(201) Aurora Comments: I support the Marshall plan. The political party that endorses it will receive my vote next election.
(202) Fort Frances Comments **: As Harper advisor Tom Flanagan said, It doesn't have to be the truth, it just has to plausible. In other words, in Conservative minds, it's OK to NOT tell the truth if it SOUNDS like you are telling the truth...it's OK for Conservatives to Lie, Conceal and Fabricate provided it sounds like they are telling the truth. Regarding the highly unfair tax on Income Trust BUSINESSES...this is exactly what the Harper Conservatives did. Fabricated a story that Income Trust BUSINESSES and their owners cause tax leakage. To date they have not shown proof that tax leakage actually exists. But gullible politicians, media and citizens have been duped-blindly believing the Gov't in this matter because the Cons made it SOUND plausible. As a result of this fabrication, and a media unwilling to dig for the truth, everyday Canadians and Seniors have lost $BILLIONS of dollars in investment capital and income.The Harper Conservatives live by the Flanagan mantra, not only regarding Income Trust BUSINESSES but just about everything they touch. Time for them to go before they do any more harm to those who once trusted them. Time for the Marshal Plan.
(203) Stratford Comments: It is my belief that income trusts offered a solution to many of todays economic problems.They were the only investment the little guy could make where his investment income exceded his mortgage interest rate,
Business were rewarded for being efficent instead of being taxed(read fined, handicapped)for showing a profit. Unit holders rewarded the winning companies by buying more of their units thereby enabling them to buy out their weaker sisters, by contrast CRA takes money from the winners and gives it to the loosers to help them stay in business thus fostering medicoracy and incompatence.
Income tax is impractical, business is obligated (forced in order to preserve capital) to make unwise investment decisions to minimize the tax burden (eg buy new machinery when the old is still efficient) just to lower the tax burden and preserve capital thereby increasing their cost of production and decreasing the ability to compete in world markets.A worker owning income trust units is similar to one being self employed, he has every incentive to succceed where one who is just an employee sees how the harder he works the more profit the company earns and gets to keep versus all the profit being paid to the unit holder thereby avoiding the adversarial conflict of them versus us that is so costly for both worker and employer and moal destroying.
Would allow a factory worker the same same as a self employed person is to be rewarded for his or her productivity rather than the amount of time spent on the job resulting in an infinite expansion of production and competativenes over all nations as in hockey.
(204) Uxbridge Comments : I have no company or government pension. Federal government workers and MP's have a rich pension which guarantees a certain payout. I have to make my own retirement income. I was starting to get significant income from income trusts. Your tax changes have destroyed the value of my income trusts. Please implement this Marshall Plan to help me recover some value from my investment.
Yours truly,
(205) Calgary Comments: We think that the Marshall Savings Plan is an excellent idea and should be implemented by the Federal Government to help RRSP holders like ourselves who feel double crossed by Stephen Harper. We have no company pensions and as small business owners (retired) are totally on our own. Because we believed and trusted Stephen Harper we added to our Trust holdings after his assurance that he would not mess with Trusts, and the rest is history.
We also feel strongly that something should be done to help people like us who also hold Trusts in regular non RRSP accounts. We worked and saved for over fourty years only to lose a substantial percentage of our savings as a result of the Trust decision.
(206) Calgary Comments: Please implement the Marshall Savings Plan solution
(207) Holden Comments: Please consider doing something about the Income Trusts. I am a recently retired person, who thought I would be ok in retirement because I had saved over the years, and had some of my investments in Income Trusts. It would help my peace of mind if we could still do something about this situation. Thank you
(208) wpg. Comments: income trust disaster must be fixed...retires depend on this to supplement income and put children through university..married late!!please install marshall plan or better thanks
(209) Victoria Comments: The trust debacle was a disaster,go for the Marshall Plan
(210) WINNIPEG Comments: PRESERVE THE INCOME TRUST INVESTMENT OPTION.OIL AND GAS TRUSTS ENCOURAGE FULL RECOVERY OF LONG TERM RESERVOIRS. SENIORS AND PENSIONS ARE HURT BY LOSS OF INCOME TRUST INVESTMENT OPTION .HIGHYIELD INVESTMENTS NEEDED FOR RETIREMENT INCOME.
(211) NIAGARA FALLS Comments **: DON'T FORGET THAT THE GOVERNMENT APPROVED TRUST IN THE FIRST PLACE; PROMISED NOT TO TAX THEM AND THEN CHANGED THE RULES OF THE BALL GAME AFTER THE GAME HAD STARTED.
PROMISING NOT TO TAX TRUST; LED ME TO PURCHASE 10,000 MORE UNITS AND THEN OUR FAMILY NET WORTH FELL BY $ 115,000.OO WHEN THE ANNOUNCEMENT TO TAX TRUST WAS MADE.THE HURT IS FAR REACHING AND WE AS A FAMILY MAY NEVER RECOUP THE LOSSES. PLEASE DO WHAT IS RIGHT AND REVERSE THE DECISION TO TAX TRUSTS.
(212) Vancouver Comments: my husband and I think the Marshall plan is a good idea,When Flaherty made his Halloween decission to tamper with the trusts,it played havoc with our monthly income.
(213) Kelowna Comments: You are doing good work, we supported you in your bid to gain the Oshawa Whitby Riding but from results of the returns it did not indicate that there is any will of the Majority to corrct the mistake that was made. Mark Carney, Jim Flaherty and our prime minister should be discharged for all of the mistakes that you have enumerated. These people lack the basic economic knowledge that these positions require and they along with Jack Mintz should be discarded. The fact that our prime minister is from Calgary may abate the storm somewhat from the Trusts because of retailation. Thank you.
(214) Comments: Please implement the Marshall Savings Plan solution
(215) walker ontario Comments: Please implement the Marshall Savings plan solution to the deficit crisis and pension crisis in Canada
(216) vancouver Comments: 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.
(217) Drayton Valley Comments: i want my money back
(218) markham Comments: I am in my mid fifties and was advised to invest in energy income trusts in 2003 through my RRSP. From 2003 to halloween of 2006 my investments performed extremely well, providing a significant return that was re-invested in the trusts. As a result of poor advice from the civil service, a distorted report by a renowned economist and a stubborn Minister of Finance, my trust investments tanked. Some of the companies i invested in have been sold to foreign companies who don't pay taxes in canada anyway-no tax "leakage" there-no taxes at all for Canada. I continue to hold others in the hope that they will turn into dividend paying corporations. I have read an summary of the "marshall plan" and would like to express my support for it. thank you
(219) Milford Bay Comments: With the current addition to taxation because of the onset of the HST seniors need all the help they can get. The HST increase is going to hit the poorest among us, therefore, enabling seniors to help out the younger members of the family, who are cash-strapped, and perhaps out of a job would go a long way to ensuring social stability in Canada. By the way, are we currently paying the Prime Minister and all our MP's while they are on a 90-day holiday. In private business you wouldn't have a chance to get away with closing the doors, and staying employed. I think the salary for all Cabinet Ministers, MP's,and the PM, as well as civil servants should be put in limbo when Parliament is prorogued. What fools we are. We resent people going on 'strike' yet not a whimper is heard when gov't shuts down. Aside from the fact that nothing is being done for those who are unemplyed, we continue to pay our taxes to a government who is doing nothing.
