considering the Marshall plan. If their is anyone in the Harper Government with any empathy AT ALL, please consider this option.
(127) As a retired person I was more than disappointed with Jim Flatery's decision on income trusts. As a result, I lost approximatley 30% of my entire retirement income. I am now really feeling the effects of this and could be living a dramatically different life that I am now. I hope that Jim Flatery, due to future policy changes, feels the same effects in his retirement years – although I doubt it – politicians always come out ahead.
(128) Please help the seniors maintain their RRIF accounts holding income trusts, we don'twant to be a burden on society, help us to maintain our independence.
(129) lease implement the Marshall Savings Plan solution to Canadas deficit crisis and pension crisis and help the 75% of Canadians without pensions and preserve the means to a decent retirement income and standard of living
(130) My wife and I have lost over $ 100,000.00 dollars of hard earned savings that we thought would be there for our future retirement.We have saved since I was 22 and my wife was 18. Where has our retirement nestegg gone ??
Now our retirement date has been moved substantially and not because of a bad decision on our part, but because of the hypocrisy of our elected Federal Party. Whenever we think and talk about how Government policy has effected us, we feel sick to our stomach. I'm sure that the Federal Government does not give TWO HOOTS about us, but it should. We elected you and I pray not again. The Electorate deserves better ! Accept the fact that your policy change was wrong and immoral and reverse this bad situation and RETURN OUR MONEY !
(131) Please implement the Marshall Savings Plan solution to Canadas deficit crisis and pension crisis. It is time to stop screwing Semi retireds and Pensioners. Time for the lies from Harper and Flathead to stop
(132) Please do the right thing and restore the rights of ordinary Canadians to own income trusts. Do not allow your party and its policies to be held hostage by insurance companies and foreign private equity. FYI, the baby boomers represent a ticking time bomb set to explode upon the Canada Pension Plan. By killing income trusts, the Conservative Party, the Finance Dept and the beneficiaries of this policy, namely the big Lifeco's and foreign private equity, have removed a source of independent, taxable income and made the coming situation far worse. I personally am sick and tired of foreign companies taking over profitable Canadian companies. I am also sick and tired of the way that despite the attempt through restricted political donations to curtail undue influence on government policy by the wealthy few, that pernicious influence continues to operate. That's not democratic. The Marshall Plan is a win-win solution: for ordinary Canadians, for seniors, and for Revenue Canada. Again, I urge you to do the right thing. My vote, whenever the next election is held, is going to depend on your party's leadership and integrity in this matter.
(133) #### Please implement the Marshall Savings Plan solution to Canadas deficit crisis and pension crisis ####
(134) Mr. Flaherty, I want my $16000 loss returned to my RRSP
(135) Jim: Your tax leakage argument is a fraud and you know it is a fraud in the very same way that I ran a ponzi scheme. Your fraud of investors losing $35 billion based on that tax leakage lie is the same of my defrauding people of abut $60 billion in their retirement savings I sure wished that I had a "Marshall Plan" to save me from this 150 year prison sentence. My advice: Take the Marshall Plan and pretend it was your idea from the outset before Ignatieff claims all the credit for fixing your gawd-awful mess. Telling that little white lie, about the Marshall Plan being your idea, will be a cake walk for you, after all you were the guy who "almost" got away with the tax leakage lie. Emphasis on "almost". Your partner in crime, Bernie Madoff
(136) have not forgotton or will I ever forget the flip flop by Harper regarding the trust mess.
(137) Having tried to provide for my retirement, I invested a large proportion of my moderate RSP in income trust units and have seen a substantial lost in value, not by poor investment but by the Government decision to change the rules.
It is the fact that there is no such loss and that, for whatever reason, incorrect assumptions have been provided to support the rule changes. I feel that an admission of error should be made or at least the suggested "Marshall savings plan" be introduced to mitigate my losses and help me in my retirement.
