Thursday, March 4, 2010

Budget 2010 contains 2.5 million job loss equivalents


Failure on the part of Stephen Harper and Jim Flaherty to admit to the gross error of their income trust mistake of 2006 by implementing the win win win Marshall Savings Plan in Budget 2010 means that the Harper Government is oblivious to the plight of those 2.5 million Canadians whose lives and ability to sustain themselves in the face of retirement income that has been diminished by amounts ranging from 20 to 50% by the actions of the government. It also means that there is the equivalent of 2.5 million full and part time job losses in Budget 2010, the full effects won’t be felt by the Canadian economy when the income trust tax comes into full effect in less than a year’s time.

To not have acknowledged the plight of these Canadians is as gross an error of negligence on the part of Finance Minister Jim Flaherty and Prime Minister Stephen Harper as the trust tax in the first place and the fraudulent argument of tax leakage on which it is based.

Being oblivious to reality and the plight of others is not surprising coming from someone like Jim Flaherty who ran for leadership of the Ontario Conservatives on a platform of “jailing the homeless”. Jim Flaherty has done more to create Canadians that are homeless and create the equivalent of Canadians losing jobs than any previous Finance Minister of the past and hopefully any Finance Minister of the future, He is grossly unfit for office.

Selected comments from: Marshall Savings Plan:

(1) Sudbury ON: Do you wish all canadians to have to go on welfare. lncome trusts were a major portion of my retiremant income. You said you wouldn,t touch them. lf you have any care for the people who voted you in PLEASE look at the marshall plan for income trusts

(2) Penticton BC: 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. I call upon you to do the right thing and 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. So do I.

(3) Toronto, Ontario: As a 63 yr old Canadian who lost several thousands of $ in the Income Trust fiasco, and on behalf of my 98 year old Mother-in-law, who saw her meager savings drop 50%

(4) Kelowna, B.C. I am 83, my wife is 80, 99% of our income comes from unit trusts. Please help us.

(5) Surrey B.C: I will skip the honorifics like Dear Sir, Since 2006 the governmemt of Canada has displayed more and more symptoms of corporate and political collusion i.e Facism.
This was brought home to me on the reversal of the Harper neo-cons of the trust election promise, which I had believed and invested heavily in trusts, which subsequently lost more than 20% of their value.
I have gone from being totally self sufficient and retired to being conscious of every penny and my wife having had to return to work on a contract basis, i.e no benefits.
With us being only one big expense away from disaster.
As they say beware what you wish for, I had helped for a number of years in the creation of the reform party.
My worst fears were met with the amalgamation with the Conservatives, couple with the dogma of the christian right being allied with the neocon elite, which has happened in all of the "anglo" world.
Corporate greed is now unmasked, ALL candidates for office are bought, compromised and controlled. The USA being the most egregious example, with Canada's Harper playing poodle as Blair did in Britain.
"Oh Canada" is so appropriate for us who despair that our future lies in the hands of trans-national corporations who owe no loyalty to this country,and the individuals who are in their pockets.

(6) British Columbia: Please, Please implement the Marshall Savings Plan solution. I retired in 2004 and invested a large portion of my savings in income trusts, only to have it taken away by the conservative decision to tax income trusts. With this I returned to the work force, taking away a job that should be going to one of the country's youth.

(7) Aurora, ON: Comments: I support the Marshall plan. The political party that endorses it will receive my vote next election.

(8) Sudbury ON: 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

(9) St Thomas, Ontario: Help the 75% of Canadians without pensions and preserve the means to a decent retirement income and standard of living

(10) Pender Island BC: 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.

(11) Joliette, Québec: J'espère que vous voudrez aider les gens à la retraite qui n'ont pas de pension comme les élus. Nous avons besoin d'un revenu minimum et de bénéficier du revenu d'entreprises stables et matures qui ne visent plus à grossir.

(12) Dundas ON: Leave the retired people alone , simple !

(13) Ottawa, Ontario: I am a senior citizen who has depended on the revenues from oil and gas income trusts to be able to survive in my retirement years.

(14) Toronto ON: 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.

(15) Grand Barachois Quebec: 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!!