(220) Invermere Comments: I will not vote for the Conservatives until Mr Jim Flaherty' s income trust policy fiasco is fixed.
(221) Calgary Comments : What more need be said on this matter that has not already been said. I thought the conservative goverment could be trusted but apparently not. The next election will tell the tale.
(222) Duncan BC Comments: And take the money creation powers and national debt back from the chartered banks to the Bank of Canada as the Liberals did in 1938!!
(223) Toronto Comments: "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. Diane Francis (Editor, Financial Post) considers the Marshall Savings Plan a "brilliant" solution.
(224) Calgary Comments: As a retired senior with the majority of my investments in income trusts,as I need the income to exist, I have suffered from your broken promises and now if I am taxed double on my RRSP investments it with be no surprise if in the future I will be looking for government handouts.
(225) Collingwood Comments **: The Marshall plan is a good one.The Harper government can save face & votes along with some credibility.The negative part would be that Flaherty would come out of this smelling like a rose.
(226) Calgary Comments: Time's up, Let's get on with implementing the Marshall Savings Plan...the most reasonable, objective, and all encompassing alternative to date which addresses each/every issue relating to tax leakage boondogle while letting the Government I voted for off the hook. You have to wonder just how the Marshalls came up with a workable solution where the Government(along with the support of the Leighton bunch) failed miserably.
(227) Toronto Comments: The combination of your Oct 31 announcement and the recession suffered in 2008/2009 has decimated the retirement plans of many seniors without pensions. Admittedly some recovery occurred in 2009, but to earn the benefit, one had to refrain from selling into the recession and holding on to investments until the present. Fortunately I did some of both, with the result that I took my lumps on some income trusts that had little chance of recovering and I am still holding those that have recovered somewhat. As a consequence my current income and capital base are significantly reduced and if I sell the worthwhile income trusts I continue to hold, I have few choices in which to invest which will preserve whatever income and cash flow that remains. If income trusts were preserved as contemplated by the Marshall Plan, then I would be better off and the country would still receive the income it also needs. Who are you working for anyway?
(228) Edmonton: The government should reverse the terridble mistake it made to impose an unjutified tax on income trusts. It is having a devistating effect on seniors incomes.
(229) Calgary Comments 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.
(230) Summerside Comments **: The Marshal plan seems like a great idea. Needs to be incorporated in the 2010 budget.
(231) Nanaimo Comments: My wife and I, both retired, consider this plan a viable solution to a very unfair situation. Pls consider it serously...Thank You
(232) London Comments: As a concerned Canadian I call upon you to ensure the Marshall Savings Plan is implemented in the upcoming 2010 budget. I have retired and I hold income trusts in my RRSP account. I feel enraged that RRSP held income trusts will be double taxed. Please help the 75% of Canadians including myself without pensions to preserve the means to a decent retirement income and standard of living. Thank you.
(233) Gabriola Comments: This plan would go some distance to repair the huge financial damage done by our governmant against millions of us!
(234) Burlington Comments: Do you n ot think that you have hit us enough back 2006 with the promise not to touch income trust which Harper said mid October and 2 wks later you cost me thousands of dollars. I do not have a pension plan and as result, you going to make my life very difficult for me in the next few years to maintain my standard of living The answer seems to me to get rid of the Conservatives for ever.
(235) Crabtree Comments : Please : it's a question of survival!!!!!
(236) Victoria Comments: As a Canadian senior who has paid income tax for more than 50 years, I urge the government to rethink its stand on income trusts, and to implement the so-called 'Marshall Savings Plan' in the upcoming 2010 budget. The income trust turn-around was the worst decision ever made by a Canadian government in my lifetime, and that's saying a lot. The stated reason, the tax slippage, was simply not true. I think the decision was made because the government was lobbied by the heads of large corporations, who saw their fiefdoms threatened by the popularity of income trusts. Whatever the reason, it was a bad decision, and something should be done to ameliorate its effects on those Canadians who acted responsibly and saved for their old age.
(237) Sherwood Park Comments **: As a result of your government lying about allowing the income trusts to remain, my portfolio has dropped in value by approx $40K. Once conversion is completed I anticipate a very large drop in my retirement income.
Perhaps if in your wisdom you are unable to retain the status quo then this may be a solution that would assist me as well as restoring my faith in your government.
(238) Halifax Comments: The sooner we can get the Members of Parliament back in the House and have the Marshall Plan immplemented in the 2010 Budget the better for the Canadian Economy.
(239) Calgary Comments: We are appealing to the Harper Government to introduce a new form of retirement savings account in the upcoming 2010 budget that will permit the RSP-held Income Trusts to be moved to a new account and be only taxed once instead of twice as in current pending legislation. Thanks to the Conservative Party our retirement savings were devastated by the Income Trust fiasco which Mr. Harper promised not to implement however as we all know, Mr. Harper went against his word causing a substantial loss to thousands of seniors.
(240) Odessa Comments: It takes a great man to admit a mistake And a greater man to have the courage to rectify that mistake. So Mr Harper & Mr flaherty do you have the courage to make your history great? I'm betting you don't.
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.
(241) Calgary Comments: Please implement the Marshall Savings Plan solution
(242) Port Perry Comments: This is an issue that should have been resolved by Mr Flaherty recinding the the changes that are unfair as they are not "a level playing field" and has resulted in tax leakage and forien ownership. This proposal is an alternative soloution that would be better than nothing. I believe the large pension funds will force Mr Faherty to ignore the Marshall plan. I have no faith in the government I helped to elect.
(243) West Vancouver Comments **: Please implement the Marshall Savings Plan solution
(244) Sechelt Comments: As Seniors neither my wife nor I have extra income to invest in the TFSA, nor indeed the time horizon to take advantage of its tax free benefits. We had prudently been putting money in to RRSP, as neither of us was being feather bedded by union jobs or Government pensions, unlike MP's and others. It seemed prudent to be investing in Income Trusts until Mr. Flaherty jerked the rug out from under our feet to make retirement more of a struggle and to reduce the Government's tax revenue from seniors.
(245) St Catharines Comments **: The Marshall plan sound sensible, well thought out and a benefit to many. A good action plan for the people of Canada. Do it!!!