(138) By chopping off my planned means of income, as well as redirecting the plans of our Canadian income trusts, I also like so many retirees, have had to invest in riskier equities to try to maintain my retirement income.
If the Conservatives did not want proliferation of trusts, the simplest and logical solution would have been a grandfathering clause. I strongly feel the Government has no business in affecting the equities market as they did. Consider how our friends to our south can almost manipulate the markets at will. I had been a conservative supporter, but am no longer. I AM IN FAVOUR OF IMPLEMENTING THE MARSHALL SAVINGS PLAN IN THE UPCOMING 2010 FEDERAL BUDGET
(139) For those of us that saved and invested and believed in the government's commitments, the income trust fiasco is devastating! The Conservatives must reverse course or find something like the Marshall Plan to prevent stable retirements from regressing into a total fiscal mess for individual retirees.
(140) It is important for me, as well as other investors, especially in my age group, ie Boomer, that our pension plans not be damaged by overtaxation. There are far too many older Canadians with no company employee or governmant employee pension plan. It is vitally important to implement a plan that will, at the very least, avoid punitive taxation which will inevitably reduce our standard of living in retirement. We just want to be treated fairly.
(141) As a self employed person with no pension plan I invested in income trusts. I bought them over the years with the hope of retiring with a small income only to have the rules changed with out notice .This was almost unbelieveable. Now would be a good time to correct this and save face before it`s to late, then maybe we can still stay retired with a liveable income rather than depending on a government supplement.
(142) Here is your one last chance to make ammends for the injustice done to income trust investors. Adopt the Marshall Plan.
(143) Please ,please give us old timers a break with the Unit Trusts. They constitute 95% of my retirement income. I was self employed.
(144) I lost over $200000.00 as a result of Mr. Flaherty and Mr. Harper, decision to tax income trusts after telling the public before the election that they would not tax income trusts. (LIE) As a retired person I will never consider voting conservative until this issue is rectified. This has not only affected my wifes and my income, but it limits those extras you want to spend on your grand children. To stimulate an economy it is best to put cash in the hands of the public especially seniors. I find that we have less available cash for the numerous charities we once supported.
(145) PLEASE GIVE THIS SERIOUS CONSIDERATION. IT IS VERY IMPORTANT.
(146) am a retired person and depend on additional income.
(147) Stop the double taxation of Trusts held within RRSP accounts!!!
(148) Please implement the Marshall Savings Plan, S.O.S.
(149) would ask that you adopt this plan into the upcoming budget. We were lied to by our Primeminister.The double tax on our RRSP savings ia an onerous burden to me,a retiree.This plan would be a win win for all. Thank you....
(150) As an unemployed Petroleum Engineer since November 2006, I am a statistic that falls through ALL the cracks. Prior to the Conservative Tax Fairness Plan of October 31, 2006, I consulted to Energy Trusts specifically for 10 years.
With destruction of Energy Trusts I, like many of my colleagues, were the first casualities of the Conservative Tax Fairness Plan. I am 60 years old with 30 years experience in the oilpatch - my career future and purpose have been eliminated.
Believing Mr. Harper's 2005 promise not to attack Income Trusts if he became Prime Minister, much of my 25 years of RRSP savings were allocated in 2006 to Trusts to carry me through retirement - SURPRISE ADMISSION - unlike an Employee, Consultants do not benefit from a Severance Package, a Pension or Employment Insurance. Forgive me for questioning the Government's ethics, BUT how could ANY Conservative agree to double taxation of Trusts within RRSPs and maintain empathy or conscience? Reverse this Tax Unfairness Plan and restore honour and credibility to Government.
(151) Mr. Flahert's betrayal in OCtober , 2006 has cost my husband and I lost thousands of dollars that we can ill afford. Although the Marshall Plan will not recoup them all it will surely help us out a lot. Please give this plan some serious thought!
