2006-11-02

Gerard Kennedy in Favour of Income Trust Tax Loophole

From the Gerard Kennedy website:

Kennedy Rejects Harper's Income Trust Announcement: The Harper government's income trust cure falls disproportionately and unfairly on fixed income Canadians. Today, thousands of individuals suffered a large, permanent loss in their hard-earned savings as a reward for following the rules of the day and after a commitment from the Conservatives that no changes would be made.
(...)
Any changes should have included a longer transition period and specific relief for capital losses incurred by individual Canadians.

The transition period is four years! How much longer did he want? "Relief for capital losses" ?

Buying shares of companies or income trusts is risky. Some people near retirement age may have some money invested into trusts as part of a diversified portfolio, but let's not exaggerate the impact. The government isn't going to compensate investors every time they change the tax rules! Some times investors win, sometimes they lose.

1 comment:

Liberal Pebbles said...

It is not that the government changed the rules, it is that the government promised to do the exact opposite.

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