(246) Calgary Comments: I heartily agree with this plan. GOD only knows how bad THE HALOWEEN fiasco has hurt my income return in our retirement. I have had to start speculating on the market again in hopes of keeping my RRIF withdrawals above the minimum withdrawal level, which for us is now in the 8% area. With the Trust structure we had a chance. Thanks to you people for leading this attempt to return some SANITY to the eyes & ears of those " XXXX " elected morons.
(247) toronto Comments: Hi, i hope teir will be something done about the income trusts such as you suggested.
(248) Burlington Comments **: As concerned Canadian I call upon you to ensure the Marshall Savings Plan is implemented in upcoming 2010 budget. It will preserve income trusts as an essential "profit sharing" investment choice for all Canadians.
(249) Burlington Comments : I consider that the decision to tax Income Trusts is the worst decision made by the Harper Government to date - bar none! As a retired citizen (due to serious illness) I have no opportunity to go back to work to try to recover any of the money lost directly due to that decision - and of course, it's a double taxation hit at the same time as all of our investments are held in our RRSP accounts! Our decision to invest in Income Trusts was directly due to assurances that the program would not be cancelled or significantly changed given by Stephen Harper and the then Governor of the Bank of Canada (we had been hesitating up to that point simply because there had not been a clear and definite assurance from the Government on the program - once we were given that assurance we proceded to invest a substantial portion of our savings in the vehicle). You can imagine the shock we experienced when the "flip-flop" was announced by the Government! Since that decision by the Government, my wife and I have not voted conservative in any election and will continue to maintain that position (as well as doing everything possible to assist the other parties and cost the conservatives as many votes as possible). We will continue those efforts unless and until we see the conservatives recognize the error and either completely retract the legislation OR at least do something to ameliorate the unbelievable tax hit.
The Marshall Plan addresses the issue quite nicely and yet supports the governments need to raise new tax income in order to help return our budgets to balanced or surplus status as quickly as possible without negatively impacting the economy's recovery. I urge serious consideration of the Marshall program, and rapidly pass the solution into legislation. I believe it represents many solid benefits for Canadian citizens, for the Trusts themselves and for the government; as well as for the conservative party and the possibility of them forming a majority government in the forseeable future. Sincerely
(250) Montreal Comments: It is about time the bad policy on double taxation of income trusts in RRSPs is addressed by the government. This plan does it. Implement it!
(251) Milton Comments **: I have lost thousands of dollars of retirement funds as a result of this government's approach to penalize all income trusts. I was never told that income trusts were an unwise or illegal investment until Jim Flaherty suddenly made this clear. Why are the existing income trusts considered illegitimate?
(252 ) Dartmouth Comments: In the interest of fairness in taxation for seniors I support the Marshall Plan. I worked in finance all my life and was shocked to see the income trust policy change made by the Conservative Government in October 2006. If the Prime Minister truly wants a majority government, then this issue has to be addressed.
(253) Calgary Comments : Please implement the Marshall Savings Plan solution; I am a financial advisor and this new tax on trust will and already has hurt many of my senior clients. Please reconsider, many government policies get changed prior to implementation? As the the #'s were blacked out in the Governments disclosure documents on the trust decision, I doubt if any money is being saved with the new tax yet many people have been hurt. My basic logic is that trusts lost $30 billion based on the tax (capital decline in one day) yet the government made their decision on missing $300 to $400 million annually. Based on these numbers, the government lost $4.5 billion in capital tax ( @ 30%) to save say $350 million. Ie) Almost 13 years
of lost tax was lost in one day ?? Makes no sence, this Marshal plan will help you fix your past error
(254) London Comments **: Hopefully Mr. Flaherty has a very guilty conscience and will see this as one way to PARTIALLY rectify the irreversible harm that he has caused.
(255) Carleton Place Comments: I agree, there must be a trust presence on the TSX so that retired people can receive a steady stream of income to augment their retirement pensions.
(256) Calgary Comments: I am a "small" businessman, operatiing a "family" business for over 35 years. The Income Trust investments which I had banked on for my retirement and to afford a sound financial transition of the business to the next generation of my family was effectively "snuffed". The ignorance of a government that can't see beyond their up turned noses is alarming and really makes one wonder what's next (third class country here we come).
(257) Kingston N.S. Comments: Please implement the Marshall Savings Plan solution.
(258) Guelph Comments **: ANYTHING to rescue my RRSP retirement savings is welcomed. It is quite obvious that this Conservative government is not going to do anything to improve our retirement savings and is totally uncaring of seniors and democracy. Single seniors, like me, are especially vulnerable. Mr Harper we seniors have long memories - bring on the next election!
(259) AYR Comments: Please consider this proposal very seriously from those of us on the income trust train wreck!
(260) London Comments: Jim Flaherty lied to all of us. Lets fix this.
(261) Vancouver Comments: We as pensioners do not have a company pension, we depend on our investments i.e trusts which are disappearing.We would like the Marshall plan implemented. The government hirelings that take away our living don't get it,they are assured of a good pension which we as canadians pay them this pension,and yet they and yet they take our living away from us.
(262) Québec Comments Please try to repair the damage you have done to my retirement income and that of thousands of my fellow canadians. Thank you.
(263) Fletcher Comments: I concur
(264) Lumby Comments : Please implement the Marshall Savings plan solution. Restore a level playing field between the 25% of Canadians who have a work pension plan and the 75% of Canadians who have funded their own RRSP's with after tax dollars so they wouldn't have to rely of Government in their old age. Taxing Income Trusts at a high rate hurts us even more and takes away the incentive to save our money for our non working retirement. Preserve income trusts as an investment vehicle for all Canadians to "profit share" in Canadian companys not just the ones who belong to large Pension plans that can buy out the entire income trust. My husband and I have lost a lot of our retirement income because of the decrease in value of our income trusts, therefore the decrease in their profits and their payments to us the shareholders. Therefore we can not spend that income to help the economy. Where are these companys going to raise money? How is Canada protecting our companys when foreign investment is all they can afford to use.The hard working, self supporting people do not have company medical/dental/or retirement plans and now the government hits us again. Many of the income trusts that we owned have been bought out, and these were some of the best which lowered our monthly payments. Please change this.
(265) Toronto Comments: Mr. Flaherty:Adopt the Marshall Plan. Keep your Conservative Government campaign promise. Preserve the Income trust as an essential Profit Sharing choice for Canadians - specially for retired Canadians who are caught in a spiral of increase costs and reduced revenues. Get back to work and do your job.
(266) Maple Ridge Comments: Sir...I voted for you based upon your statements about leaving income trusts as a vehicle in which the average retail investor (voter)could only pay tax once on the distributions. You have reneged on this promise.