Thank-you,
(152) I concur with this proposal. Regards
(153) A terrible injustice has been committed with the broken promise by the Prime Minister. He promised unequivocally, to leave trusts intact because of their importance to small investors and retirees. Then without proper research or consultation, Harper broke his promise and stole 35 billion investment dollars from Canadians just like me.
(154) I agree with The Marshall Savings Plan and should be incorporated, also should consider a rebate of the money [approximately $35 billion] taken away from investors due to the faulty government imposition on Income Trusts on October/2006.
(155) enough with the taxes....
(156) Mr. Flahert's betrayal in OCtober , 2006 has cost my wife and I thousands of dollars that we can ill afford. Although the Marshall Plan will not recoup them all it will surely help us out a lot. Please give this plan some serious thought! Thank-you,
(157) I could paste a lot of boiler-plate here but I'm sure you're familiar with it all. You know it's all true, whether you want to admit it or not. This is your chance to save (some) face. Do it. You can't stay away from the voters forever.
(158) To Whom It May Concern Senior citizens, who are most vulnerable due to a reduced income stream, were punished severely by the federal Conservatives strategy to tax income trusts after indicating otherwise during the election campaign
I believe that not only should ITs held in RRSPs be taxed more fairly, but that income distributions from ITs held outside RRSPs should be taxed at a reduced rate if held by seniors to compensate for the huge capital loss received on their investments
Politicians should operate under the same rules as taxpayers and have their gold plated entitlements eliminated. They would then have a clearer picture of how the citizenry has to manage retirement funds
(151) My RRSP supports my cost of living on a regular basis. Also, I hold Income Trusts which pay the much needed dividends. The Marshall Plan is needed to protect my income from double taxation. I call upon you to support the Marshall plan in the upcoming 2010 Budget. Don't disappoint us again.
(152) My RRSP supports my cost of living on a regular basis. Also, I hold Income Trusts which pay the much needed dividends. The Marshall Plan is needed to protect my income from double taxation. I call upon you to support the Marshall plan in the upcoming 2010 Budget. Don't disappoint us again.
(153) My wife and I planned on our RRSP's to fund our retirement. Our RRSP investments were selected from the energy and pipeline income trusts, which have provided us with a decent return on our capital for over 12 years now. And which we were counting on to continue for the duration of our retirement. Never mind the $330,000 loss of capital we suffered as a result of the Harper/Flaherty Tax Fairness Plan announcement on October 31, 2006. Our major concern now is being to retain income trusts and the return they generate for our RRSP/RRIF portfolio. The Marshall Plan will do that.
(154) As with many Canadians, I was holding (and continue to hold) a number of Income Trusts and believed the Conservatives when they told us that they would NOT increase taxes on Income Trusts as they campaigned for seats in Government.
This latest proposal will not repeal the damage that has been done to so many of us retirees, but would at least provide a measure of relief for those of us still holding Income Trusts in our RRSP.
I highly recommend the implementation of the attached proposal. As a concerned Canadian I call upon you to ensure the Marshall Savings Plan is implemented in the upcoming 2010 budget. Diane Francis (Editor, Financial Post) considers the Marshall Savings Plan a "brilliant" solution.
(155) In this economic downturn we can ill afford to destroy a sector of the economy. I suggest it would be to the benefit of all Canadians if the Conservative party took a step back from their ill informed decsion to eliminate the Tursts.
(156) I would be very surprised if the smug Mr. Flaherty would admit that anyone could come up with a better idea than he. Best of luck to all.
(157) As a Canadian, who is also a senior, and whose RRSP helps support my standard of living, I call upon you to ensure the Marshall Plan is implemented in the upcoming budget. On many occasions I have heard Finance Minister Flaherty talk about tax fairness and so I am assuming he would be concerned about the senior population in Canada who hold income trusts in their RRSP accounts. Double taxation would seem to be unfair, illegal and immoral.
(158) We elect MP to represent our interests at the national level - NOT to ignore our interests in favour of policies that only benefit financial institutions and traders.