(16) Toronto, Ontario: I am asking Mr.Flaherty to implement the MSP FOR INCOME TRUSTS.The MSP will provide the tax revenues that the Gov.badly needs and be beneficial to seniors who do not have a pension.This is a win win plan that Mr.Flaherty should introduce with his 2010 budget.

(17) Winnipeg, Manitoba: Income Trusts were my retirement. They are now being sold off to foreign interests. I will no longer be able to retire when i had planned. Possibly never. My portfolio lost over half its value on that fateful day, and has never recovered. Please give us this. For all the seniors and all those who are soon to be seniors

(18) KAWARTHA LAKES ON: I have already lost 20% of my savings. Don't tax the rest of it away. Fixed income retiree Just represent the People

(19) Toronto ON: 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!

(20) Hanover ON: 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.

(21) Rimouski QC: 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.

(22) Coquitlam BC: I do not have a pension plan , I am 62 years old , I am being taxed to death , help me

(23) Sheguiandah, ON: Do the right thing and implement the Marshal Plan before you destroy the income of retired folks. The taxing of income trusts was just stupid so fix it now

(24) Abbotsford, BC: We hear much talk from federal politicians about their concern for Canadian pensions and Canadian retirement income. Talk is cheap. I urge you to take concrete steps to ensure Canadians have a decent retirement free from financial worry. This plan can help the government meet it's tax targets and help Canadian retirees meet their financial needs.

(25) Calgary, Alberta: The double taxation of i.t. distributions withdrawn from my RRIF will materially affect the monthly income I receive as a retiree ie: the money that buys my food and shelter.

(26) Etobicoke,, Ontario: As a concerned Canadian I call upon you to ensure the Marshall Savings Plan is implemented in the upcoming 2010 budget.

(30) Huntsville, Ontario: I agree ,,,after losing 35% of retirement value,,,

(31) Pickering, Ontario: please consider the impact that previous changes have had on retired people

(39) Chatham, Ontario: Let's turn this lie into a positive.

(44) Haliburton, Ontario: Please adopt the Marshall Plan to eliminate double taxation of my income trusts in my retirement income fund.

(46) Mississauga, Ontario: Please implement the Marshall Savings Plan solution. It's the fairest way to help both ordinary Canadians & the Government.

(50) Markham, Ontario: Save Income Trusts. Horrible double taxation of trusts in RRSP's will devastate 75% who do not have pensions. This is the single worst atrocity ever placed on Canadians. A horrific betrayal.

(51) Oakville. Ontario: I worked hard all my life and saved for retirement with my 1st job some 45 years ago. I never expected to relay on any social programs as I intended to be fully self sufficient. Due to unexpected changes in Income Trusts, I have lost a considerable amount of my retirement funds as well as my income.

(52) Stouffville, Ontario: 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.

(53) Langley, BC: I am happy to pay tax on my trust income once but please, not twice!

(54) Calgary, Alberta: 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.

(55) Bradford, Ontario: Finance minister Flaherty's income trust screw up cost me over $40,000.00 in losses. I demand to be reimbursed by your government. Since when is it OK to pass laws that cost investors' billions in losses?

(56) Brampton, Ontario: Resolve Jim Flaherty s income trust policy fiasco

(57) Kelowna, BC: 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.

(58) Ottawa, Ontario: As a retiree this is critical to my financial well being.

(59) Calgary, Alberta: Please implement the Marshall Savings Plan solution. It's the right thing to do.

(60) Elora, Ontario: Please implement the Marshall Savings Plan solution.

(61) Milford Bay, Ontario: 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.

(62) Calgary, Alberta: 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.

(63) Calgary, Alberta: It is getting increasing difficult to have faith in a government who is constantly making bad decisions.

(64) Scarborough, Ontario: I have reviewed the "Marshall Plan" and think it to be an excellent way to avoid the double taxation of income trusts held in RRSPs while providing immediate tax gains for the government.

This looks like a win-win plan for those of us that have been hurt so badly by the introduction of a withholding tax on income trusts since these investments are held in our RRSPs and RRIFs.

It means that income trusts can remain as a viable option for seniors to invest their savings to obtain decent investment returns, and for businesses to be able to raise money at a reasonable cost.

Please give the "Marshall Plan" due consideration for inclusion in the 2010 budget.