Now is the time to come up with a solution to the problem...namely the "Marshall Plan" I will be noting the results and taking it to the ballot box on the next election. Thankyou,
(267) Calgary Comments : I think it's time to accept that Jim Flahertys Trust policy was a mistake, and move on!
(268) Stouffville Comments: The Marshall savings Plan: A majority government is possible. Resistance to a conservative government by people seriously damaged by the trust debacle may change their attitude should this idea be implemented:
(269) Toronto Comments: Less Government and more business and a better avenue for Canadians to save up for retirement.
(270) Pointe-Claire Comments: Please preserve income trusts as an essential "profit sharing" investment choice for us Canadians. I live with a revenu of $15,000 a year including my income trust investments, I cannot handle any more taxes.
(271) Cobourg Comments : As a holder of a number of Income Trusts both inside and outside my RRSP, I strongly support the Marshall Plan as an excellent solution to what is an unfair situation.
(272) Calgary Comments: It's too late for me, the economic crash hurt my finances very badly so I've had to cash in my RRSPs. Including the ones that held my income trust units. I'm 44, a time when I should be saving, but thanks to the Conservative mismanagements, I don't think I'll ever get ahead. But if you can help some of the poor grey hairs out that that were so badly burnt by this fiasco, you may yet get my vote in the next federal election. Mitigating the income trust disaster would be the ONLY thing that could redeem the Conservatives in my eyes.
(273) Cambridge Comments **: I still feel double-crossed by Harper/Flaherty and will never vote Conservative again until this mistake is fixed.
(274) Toronto Comments: You have destroyed a viable and income necessary solution to a growing problem for senior Canadians with the income trust reversal stance you have taken. The net effect to the government will be measured in the hundreds of millions of dollars that will now have to be found to deal with the losses on the other side of the ledger for honest hard working people who were hitherto proud not to have to rely on the government for income in their retiring years. There is no reason to not fix the problem today to the best extent possible.
(275) Dundas Comments : Leave the retired people alone , simple !
(276) Melita Comments : I support the Marshall Plan being proposed to at least partially remedy the income trust fiascal that the Conservative party inflicted on Canadians and continues to as permanent ongoing losses of income streams evaporate under the current policy.
(277) Sudbury Comments: Please reverse your plans on taxing income trusts. l have no other means of income. lt will devastate my monthly income. You are wrong in what you are doing
(278) St. John's Comments: Enough harm has been imposed on income trust investors already.
(279) Toronto Comments: I was hit in so many ways,just after I retired. I lost a large part of my savings because of the federal income trust decision, then the market collapsed. I no longer can help the economy by being a happy & consuming retiree... I must keep my expenditures to a minimum.
(280) Grand Barachois Comments: I, along with my daughter, have suffered significant losses in our retirement savings due to the impending taxiation of Income Trusts. The prospect of double taxation is a cause for even more damage to our meger savings. Please implement the Marshall Plan solution!!
(282) Pickering Comments: Please implement the Marshall Plan for income trusts.
(282) Grand Bend Comments : To our Honorable Prime Minister and Minister of Finance, We are in retirement and do not have a company pension and are relying on our Rif account investments for most of our retirement income. For this purpose we concentrated our focus on income trusts as the main investment vehicles that provide the kind of cash yield we need to achieve a reasonable pension equivalent and we are paying our share of taxes on our annual Rif withdrawals. We have been hurt by the unexpected policy hit on the trust sector and would greatly appreciate if some policy change could be made to the trusts tax framework that would moderate the tax impact on our Rif retirement income, such as the Marshall proposal,
to at least mitigate the double tax effect on our Rif income. Please give this your consideration as part of this year's government budget. Thank you. Respectfully,
(283) KAWARTHA LAKES Comments **: I have already lost 20% of my savings. Don't tax the rest of it away. Fixed income retiree Just represent the People
(284) Toronto Comments: The day you cut $12,000 from my retirement funds with your BROKEN DON'T TAX INCOME TRUSTS PROMISE is the day I stopped voting Conservative, Mr Harper. You have a chance to fix this mess. Do so!
(285) Hanover Comments: This is an oppurtunity for Flaherty to get out of this mess he put all of us in and save seniors pensions and save Canadas companys from being sold off to forein companys. He could also keep some of the tax here in Canada and make up the millions he has lost by taxing income trusts. If he has any guts he will stand up like a man admit to his huge mistake and act now.
(286) Halifax Comments: Please implement the Marshall Savings Plan solution My wife and I are retired seniors who did not have an opportunity to participate in a Government or Company provided pension plan. Throughout our lives we worked, paid our taxes and invested in RRSPs to provide for the time that we would not be able to earn an income. Flaherty's 'Halloween Surprise' stripped over $100,000. from our RRSP savings immediately, and held out the promise to double tax the rest. Three letters and two telephone calls asking for support got no response from my MP, Gerald Keddy (Surprise, surprise). It's time to get this mess fixed.
(287) Melita Comments: From what we are being told, MPs are working between now and parliament resumption. This is a reasonable proposal to compensate for the rape of our trusts. I'd like to see and hear reaction to this suggestion from all parties as it will have a major bearing on any election to be held in the future.
(288) Montreal Comments: Please implement the Marshall Savings Plan solution to Canadas deficit crisis and pension crisis
(289) Ottawa Comments: Tell you what Jim Flaherty! You adopt the Marshall Plan as any sane compassionate and highly educated financial person would under these gawd awful conditions (of your creation) and highly predictable adverse consequences that have now come home to roost, ( that you were repeatedly warned about) and I won't start a Facebook Page called "Recall Jim Flaherty's Euromoney Finance Minister Man of the Year Award"?
How's that for a deal. Implement the Marshall Plan and you would actually be deserving of such offshore tax-haven accolades, as Euromoney Man of the Year...albeit in the complete reverse order in which accolades of that sort are normally awarded!
Meanwhile the Marshall Plan is no tax haven. More like tax heaven, with $6 billion a year in found tax revenue, net, to Revenue Canada versus the "do nothing" alternative that you have been doggedly following in your state of "it's not my fault" perpetual deniall Well Jim, it is YOUR fault! And now with Conservative Leadership hopeful Stockwell Day in the new role of Revenue Minister, you better rush to embrace this Marshall Plan as your own before he does, as Stockwell Day's chances of becoming Stephen Harper's successor multiplies ten fold, if he's the one to get this income trust monkey (that you created!) off the backs of every Conservative candidate across the country. Stockwell Day will make the Conservative "electable" in ways that your income trust legacy makes them "unelectable".Speaking of which, where is Michael Ignatieff in all of this? Does he not know a gift horse when he is staring one in the mouth? Hello Liberals? You should be rushing to claim ownership of this new opportunity no differently than you rode the wave of public opinion on prorogation. This Marshall Plan would give you a defined policy to champion, without revealing the policies that you seem to prefer to keep under the wraps until an election.