For many Canadians, especially retirees, income trusts have provided a reliable supplemental income. The Income Trusts model also promoted Canadian ownership of corporation operating in Canada. Why is this Conservative government in such a such a rush to sell any profitable company to foreign owned interests? Witness what has happen to the mining industry and is only beginning in the oil patch. The widely held ownership of trust units would effectively stopped these harmful takeover.
(159) What happened to the "accountability" Harper stressed when he wanted us to cast our vote for him? He stipulated that he would not touch the income trusts and we believed him. This man has cost me thousands of dollars but at least I have the small satisfaction of knowing that I didn't vote for him in the first place. Perhaps he could actually read the Marshal Plan before making a decision unlike what he and his so called "Finance Department" did for the income trust plan.
(160) he Income Trust controversy need not have happened. The concerns re:tax leakage (which did not exist) could have been eliminated simply by grandfathering existing trusts for ten years and denying additional monies from being adding to the existing ones. Since that opportunity has been lost the "Marshal Savings Plan" is a solution that should not be lost. I call upon M.P.'s of all political parties to support this potential solution which would be a godsend to many senior and retired citizens and relieve the stress that has been placed on them. It would, in the long run, also contribute to economic activity in Canada.
(161) Preserve income trusts as an essential "profit sharing" investment choice for ALL Canadians. Create a massive new stream of cash tax revenue for the government ($6 Billion per year). Provide a new source of revenue equal to 0.75% GST increase, but with no GST increase required. Help the 75% of Canadians without pensions and preserve the means to a decent retirement income and standard of living. Halt the continued rash of takeovers of vulnerable income trusts (eg. state-owned Abu Dhabi Energy acquiring Prime West etc). Restore a level playing field between the 75% of Canadians without pensions (RRSPs) and the 25% of Canadians with pensions. Promote saving and investment in Canada by Canadians. Direct the vast pool of Canadians retirement savings into real investment in the Canadian economy
(162) I strongly urge the federal government to take the steps necessary to minimize the tax bite as it relates to income trusts and RRSPs. Canadians have a difficult enough time trying to attain financial security in their old age. Most of do not have the gold plated pensions that government workers, large corporate employees, and MPs have.
(163) The Conservative Party of Canada owes it to the retirees of our country to correct the iniquities of the Income Trust tax issue and the Marshal Plan seems like an excellent way to go about it. This should be adopted immediately .
(164) Canadians want to invest in Canada, but the double-taxation of RRSPs via the Flaherty tax on income trusts and in other ways impedes Canadians from investing in Canada to save for their future.
(165) I'm a retiree that still have investment in Income Trust, since I don't have revenues from a pension plan I though that this was a great way to supplement my regular revenues such as CPP & OAS. Please included the Marshall Plan into the next Federal Budget, what a brilliant idea it is! That would make the Income Trust sustainnable to both the Goverment and the investors,and prevent whatever Income Trusts that are still operating to either convert to corporation or be taken over by foreighers. Let keep our companies to Canadian! Respectfully submitted.
(166) The announcement of the change in tax policy on income trusts has cost me over $150,000 because I believed the Prime Minister's promise that he would not do so. The Marshall Plan would provide a chance for correcting this egregious lie.
(167) please help to fix the fiasco caused by your income trust legislation
(168) I and many of my friends are very concerned that as retirees without formal pension plans we will have no alternative for holding our life savings in investments that are designed to produce a steady stream of income. I am not saying that all investments should have this objective, but it is reasonable to have a portion of the equity market fall into this category, so that all Canadians are given access to income and security in their retirement years. Regular Canadians want to be on a level playing field with pensioners with formal pension plans or with private equity that can structure ownership in a way to be tax effective. Pension plans do not have to pay tax on earnings, they are taxed in the hands of the pensioners when they receive payment. Why should income trusts be treated any differently. Companies should be able to choose whether their operation is a stable cash generating business for the benefit of their shareholders or whether they are a growth company. This decision should not be forced on them by the government and government should not be able to tax companies and citizens both on the earnings from operations and from withdrawals from RRSPs. The Marshal Plan seems to be a reasonable approach in the near term to address these issues. Please consider this or something with a similar result for the sake of your retired constituents who require investment income.