(65) Strathmore, Alberta: No more espousing of conservative party talking points.

Time for real thinking, consultation and doing the right thing by our unresponsive MP's

(66) Calgary, Alberta: I endorse the Marshall Savings Plan as a measure to save Canadians retirement savings. My accounts have not recovered from the Oct 31, 2006 decision and probably never will.

(67) Thornhill, Ontario: 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.

(68) Ottawa, Ontario: Mr Flaherty, Mr. Baird & Mr. Harper: PLEASE do the right thing, admit you made a mistake, and implement the "Marshall Plan."
Xxx xxx Constituent of Mr. Baird

(69) Calgary, Alberta: PLEASE IMPLEMENT THE MARSHALL SAVINGS PLAN SOLUTION. Thank you.

(70) Le Perrot, QC: Resolve Jim Flaherty s income trust policy fiasco Preserve income trusts as an essential "profit sharing" investment choice for ALL Canadians

(71) Peterborough, Ontario: 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 widespread concern amongst our elected officials re pensions, I sincerely hope the Marshall 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.

(72) Maple Ridge, BC: 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.

(73) Calgary, Alberta: My wife and I are retired with no private pension income. We rely on our RRSP's for income and had invested heavily in income trusts while relying on Mr. Harper's assurance that their tax treatment would not be changed. The Halloween surprise resulted in very significant losses in our savings accounts and we have no idea what the changes scheduled for next year will do to our ability to continue to finance our retirement. Please give the proposed plan your careful consideration.

(74) Thamesville, Ontario: Please implement the Marshall Plan

(75) St. John's, NL: Don't ever, ever, ever trust any promise made by this Conservative government, and I mean EVER.

(76) Oshawa, Ontario: Dear Mr.Flaherty

"Please implement the Marshall Savings Plan solution"

As a concerned Canadian I urge 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.

We have worked hard and saved for our retirement, why should we be penalized for our common sense approach to saving for our senior years? We are not asking the Government for handouts, just the right to keep what we have saved in a fair and equitable way. Yours truly,

(77) Keremeos, British Columbia: As retired 77 and 78 year old Canadians who had Mom & Pop business (in Canada) with NO pension income .... our portfolio of income trust units gave us a respetable and dignified retirement income, with a huge tax payable each year ..... Now, our income has been reduced by 35% and the portfolio values are still a long way from thier previous values .... several Trusts, Prime West, Versacold, Harvest Energy, KCP Income Fund and others have been taken over by foreign companies ........ reverse the lies and give us back our dignity ..... Thank you,

(78) Winnipeg, MB: This may be a way for those of us so badly hurt by the 06 mess to recoup some of what we lost. To our government, "please do the right thing and give this a try. So many of our retirements have been damaged, and in some cases destroyed, that we need something ingenious like this to get us back on track."

(79) Vancouver, B.C.: The betrayal in 2006 converted this long time conservative into a reluctant liberal. Enough said.

(80) Edmonton, Alberta: The Marshall Savings Plan will: Resolve Jim Flaherty s income trust policy fiasco Preserve income trusts as an essential "profit sharing" investment choice for ALL Canadians

(81) Vernon, BC: This makes too much sense to ignore. If the Government of Canada truly wants to hear from and listen to Canadians then here is the chance. The Income trust debacle has cost us and many Canadians far too much.

(82) Langley: BC: READ THIS YOU LYING BASTARDS: Income trust fix: the Marshall Plan - Diane Francis, The National Post http://tinyurl.com/dianefrancis

(83) Mississauga, Ontario: 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.

I am a retired senior who lost money when Jim Flaherty made his October "Halloween" announcements regarding income trusts. I don't have the opportunity to create new income at my age and I was counting on a continued stream of income from the income trusts that I own. I also don't have a private pension other than CPP and OAS . I am counting on income trusts to give me peace of mind and a comfortable (not excessive) lifestyle.

Please restore a level playing field between the 75% of Canadians without pensions (RRSPs) and the 25% of Canadians with pensions . Thank you very much.