Therefore, the opportunity exists for: The Marshall Savings Plan = Rode to Liberal Majority government, ...as the existence of the Marshall Savings Plan will serve to reveal all of Harper's and Flaherty's gross negligence, incompetence and deceit. Unless of course Harper and Flaherty champion the Marshall Savings Plan first, in which case:The Marshall Savings Plan = Rode to Conservative Majority government. Looks like a real horse race is about to unfold. This should be fun to watch. Democracy in action in the way that prorogation is Democracy in inaction. There are over 2.5 million income trusts investors, as well as the 75% of Canadians without pension, and 100% of Canadians taxpayers, who have a huge stake in what happens with this Marshall Savings Plan, gift from the gods. Surely, Manulife and Power Corporation and the Gwyn Morgans of this world aren't that powerful in their utter self interest and greed to prevent our paid elected Members of Parliament from doing what's clearly in Canadians best interest for a change?
(290) Westmount Comments: I am 76 and have over 200M of Trusts in my RIF accounts! They have suffered significent capital loss but continue to maintain a high yields. Please include the "Marshall Plan"in your next budget
(292) Maple Ridge Comments **: It's time to make amends for the income trust mistake. We will be watching you in the next election,
(292) Hillsburgh Comments : Please consider instituting the Marshal plan to resolve our intennable situation with the income trusts. As a senior who depended on these trust for my income I was bindsided by your decision to tax them when you promised that they would not be touched.
(294) Collingwood Comments: Some policy? Flaherty's ill conceived knee jerk move of Halloween 2006 cost the Canada Pension Plan to (permanently) lose over $300 million in Canadian's retirement savings as a result of his double taxation of income trusts in RRSPs and pensions funds (public trusts only, not private trusts). $300 million in lost value! This number was easily calculated by me by taking the CPP's publicly reported portfolio as it existed before Halloween and tracking the impact of Flaherty's Halloween massacre announcement. Then to make matters worse, when this information of mine was posted on the "scrolling banner" at the CAITI website, CAITI received a number of incoming call from the CPPIB asking him to take it down. Not because the analysis wasn't accurate, but simply becasue they argued that income trusts were no longer an "area of investment foucs" for the CPPIB. Talk about political. Brent Fullard of CAITI learned from a board member of the CPPIB, who let it slip, that they totally paranoid about this information getting known by the public. Just another example of the huge cover up about this entire income trusts tax, borne from that patent lie known as tax leakage. That said, the Marshall Plan is the best fall from grace that Jim Flaherty and Stephen Harper could ever possibly hope for. For them, perhaps, the Marshall Plan is more case of being a "stay of execution"?
(295) Etobicoke Comments: Something has to be done to protect income trusts (within our RRSP) from double taxation
(296) Kanata Comments: Fix the broken promise that cost average Canadians tens of billions of retirement dollars.If you don't, I'll never (nor will my extended family members, also impacted by this decision) vote conservative again. The conservative government's failure to uphold their election promise has cost me more loss than any other government policy in my life time. It is so unfair that individual poor or middle class Canadians cannot get the same favourable tax treatment as foreign or national corporations that can, for example, by offsetting interest expenses. If you don't implement the Marshall plan, at least allow all current income trusts to "grandfather".
(297) Rimouski Comments: Please fix the terrible situation your decisision on income trusts has put me in, whiping out a third of my life time savings. I am too old to make up that loss.
(298) Wasaga beach Comments: In September 2007, we re-elected a Tory minority government and the result was a fumbling of finances unmatched in modern Canadian political history. The fumble started Oct. 31, 2006, when Finance Minister Jim Flaherty announced that income trusts would be taxed as corporations starting Jan. 1, 2011. The result was a market sell-off of monumental proportions as panicky investors dumped units of trusts, driving unit valuations down. Estimates are the losses to most individual investors in 2006 and 2007 exceeded $34 billion. Never had any democratic government deliberately caused a market sell-off of such proportions. It is time to correct this monumental error by adopting the so called \"Marshal Plan\".
As humans we all make mistakes. Demonstrate that you can admit it when you err and be honourable enough to correct the error. This will most certainly gain my respect and support for your government in stead of the disdain that I now have.
DO THE HONOURABLE THING NOW
(299) Courtenay Comments : I invested in income trusts before Mr. Harper made his campaign promise not to tax income trusts. After Mr. Harper made his false promise not to tax income trusts I purchased more for my own accounts including my RSP account and my mother's (I am P.O.A. for my mother) account. Needless to say My family's retirement abilities have been seriously dammaged by Mr. Harper's broken promise. I believe that the so called Marshall Plan could be a way to reduce the dammage that is being done to investors that were foolish enough to invest in Canada and took Mr. Harper's promise seriously like myself and also help the conservative party save face in the eyes of investors that may still invest in Canada.
The way it is now we will never ever never vote for any conservative party candidate and neither will anyone else we can influence. Sincerely,
(300) Maidstone Comments **: Marshall Plan sounds good!