(169) You need to implement this plan as you have already destroyed hundreds of thousands of dollars of my retirement plan by the 2006 income trust rules. Now is the time to make up for those bad decisions.
(170) The Flaherty policy was not only grossly unfair to people like me, it was based on a grossly nonsensical theory (tax leakage). I can think of only one reason why the Harper Government has not already reconsidered it - the prospect of Jim Flaherty getting egg on his face.
(171) As a semi-retired person, 70% of my income currently comes from the distributions of income trusts. If these stop, I will become a Wallmart Greeter. If they continue, I will NOT collect old age supplement. In fact, part of my Pension may be clawed back. That's OK, at least I will have an income to enjoy my retirement years. If all of the trusts convert to corporations, and distributions have been cut (one of my trusts converted, and I received 1/4th the amount as a dividend as a distribution) then I will be a far greater burden to the Canadian Pension system. Thanks for considering this brilliant plan, the Marshall Savings Plan.
(172) WE lost $200,000 in the Halloween ambush. I demand that the gov't adopt a mechanism to allow my one man independent pension--ie, my RRSP to have the same advantages that large private and public pensions have. Low paying bonds are inadequate and corporations do not allow me to benefit from the dividend tax credit. I do not see why a system such as the Marshall plan or a variation where corps issue dual class flow throught shares-if held in registered accounts are not subject to tax until withdrawn. Income splitting for pensioners is a great idea, but doesn't apply to me!!! Why not??? I don't have a "classic pension". Income splitting only helps 25% of Canadians--public employees and large corporation employees. Don't you know this?? Get with the program and try helping the majority of Canadians. I demand tax fairness. The income trust model is ideal for RRSP's--allowed to grow tax free similar to returns that large pensions can get.
(173) I am still appalled by Mr. Harper's and Mr. Flaherty's decision to break a pre-election promise not to tax income trusts. I am a retired senior with no pension (other than CPP), and must 'make my own pension'. I bought into an income trust in the mid-'90's, with the full encouragement of the Government of Canada, who then changed the rules in an ill thought out move to solve a 'tax leakage' problem that easily could have been dealt with without destroying my income trust portfolio, while still keeping the 'foreign takeover' specialists from moving Canadian assets out of the reach of the Canadian tax collection system.
I fully support the Marshall Savings Plan to avoid a ridiculous double taxation of income trust assets held in registered accounts. I will fully support any political candidate or party that attempts to correct the income trust problem created by the first Harper minority government. I will fully support any legitimate attempt to compensate in some way those individual Canadian income trust holders - Canadian taxpayers who were effectively betrayed by the Government of Canada, the Harper government.
(174) As a retired person who operated my own business the Income Trusts were a major part of my investment plan and, in turn, retirement income. After the announcemnt of the Flaherty Income Trust Policy I felt as if I had been hit in the solar plexus. To help restore the pensions of myself and millions of others I urge the Government to adopt the Marshall Savings Plan which will:
(175) have been infuriated for nearly four years as a result of the october 2006 income trust fiasco .The frustration is compounded by the fact that Stephen Harper promised us ( on record) that this would never happen on his watch .Everyone ,except Canadian seniors that have income trusts in their portfolios, get ofsetting tax breaks to eliminate the double taxation . Can you imagine the uproar if the 30% of Canadians that have private or government pensions had their pensions reduced by a like amount . the country would probably come to a standstil . The Marshall plan is brilliant ----do it .