(84) Sechelt, British Columbia: As a concerned Canadian citizen who was looking to income trusts for retirement income and who invested quite heavily in them based on the false election promises of our current government and subsequently lost the ability to take retirement as planned, I ask you to ensure that the "Marshall Plan” for trusts" is implemented in 2010. For those of us who must find our own way to financial stability as we move into retirement it is critical that we have an income vehicle that we can rely on and that encourages Canadians to save and invest in the businesses of our great nation. Also important is the preservation of those businesses as Canadian entities that we can be proud to support. Thank you

(85) Kirkland, Quebec: Please consider this seriously in your next budget.

(86) Victoria, BC: Please amend the RRSP treatment of income trusts. It is a disaster for me and many others. IN addition to our regular savings, savings made over 45 years so as not to be a burden on Canada, the inocme trust changes have reduced out ability to survive as pensioners -- without pensions!. Yours sincerely,

(87) Dollard-des-Ormeaux, QC: 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.

(88) Calgary, Alberta: The original idea behind Income Trusts, and its approval by taxation authorities, was to give the ordinary Canadian the same tax advantage as enjoyed by pension plans run for institutions. I am NOT such a pension plan member but think I should have the same right as those people who are! I believe that the Government should preserve income trusts as an essential "profit sharing" investment choice for ALL Canadians.

I appreciate that there were problems in too many companies converting to trusts. But, the 'fix' should have looked far beyond the measures invoked by the same people who promised that trusts were safe if they were elected to government. Something else should have been possible. As it is, I am left in a position where others among my neighbours will enjoy a tax advantage because their pension plan can invest in things I cannot.

Please help the 75% of Canadians without pensions and preserve the means to a decent retirement income and standard of living. Otherwise, the same long memories that recall the hated NEP will turn against the political party that has done harm to so many individual Canadians. I just don't think enough was done to look at alternatives and bad counsel was followed.

(89) Parksville, BC: How the original "promise" in the election campaign can be broken has soured my historic Conservative support. Particularly when it does not seem to be proven whether tax dollars were gained or lost by the change in Income Trust rules.

(90) Toronto, Ontario: The income trust rule changes were bad policy directed at a "non-existing" problem. The unintended consequences have been costly to investors (particularly seniors) and the government revenue stream. The ideal solution would be to recind the income trust rule changes. If that's not politically possible, implement the Marshall Plan.

(91) Toronto, Ontario: 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.

(92) Québec City, Québec: Honestly, I think this cause is just and that the government must act and fix this serious and unjust situation.

(93) Burlington, Ontario: RRSP in a trust should not be taxed in this manner...we will lose enough money as it is with the new Tax on Trust accounts.

(94) Rockwood, ON: Please do something to mitigate the effect of this unfair and punitive tax measure on those of us who tried to lessen our retirement burden on the government of Canada. You have profoundly affected our financial planning for our retirment in a negative way!!!

(95) Drayton Valley, Alberta: Please implement the Marshall Savings Plan solution to Canada’s deficit crisis and pension crisis

(96) Abbotsford, BC: Restore our investment. I'm a senior that depended on income from my investments. I did not WANT GOVERNMENT HELP

(97) Calgary, Alberta: JUST DO IT..

(98) Winnipeg, Manitoba: Implement the Marshall Savings Plan. Fix the mess you have created. Preserve income trusts as an essential "profit sharing" investment choice for ALL Canadians

(99) Castlegar, B.C.: I wish to see the government implement the Marshall Plan as a way of resolving the Income Trust problem.

(100) Calgary, Alberta 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.

(101) St-Pierre-Broughton, Quebec: Now is your opportunity to help the 75% of Canadians without pensions to preserve their means to a decent retirement income and standard of living.

(102) COALDALE, ALBERTA: Please consider these changes before all of our income trusts are swallowed up by pension funds and foreign hedge funds, neither of which pay taxes

(105) Notre Dame de L'ile Perrot, Quebec 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 Canadians natural resources.

(110) Rocky Mountain House, Alberta: 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.

(113) Crabtree, QC: 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.

(123) London, Ontario: All Canadians should be treated equally under the Law. Preferential treatment should not be given to the wealthy and members of the Public Sector.

(126) Calgary, AB: Do not tax Income Trust unit holders twice to the tune of 62%. Thanks again.

(137) West Kelowna, BC: please implement the Marshall Saving plan solution to canadas defecit and pension crisis

(139) Toronto, ON: 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.

(140) Port Clements, BC: 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.