(301) Port Alberni Comments: Please at the very least implement the marshal savings plan although this will not bring back my lifes savings that were lost when our wonderful conservative government broke their election promise that they would never tax income trusts.It would at least level the playing field.How can the government and the media justify its decision to tax income trust and say they cause tax leakage then present 18 pages of blacked out documents. If there is tax leakage why are reits allowed to remain as trusts.And why are pension plans able to buy out trusts and not pay taxes.This is an oportunity for the government to reverse the damage it has done to seniors lifes savings and let us live our final years in dignety and not be a burden on the government and the younger generation.this is a win win for all pleas read all the above information.Yours truly
(302) Port Alberni Comments: As I compose these comments, I sit at my desk frustrated, depressed, and nearly in tears as I reflect. In all honesty, I wonder and worry how I am going to continue to support my family. Before the Federal Government announced the tax on Income Trusts we were fully invested and very well off, making a very good living from our Income Trust Investment distributions, with RBC's resources in our corner. When the Income Trust tax news hit, our portfolio was smashed down and that marked the beginning of our demise. The Income Trust sector was doomed and our monthly income distributions as well. Other investments with decent income payouts are virtually non-existent so we were then forced to seek out higher market risks on capital gains investments to generate our income. Lightning struck again when the stock market ultimately crashed with AIG, Lehman Bros., etc. Our portfolio has been pretty much blown out, with no investment income flowing in to tide us over, and we're left with a large business line of credit to live on. The market aftershocks are still hurting. Did I mention our RESP? Smashed down by 40%. A lot of good that will do in 4-6 years when it's time for our three kids to enter post secondary education. I have no idea how we're going to make that work. We're probably going to have to raid the RESP to feed ourselves. So much for stimulating the education level of our future work force. Employment is far from abundant in our area. We're finding it extremely difficult to find our way back into the workforce as we approach what should be retirement age.We've gone from paying our country $25,000 a year taxes to $0 per year. We're not making money and we're not paying you either. I wonder what the cumulative lost taxes adds up to? Good work Jim Flaherty! How many other Canadians are out there hurting just like us? I hope you're happy Mr. Flaherty. We're certainly not! I beg you, please rethink what you've done and what you're about to do, in terms of taxes. No more! These bells cannot be unrung. Disrespectfully,
(303) Qualicum Beach Comments: My many years of experience as a CA still causes me to seriously question the technical accuracy and truthfulness of the reasons given for the income trust policy passed by the Conservative government. I respectfully suggest the real reason had more to do with the fear on the part of bankers and blue chip corporations that the income trust market was obtaining a larger share of the investors' dollars. (for many good reasons other than escaping tax, which the investors do not achieve in the final result) The "spin" of tax leakage initially did not fit with my understanding of the taxation of partnerships and non-incorporated enterprises and to date I am not aware that it has ever been proven. In any event there were less destructful ways to obtain some control of the income trust market if that was deemed necessary. It is common knowledge that this ill conceived policy has cost many of us small investors not only a large portion of our retirement savings,access to an ideal investment alternative for retired people and piece of mind. The cost to Canada from foreign investors gobbling up these investments is incalcuable but the stupidity that occasioned this questions the intelligence of our department of finance. Also the bias in allowing non taxable corporate and government pension plans to still utilize the income trusts while private RRSPS are prohibited is very questionable?? Although the "Marshall Plan" will not help me recoup much of my losses it would still provide me with a very useful future retirement tool to generate cash to live on. The companies are REQUIRED to distribute their earnings to the unit holders rather than "hoarding them " as happens with so many of the "blue chippers" who then pay outrageious bonuses to their directors.--'nuff said
Respectfully submitted,
(304) Richmond Comments: It is about time to right the wrong the Conservatives who have broken the promise of not taxing income trusts in the last election campaign. I have worked hard over the last 40 odd years to raise my family and put retiremnt money in my RRSPs that are mostly invested in cash-paying income trusts based on the election promise. Lo and behold, the government did the unthinkable. On that fatal Halloween night, Flaherty did that trickery act of putting seniors on a belt-tightening notice that they no can rely on the RRSPs for retirement because the funds were once thought to be sufficient is no longer the case. Personally, my RRSP funds were dropped by over 40% in the next day of trading, and the funds still have not recovered to this day, despite the continuous cash payouts. If the governmnet has any decency left, it is not too late to adopt the Marshall Plan in the coming budget, which will alleviate some of the problems that were created by taxing income trusts.
(305) CALGARY Comments **: PLEASE CORRCT THE ENIQUITIES AS RECOMMENDED
(307) London Comments: 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
(308) Salt Spring Island Comments : I recently read the column in the National Post regarding the "Marshall Plan".Diane Francis is someone that I realy admire and respect. I couln'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.
(309) Winnipeg Comments: 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
(310) Calgary Comments : Please implement the Marshall Savings Plan solution to Canada's deficit crisis and pension crisis. We need this for the futuer of all retirees.
(311) Duncan Comments: 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. ?????????????????????
(312) keremeos Comments: 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.
(313) kelowna Comments : 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.
(314) Calgary Comments : Please implement the "Marshall Plan" to repair the damage done to the income trust industry by the October 31, 2006 policy change announcement.
(315) Nanaimo Comments : 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.
(316) Comox Comments: Help us!
(317) Victoria, Comments: 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.
Signed
(318) Edmonton Comments: 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.
(320) N. Vancouver Comments : 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 omplete 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.
(321) Vancouver Comments: Dear Conservative Party members and leader, Please respect your election promise, and maintain income trusts units as taxable income on a level playing field. Yours truly,
(322) Edmonton Comments : 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.
(323) Penticton Comments: 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.
(324) Canmore Comments **: Although I would favor any solution to the unfortunate and unfair situation that has arisen regarding taxation of income trusts, including this one, I believe a much simpler solution would be simply to allow the dividend tax credit to apply to RSP/RIFs. This one simple step would remove all the objections to the current system and ensure a true "level playing field". One possible argument against this is to encourage RSP/RIF holders to invest in fixed income securities rather than stocks, but these days it can be argued that income trusts and other high dividend paying stocks are safer than Bonds and similar securities.
(325) Delta Comments: 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 lifAs 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.
(326) Utterson Comments: 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.
(327) Mississauga Comments: Please listen to common sense for once. You are our government that is supposed to work FOR Canadians, not against them. You broke a poromise that has caused serious issues for an incredible number of Canadians. Please think straight and fix this mess you've created.
(328) Shawnigan Lake Comments: The annoucement by Flaerty on Halloween had the imediate 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.
(329) Cornwall Comments: 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. The Marshall Plan is a win, win for everyone.
(330) Calgary Comments: 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). Help the 75% of Canadians without pensions and preserve the means to a decent retirement income and standard of living
(331) Calgary Comments: As a concerned Canadian I ask that you ensure that the so-called "Marshall Savings Plan" is implemented in the upcoming 2010 budget.
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.
(332) Edmonton Comments: Please inplement the Marshall Savings Plan solution into Canadas deficit crisis and pension crisis. Thank you.
(333) Riverwoods Comments: this is your chance to do the right thing; you now know what that is as you have all the facts
(334) Vancouver Comments: I support the Marshall Plan as the best solution.
(335) Brantford Comments: Please implement the Marshall Savings Plan.
(336) Rutherglen Comments: 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.
(337) Hamilton Comments **: 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.
(338) Calgary Comments: Income trusts were, and are, a much needed investment vehicle for Canadians' retirement, but they are also a form of enterprise organization that encourages fiscal discipline and unitholder participation. At no point prior to October 31, 2006, were studies done that indicated lower performance levels for trusts in any actual financial measurement or ratio. The fact is that income trusts put pressure on their corporate competitors to add value for their shareholders that equaled the value income trusts provided to their unitholders. Rather than figure out how to compete, corporate interests used their proximity to power to change the playing field. This should have been a flag that corporations needed to change, not that they needed to be protected by the government ending income trusts. The government protected the corporate interests at the expense of Canadians, including many retirees. This Marshall plan would mitigate continued damage to Canadians' retirement funding caused by the government giving in to corporate interests.
(339) Penticton Comments: It is time for the Conservative government to correct the injustice of the Halloween Massacre on income trusts.
(340) Victoria, Comments 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.
I agree with the suggestions put forward by Diane Francis and I would be pleased if all points would be covered in you budget
(341) Regina Comments: 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.