(176) Please implement the Marshall Saving plan solution to canadas defecit and pension crisis
(177) The taxes imposed on Income Trusts have eroded my RRSP savings and my non registered savings by $200,000. I followed all the rules, listened to govt. advice, professional brokers advice, and worked for 40 years in Canada. I feel that the Federal Govt. has let me down along with tens of thousands of other retired people in Canada. Us retired people helped make Canada a great nation, but we have been poorly dealt with by our governments, especially the federal government, and especally the Conservative Party under Harper. I have no confidence in the Harper Govt. and especially no confidence in Flaherty. Do you think I could vote for this party? It`s getting very difficult in Canada for retired business people especially, to find any satisfaction in voting at all. I sincerely feel that the interests of the people of Canada over the past 3 or 4 decades have not been satisfactorily represented by their federal governments. Part of this problem I feel is not only caused by the division of language and cultures, but also by geographical divisons.
(178) PLEASE IMPLEMENT THE MARSHALL SAVINGs PLAN. As a concerned Canadian I call upon you to ensure the Marshall Savings Plan is implemented in the upcoming 2010 budget. Diane Francis (Editor, Financial Post) considers the Marshall Savings Plan a "brilliant"
(179) I hope that the government will accept this new plan for income trusts. Small investors/pensioners like myself have been/will be hurt if nothing is done. This new plan looks like a win-win situation for both us beleagured tax payers and the government. I am conservative by nature but feel that Jim Flaherty and the conservative government have betrayed me. I know the government won't back down because governments never do even when they know they are wrong, but at least it would be honorable to implement this compromise.
(180) Here is the answer to all the unforseen problems which have been created by the taxing proposal for income trusts. it eliminates the unfair and unacceptable double taxation applied to income trusts which should be given every advatage possible. It is well known that Canadains are not well prepared for retirement, why shuold those who areattempting to provide for tehir retirement be double taxed as is the present case. Please give careful consideration to this Marshall Savings Plan Solution.
(181) If you implement this plan I will consider voting for your party. If you do not take some action to correct the "income trust situation" you will never get my vote.
(182) Do not tax Income Trust unit holders twice to the tune of 62%. Thanks again.
(183) The this income trust fiasco personally cost us $80,000 in a matter of days from which we can never recover. Income trust were the main source of our income after retirement and the stupid implymentation of the the tax has cost us many nights of lost sleep and continues to do so.
(184) All Canadians should be treated equally under the Law. Preferential treatment should not be given to the wealthy and members of the Public Sector.
(185) While all of the suggestions I have put forward to the Finance Minister and my local MP have fallen on deaf-ears, I believe The Marshall Plan suggestions also go at least part way towards recovereng the substantial losses I have suffered to my retirement income due to the Income Trust legislation. The suggestion(s) warrants your full consideration, and implimentation which will at least assist in restoring my, and thousands of Other's, retiremnt income.
(186) As a concerned Canadian I call upon you to ensure the Marshall Savings Plan is implemented in the upcoming 2010 budget. Diane Francis (Editor, Financial Post) considers the Marshall Savings Plan a "brilliant" solution.
(187) This will help Canadians without pensions and make it fair with the Canadians who have pensions. It will also promote savings and more investment in Canada by Canadians. Please make this right! Thanks
(188) Please do right and make ammends for your broken election promise regarding income trusts. The Marshall Plan is the most straight forward and sensible way of accomplishing this. Income Trusts are still the number one hot topic issue and will not go away until repairations are made. Thanks,
(189) I urgently implore you to correct the serious problem of double taxation of income trust distributions received in RRSP's. It's a simple matter of fairness
(190) Please implement the Marshall Savings Plan solution!!! Ever since the Income Trust fiasco I have had no respect or trust towards Stephen Harper and his Conservative Government. This was handled so poorly and without proper research and knowledge. The costs to Canadians far outweigh the gains. It is criminal that the government has continued to hide the true facts from Canadians!!! And to think Harper in an economist!!! Time to TAKE RESPONSIBILITY and make some proper choices. Do what is RIGHT! This is not about your EGO's. Time to get them in check!