(147) Antigonish, Nova Scotia: 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 .

(154) Markham, Ontario: 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.

(151) Victoria, BC: The 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.

(152) Crossfield, Alberta: 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.

(153) Delta, British Columbia: 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.

(154) Markham, Ontario: 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.

(155) Edmonton, Alberta: 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.

(156) Calgary, Alberta: Please implement the Marshall Savings Plan solution.

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 decision to eliminate the Trusts.

(157) Dartmouth, Nova Scotia: 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

(158) Saskatoon, Sask: 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.

(159) Cobble Hill, BC: 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.

(160) Markham, Ontario: 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.

(161) Dorchester, Ontario: 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

(162) Calgary, Alberta: 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.

(163) Kelowna, BC: 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!

(164) Barrie, Ontario: enough with the taxes....

(165) Edmonton, Alberta: 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.

(166) Edmonton, Alberta: 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.

(167) Heidelberg, Ontario: 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.

(169) Kelowna, BC: 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.

(176) Kelowna: B.C.: Please ,please give us old timers a break with the Unit Trusts. They constitute 95% of my retirement income. I was self employed.

(191) Edmonton, Alberta: 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.

(220) Kelowna, British Columbia: Last chance for me to ever support the conservatives again.

(221) Calgary, Alberta: We need our income trusts back. My income has been significantly reduced since the changes were announced.

(227) Edmonton, Alberta: 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

(238) Sarnia, Ontario: 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.

(244) Cambridge, ON: This tax wrecked my RRSP's and continues to wreak havoc with my retirement savings. Please implement the Marshal Plan for trusts!!!!!

(261) Calgary, Alberta: 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.

(267) Toronto, Ontario: 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 trusts Promote saving and investment in Canada by Canadians
Please remove the double taxation of income trusts inside of RRSP's.

(287) Uxbridge, ON: 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

(309) Calgary AB: 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 Layton bunch) failed miserably.

(321) Halifax NS: 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.

(323) Odessa: 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?

(333) Montreal PQ: 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!

(336) Calgary AB: 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.

(334) Vancouver BC: 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.

(337) Lumby BC: 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.

(338) Toronto ON: 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.

(349) Melita: 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.

(389) Calgary AB: Please implement the Marshall Savings Plan solution to Canada's deficit crisis and pension crisis. We need this for the futuer of all retirees.

(381) Duncan BC: 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.

(386) Comox BC: Help us!

(422) Etobicoke ON: As part of the 75% of Canadians without a pension please preserve the means to a decent retirement income and standard of living.

(447) Leduc QC: 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.

(504) London, Ontario: Why the fraud?

(512) Toronto, Ontario: Flarety should be tar & feathered & dragged by horse thru the streets of Ottawa.

(561) Ste-Anne-des-Plaines, Québec: Il est temps que les Canadiens à la retraite sortent de leur mutisme afin de protéger leurs acquis. C'est notre droit en comme citoyens de dire à nos gouvernants ASSEZ c'est ASSEZ !

9 comments:

Dr Mike said...

Well , I guess we all now know what Mr Flaherty & Mr Harper think about the small investor ---- they couldn`t even help us out of the ditch after they ran over us with the Halloween bus.

I have no respect for these people & will never have any respect for these people.

I wish someone would have slapped me along side the head before I voted for them in 2006. It certainly will never happen again as I do not forget those who stab me in the back.

Dr Mike Popovich

Anonymous said...

jim flaherty is an incompetent finance minister, put in place by an equally incompetent harper who was put in place , twice, by the people of Canada, who were LIED to during campaigns. The only solution is for the opposition to throw the incompetents OUT. I also suffered in huge losses after the Trust fiasco.

harper and flaherty must GO.

Bobish

Anonymous said...

I have lost all respect for the Conservative government. Complete disregard for the devastating effect of their Income Trust legislation on me and thousand of other Canadian retirees, shows an insensitivity matched only by communist countries of a long ago era. With the income I lost my wife and I have been forced to seek part time employment (try that when you are 65 in this economy!).

Waterloo, Ontario

Dr Mike said...

t is stories like yours that the politicians have been able to avoid.

That should never have happened.

Dr Mike Popoich

evision said...
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ahmed said...
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