(342) New Hamburg Comments **: What were you thinking! I have an Individual Pension Plan, which due an an on the job injury I am now forced to rely on. Now I pay tax twice on my Income Trusts investments, once as they are Corporations and when I withdraw the funds. I voted for you because of your promise on Income Trusts, to leave them allone,as this was my income.
Now many Income Trusts have either been taken over by OMERS or the Teachers Pension Plan's etc., or Private Equity or foreign Corporations, all of which pay no tax. I have 11 children, your actions have cost them they're inheritance and will probably put some of them on Social Assisstance, layer in life, with me, not to mention the theft of their childrens wealth. Please prove to all Canadians that you (our Gov't) now are in pocession of more tax funds to spred around to those who need it. If you can prove your plan paid off I will forgive your lie, otherwise I have to vote Liberal. Please support the Marshall Savings Plan so my children who do not work for the Gov't will have a chance at an income when they are old or injured. Give them a chance!
I did not like or appreciate the Finance Minister in 2008 and 2009 telling me everything was OK when it was not. I still can't believe my Gov't lied to me. I trusted you people to look after my and my childrens' futures.
(343) windsor Comments : Just prove the tax leakage now prove the tax lost from this perverse decision prime west, harvest and more gone Canadian owned who will not pay taxes. Who will pay for the tax lost? all the Canadian people
Who will benefit from this perverse decision ???? Not the Canadian people most assuredly Prove Telus and BCE paid more taxes as corporations (as close to zero, yes/no) than would have as trusts
Prove the flow thru from trusts(as trusts must pay out all cash or be taxed at 46% by tax law) was not LARGER and taxed at a HIGHER rate than as corporations.You will not and by inference cannot and the biggest question is WHY WHY WHY ??? one can only surmise that it is in your personal interest and not the tax purse of the Canadian people. So you know what that makes you. All Canadian politicians implement the Marshall Savings Plan NowAll other politicians you know where you can go. Just look under the carpet
(345) Port Carling Comments : Perhaps something positive can come out of a destructive decision. One we will not forget come election time.
(346) Nakusp Comments: Here is a chance for politicians to actually create something workable out of the 2006 income trust fiasco!!
(347) Reansbury Comments: It seems to me that you shaved 1/3 off my retirement after promising not to and then were unable to justify it. Bottom line is I paid more tax when the trust were in tact and now Shiningbank, Prime West and Harvest (all of which I owned) are now foreign owned and will pay NO
(348) Mississauga Comments: I believe the Marshall Plan offers a palatable alternative to the Halloween fiasco. Seniors have been dealt a serious blows to their nest eggs. Not only have our incomes dropped, but the capital losses
have been a very unfair way to implement change. The government sought more taxes but I feel that I have very much overpaid my share of tax and loss. Add to this the recession and market volatility and you can understand why people are unable to stop hurting over this matter. This is a viable solution to this long term pain.
(349) duncan Comments: Still time to fix the wrong doings of the tax
(350) Carnduff Comments: Here is a way to correct some of your poor decisions and boost your respect Mr. Harper.
(351) Norway house Comments: Please do something about this HUGE mistake ( taxing trusts ) especially in RRSP"s - there is no question that this was a misguided decision - I had service canada mail me asking why such a drop in income in 07-08 I refered them to the trust decision -this must be a common thing -millions of lost dollars to investors - millions lost to foreign takeovers -millions lost in revenue to the govt It's a shame this action was taken -so much lost @ every level I would ask that you look into the marshall plan It's a shame this action was taken
(352) Etobicoke Comments : As part of the 75% of Canadians without a pension please preserve the means to a decent retirement income and standard of living.
(353) grimsby Comments: Please bring rationality to an irrational piece of Conservative/Flaherty legislation on income trust destruction by including the Marshall Plan in the March budget.
(354) Surrey Comments: Our life savings were destroyed by Flaherty. Our Conservative MP ignored our five e-mails and did not return our calls.
(355) surrey Comments: My life savings were devastated as a result of Flaherty's Folly.
(356) Dollard des Ormeaux Comments: I have no other pension plan except my RRSP and your unexpected taxation policy has cost me so much that I will have a miserable pension thanks to you guys. I wish you had pension plans like most of us ; only then you will know how it feels what you have done to us.
(357) Sidney Comments: This seems to be an easy fix for this problem . We must support it .
(358) Cobourg Comments: Promote saving and investments in Canada by Canadiens-for Canadiens. Income Trusts as an essential "profitsharing" investment choice for ALL Canadiens.
(359) Edmonton Comments: A member of my family has been deeply affected by the Conservative Governments Income Trust Policy, as a consultant with education and a contributor to the Canadian tax system for 50 years,he now has no Pension, no Severance Package, and no Employment Insurance - RRSP Trust savings, meant for my retirement sustenance, have been destroyed in the Marketplace by Harper's Tax Fairness Plan and he am fighting for survival.
Help retain some sense of dignity to these Canadians.
(360) Port Alberni Comments **: There is only one year left until the second blow is felt from the tax on Income Trusts announced on Oct 31,2006, therefore time is running out to correct this injustice dealt to a particular sector of Canadians, those who owned Income Trusts. As a retired owner of Income Trusts, my retirement nest-egg has already been dealt a serious loss of capital following that announcement and now my retirement income is slated to also diminish with no means of recovering this loss. I have followed this issue over the past four years and am not the least bit surprised that the Government still continues to ignore requests to supply proper information to substantiate it original claims of “tax leakage” that resulted in this devastating tax. No wonder the people feel their voices are never heard and voter apathy is significant. There is still a chance to change.
Now I am asking
The Government
1. Provide proper corroboration of their Tax leakage statements or repeal the Tax on Income trusts. And/or
2. Consider the “Marshall Plan” which seems to address a number of issues and avoids the numbing double taxation now threatening owners of Income Trusts in RRSP’s.
The Opposition Parties
1. Make the Government “Man-up” and admit that their position on income trust was based on only partial information, and has lead to an injustice is Income Trust owners, and will in future cost all Canadians as tax revenues are lost.
2. Push for the proposed “Marshal Plan” as this will at least partially provide some relief from this fiasco, at the same time allow the Government some chance to save face, Not that they really deserve it.
(361) brossard Comments: please implement the Marshall Savings Plan solution thank you
(362) Castlegar Comments: As a concerned Canadian, I call upon you to impliment the Marshal Plan in the 2010 budget.Preserve income trusts as an essential "profit sharing" investment choice for ALL Canadians 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
(363) Delta Comments: Finally, WITH Income Trusts we had CEO's and Board Members almost forced (let's say "Obliged") to pass a much FAIRER share of profits to SHARE HOLDERS (many of which where Pentioners), before filling their own pockets. The shame of doing this goes to a lying Prime Minister and his Finance Minister.