(191) Please fix this mess.
(192) Nobody complained about a 7% GST. Reducing it, made some political sense initially, but was plainly a dumb move. What is so wrong with being taxed on your spending? Strike one!
Harper lied about not touching Income Trusts and many people that were counting on Income Trusts for their retirement lost a lot of money as a result of Flaherty's Halloween "joke". My family lost at least $75,000 plus a reduction in monthly distributions as a result. Strike two! Here appears to be an opportunity to somewhat correct the Income Trust Debacle. Do something soon, otherwise it will be strike three for me (currently still a contributing Conservative). Thank you,
(193) I was waiting for two years now to vote again against the Conservative Party. The Flaherty mess will be devastating for my retirement income. But if the Marshall Plan is implemented I will reconsider my vote.
(194) I would like to know why you continue to insist that there is tax leakage on Income Trusts? Why did you black out most of the report? Would you accept my income tax returns this way? Why should I trust you ever again when you did an about face on your commitment not to tax Income Trusts? Don't you realize that you will eventually tax the proceeds from my RRSP? Why do you now want to double tax me? What you have done is grossly unfair to ALL Canadian taxpayers who, unlike you, have no defined pension plans.
(195) Do not tax Income Trusts tax only those that receive the income when they receive it. If you are concerned about loss of tax to forein holders then make the income trusts eligible only for Canadians[foreigners can not own}.
(196) You guys got it all wrong the first time around when Jim Flaherty was masquerading as a finance minister. So now is the time to set the record and the playing on level again.
(197) My retirement incomme plan was devistated because of the changes that were made with regards to Income Trust. In addition my net worth was greatly eroded overnight. Please consider the Marshall Plan as a viable solution.
(198) To write yet another comment on the injustice perpetrated upon Income Trust holders (especially those of us who chose with assurances from the Con. Party of Canada of the safety of trusts in respect to taxation status)for purposes of retirement planning would prove one more lost voice in an increasingly growing crowd. Rather, the comment should address the general untrustworthiness of this Min. of Finance, and THIS PM who stole votes with what turned out to be an empty promise. In reneging on that promise the M of Finance managed to destroy many well planned RRSPs and RRIFs (and so the retirement plans of many thousands of Canadians), while giving many offshore investors a very jaundiced view of the Canadian investment scene where policies appear to change on a whim. It seems a sad comment that we continue to vote for this Party, which punishes its retirees with this sort of fiscal trickery, only because the alternative is even more unpalatable, and seemingly lacking in direction.
I feel like I'm in an abusive relationship, where "Its easier to deal with the devil I know, than the one I don't"!
(199) The difference in my income from the change in income trusts has been considerable as well as my 'nest egg" which will hopefully take care of me until the end. The value of my trust company shares took a big "hit" at the time. My plan has always been to have sufficient funds to look after myself and that plan was working up to the point of the ruling of the trusts. Well now the government can fill the gap and take care of me with tax money
(200) call on you to ensure that the Marshall Plan is implemented in the March 2010 Budget Preserve income trusts as a essential profit sharing plan for all Canadians Help Canadians that have on rrsp income and stop the take over of Canadian companies and Canadins natural ressources. Promote saving and investements in Canada for Canadians by Canadians
Tuesday, January 26, 2010
200 reasons to adopt the Marshall Savings Plan solution
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2 comments:
Woweeeeeeeee , what a response.
Well done everyone.
The ball now shifts to the court of the MPs---I hope they remember that they work for us & not for the party or their masters , big business.
Dr Mike Popovich
Don't worry Mike, no MP reads this nonsense.
I wonder when Brent is going to give us 200 reasons why the electorate voted for Jim Flaherty over him. Fullard calls Flaherty an incompetent, so what does that make Fullard given those results?
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