(364) Canmore Comments: Please implement this so called Marshall Plan for income trusts held in RRSPs to prevent the creed of government from taking the savings of seniors.
(365) QUALICUM BEACH Comments: 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.
Jim Flaherty's income trust policy fiasco is still hurting millions of Canadian seniors and other investors!!Preserve income trusts as an essential "profit sharing" investment choice for ALL Canadians. Remember that we, who have been deceived by the"Government", will not let up our fight until the damage to our financial livelyhood and security has been repaired by the Government.
(366) Longueuil Comments: Please implement the Marshall Savings Plan solution
(367) Winnipeg Comments: 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.
(368) : mortensen Comments: Resolve Jim Flaherty s income trust policy fiasco
(369) burlington Comments: Help the 75% of canadians without pensions and preserve the means to a decent retirement income and standard of living.
(370) Toronto Comments: 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.
(371) Vancouver Comments: 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. Thanks, Joan
(372) Cambridge Comments: This tax wrecked my RRSP's and continues to wreak havoc with my retirement savings. Please implement the Marshal Plan for trusts!!!!!
(373) Vancouver Comments: 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!
(374) Vernon Comments: 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.
(375) Delta Comments : I 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.
(376) Calgary Comments: "Please implement the Marshall Savings Plan solutions" 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.
(377) Leduc Comments : 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.
(378) Sarnia Comments: 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.
(379) Lutes Mtn. Comments: 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.
(380) Vancouver Comments: The betrayal in 2006 converted this long time conservative into a reluctant liberal. Enough said.
(381) Kamloops Comments: Yes, I believe this \"Marshall Plan\" would help to resolve some of the damage done to the pensionless retiries from the devistating Income Trust Tax policy of Halloween 2006. My meager income stream has deminished significantly along with my net worth as a result of the Income Trust Tax. Yes, my net worth was part and parcel of the Thirty Five Billion dollars ripped from the Canadian economy and innocent Canadians whose only crime was trying to provide a little extra for their families.
(382) Pender Island Comments: Few chances are ever given to rescind destructive policies to both individuals and our country at the same time. This is the Conservative Party's chance-one chance. The destruction is done but there is this one chance to save some face.
(383) Calgary Comments: 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.
(384) winnipeg Comments: I concur with this proposal.
(385) Shanty Ba Comments: 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,
(386) Calgary Comments I have read great things about the Marshall Savings Plan Proposal. As an investor and an employee of an oil and gas income trust, I have already suffered disproportionate investment losses, all thanks to the Conservatives failure to live up to a public promise. It's time to recognize that mistakes were made and find ways to alleviate the losses suffered by so many Canadians. Currently, I remain disgusted by our government. I see no remorse by our Finance Minister nor our Prime Minister for the damage done. What we witness is continued arrogance that exceeds anything previously exhibited by our elected officials. As someone who has lost in excess of $70,000 of borrowed investment money, I do not want to hear how no one suffered permanent damage from Flaherty's killing of investment trusts. This is a blatant lie - but what's one more after the original biggie. Further, I am nearing the end of my employment cycle. There is every possibility that I will never be able to recoup all the losses prior to my retirement. That will leave me hanging off of the "government tit" until the end of my days. The one blessing - I was not already retired and losing capital - that happened to many.
The proposed plan provides an avenue to mitigate some of the worst excesses of the proposed income trust tax. I recommend you look seriously at the plan. It won't guarantee my vote during the next election, but it might keep me from again actively supporting the opposition party in my neighbourhood. In closing, this Conservative government has single handedly cost me more than all prior governments during my lifetime. It's not a record you should be proud to hold. I look forward to someone finally trying fix the largest single blunder ever made by a governing Canadian Parliament.
Regards,
(387) Salisbury Comments : 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.
(388) Abbotsford Comments: Restore our investment. I'm a senior that depended on income from my investments. I did not WANT GOVERNMENT HELP
(389) Toronto Comments: Despite the fact that the Prime Minister assured Canadian in December 2005 that the Conservatives would not touch the income stream of all Canadians and Seniors in particular by Taxing Income Trusts, we know what happened with Mr. Flaherty's Halloween Massacre of October 31, 2006. Canadians of all stripes lost a total of 31 Billion in Value of their assets. This was unprecedented. And, the government has failed to disclose their argument that Income Trusts caused tax leakage. This too is false. It is time to come clean and "RIGHT the wrong". Admit your folly and rectify the situation.
(390) Maple Ridge Comments : Mr Harper: I'm not usually one to hold a grudge but I'm still angry and devastated from our losses from the income trust fiasco you and Mr Flaherty created.
Here's your opportunity to try and give some relief to the situation. Do the right thing
and adopt the Marshall savings plan.
(391) Peterborough Comments: I must commend the authors and promoters of the Marshall Plan. It is an excellent vehicle for truly levelling the the taxation field with respect to RRSP's and seniors retirement plans versus other public plans. Since it has been suggested at a time when there appears to be widespreed concern amongst our elected officials re pensions, I sincerly hope the Marsall Plan can be adopted prior to next year's Income Trust Tax comes in to affect.Such an adoption will go a long way in ensuring seniors will be able to maintain there standard of living as well as restoring faith in our political system.
(392) ILE PERROT Comments: Resolve Jim Flaherty s income trust policy fiasco 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
(393) Strathmore Comments: No more espousing of conservative party talking points. Time for real thinking, consultation and doing the right thing by our unresponsive MP's.
(394) Halifax Comments: The sooner we can get the Members of Parliament back in the House and have the Marshall Plan immplemented in the 2010 Budget the better for the Canadian Economy.
(395) Waterloo Comments: This plan should also be extended to RRIFS.
(396) Coquitlam Comments: 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)
(397 Qualicum Beach Comments: It's time to fix the income trusts as we as seniors need to start trusting our government,You hurt us pretty darn good with your solution and it needs mending quickly. The marshall plan would be a great start.
(398) Maidstone Sask Comments: Wonderful plan!
(399) Kelowna Comments **: I support the Marshal Plan because it will alleviate the double taxation of income trusts held in registered accounts.
(400) belleville Comments: I am 78yrs old and have been fighting throat cancer for 6yrs and survive on liquids. I do not have a pension and have a RRIF which was totally invested in energy trusts which I was advised to keep invested after the Harper Flaherty promise. My RIFF dropped about 80 thousand dollars and the cut the annual minimum payment in half. The result was that any enjoyment I hoped for was lost for ever.
Wednesday, January 27, 2010
Another 200 reasons to adopt the Marshall Savings Plan solution
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1 comment:
Here we have ordinary people with a message who sincerely believe that we still have a voice in how our country is run.
I wonder how many politicians really give a damn.
I have feeling , not many
Sad , isn`t it.
Dr Mike
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