(1) St Thomas, Ontario: Help the 75% of Canadians without pensions and preserve the means to a decent retirement income and standard of living
(2) Stouffville, Ontario: A solution to the least thought out policy by a Canadian Government in ou
lifetime. Losing income trusts is a true hardship for the 75% of us with no pensions.
(3) Montreal, Quebec: As a result of the increasing number of income trusts I purchased over the years, my taxes were always higher than the year before. If the trusts are cancelled, I am positive my tax rate will drop precipitously and both the Federal Government and the Provincial Government (as well as myself) will be the losers. Furthermore, if my income drops, I shall not buy as many clothes or items for my home. I will watch TV rather than a movie. The Federal government is very short-sighted and the national debt will rise and rise for lack of taxpayers' contributions.
(4) Sorel-Tracy, Québec: Il y a une opportunité de corriger la terrible erreur commise par le Ministre des Finances le 30 octobre 2006 quand il a décidé, UNILATÉRALEMENT, de détruire les fiducies de revenu.
On vit les résultats maintenant. Pertes de taxes pour le gouvernement fédéral, les provinces et les petits investisseurs et les retraités.
Les étrangers achètent les fiducies et gardent des options qui ne sont plus disponibles aux citoyens Canadiens.
Les grands fonds de pension privatisent des fiducies et ont une option que je n'ai plus.
Il est temps que la politique d'imposition des fiducies de revenu soit réexaminée ET changée. Les seuls gagnants de la politique actuelle sont les capitaux étrangers et les grands fonds de pension.
Pour les citoyens ordinaires il n'y a que des pertes : pertes de véhicules d'investissements, pertes de revenus provenant des fiducies de revenu et DOUBLE TAXATION pour les REER et FEER.
Le plan " Marshall " brille pas son équité, sa faisabilité et ses solutions innovatrices.
S'il-vous-plaît, lisez ce plan avec l'esprit ouvert en ayant le mieux-être des Canadiens et ce, non au détriment de qui que ce soit.
Le plan " Marshall " , une solution efficace pour un problème réel, créé de toutes pièces sous de faux prétextes.
Merci et bon retour au travail,
(5) 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.
Even though the income trust tax proposal and the recession we are now in has devastated the value of my investment portfolio, I still rely on the distributions I receive from these trusts to supplement my small pension.
When the income trust tax proposal becomes effective in 2011, I believe the cash flows from these investments will dissipate and I will be left with no viable investment alternatives. This will result in insufficient funds for my wife and me in our retirement years.
There are many hundreds of thousands retirees in the same position as I, who would like to see this unjustifiable income trust tax proposal revoked.
It is also imperative to revoke this fallacious income trust tax proposal to enable the valuable Canadian oil and gas trusts to maintain their competitiveness in a very difficult credit market by having Canadians continue to invest in them.
Also, as Canada is facing a serious deficit due to the recession, retracting this income trust tax will lead to increased revenues of many millions of dollars which will help to reduce the amount of any deficit.
(Contrary to what the Conservative falsely state, Income Trusts resulted in a substantial tax gain to government coffers and not a tax loss)
There will also be millions of dollars in foreign investments in these Canadian companies recovered that was lost when the original tax proposal was implemented by the Conservative government. In a time of a difficult credit situation and a recession, this would be very beneficial to these Canadian companies who are competing in a difficult world market.
(6) Burlington, Ontario: Please Implement the Marshall Savings Plan Solution in the upcoming budget. The decision to change the taxation of income trusts (especially the ones held in registered accounts ) has been completely wrong and unfair. This is your last chance to correct this major error. Seniors will never forget this assault on their savings.
(7) Toronto, Ontario: Does anyone in Ottawa know what returns seniors are actually earning in their RRIF and RRSP accounts?
Income trusts are the only way we can support ourselves in retirement. If the government approves The Marshall Savings Plan it will at least give many of us a chance of financial freedom instead of personal bankruptcy.
(8) 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.
(9) Sorel-Tracy, Québec: Bonjour,
Est-ce possible que vous regardiez cette solution avec intérêt ?
Mes REER ont fondus et en plus je suis en train de perdre mes producteursde revenus aux mains des investisseurs étrangers : Corée, Chine, investisseurs privés et j'en passe.
Un massacre que vous pouvez corriger. Qu'attendez-vous ?
(10) London, Ontario: I support the Marshall Plan and urge the Canadian Government to implement it in the March 2010 Budget.
(11) Ottawa, Ontario: Please.... We need this for our senior years. Thank You
(12) Mount Albert, Ontario: Our sense of betrayal and loss of income has not diminished over time since the Flaherty Halloween massacre of the income trusts.
The Marshall Plan seems like a reasonable way to help with the government's financial fiasco.
Eventually Canadians will get their election.
(13) Waterloo, Ontario: The Marshall Plan is an extremely important, relevant and Democratic plan and, if implemented, will ensure Canadians and Canadian companies have a place in this country in the future. The "profit-sharing" model, a.k.a the Income Trust, will be a positive for all involved, including the government.
(14) TORONTO, Ontario: I lost $50,000 in the "Halloween massacre". My RRIF "pension plan" was gutted. I have no employment based pensions, so have to rely on my investments to augment OAS and CPP.
In my view the SIFT tax is a destructive blunder, not only for investors but for the economy, in particular the oil-patch. Worst of all Mr Harper had promised not to tamper with trusts.
Sincerely, xxx xxx (Formerly a strong Tory Supporter).
(15) Calgary, Alberta: The monthly pay income trusts provide the majority of my anual retirement income, as provided through my lifetime RIF. Taxing trusts at 30% plus the +40% normal income tax means that governments are to receive more than 60% of the trusts income. This double tax amounts to government confiscation of its citizens wealth, and needs the attention of all governments. Alberta in particular should be fighting Ottawa for the continuation of tax exempt status for oil and gas trusts, a financing vehicle used extensively by junior explorers.
(16) Waterloo, Ontario: Canadians need Income Trusts as an investment choice. There is no honest or reliable return on capital by any other investment. Most retirees do not have pensions and when one considers the "Baby Boom" generation, there's going to be a disastrous decline in the standard of living as they retire. This will negatively affect the economy beyond all belief.
As GDP falls, so will government tax revenue. The Marshall Plan is all the "stimulus" that is required and it costs nothing. Wow! Who can't get their head around that?
(17) Toronto, Ontario: Income trusts enabled me as a senior without a full pension to look forward to a future. Without them the future looks highly questionable. The government's own outside consultants stated their was no tax leakage (I pay tax at the personal rate).The PricewaterhouseCoopers study on income trusts confirmed this and also showed that IT's were better than the corporate model for enterprise. A deputy minister of finance stated his puzzlement at the increase in tax revenue from interest in personal accounts immediately prior to the announcement of the "tax fairness plan".Distributions from income trusts are classified as interest income.
It is therefore obvious that the government was prohibiting indirectly by taxation as there would be double taxation at the personal rate of trust distributions held in an RRSP.(appox.60%)
The effect of the plan was to kill income trusts and no earmarking of revenue was indicated. Therefore taxation was not the goverment’s aim. To destroy an investment class is a first in Canadian history I believe and an unwarranted interference in the marketplace.
It is obvious that the government was seriously misled by some vocal consultants who did not study the matter in a serious fashion. The government acted contrary to it's 2006 election promise and contrary to the interest of the public and of the government as it turns out.
The Marshall Plan would correct this error.
(18) Beaconsfield, Quebec: "Please” implement the Marshall Savings Plan solution
While I am sure the Tax Fairness program had some logic behind it and that taxing corporate profits equally could be construed as fair, the fact of the matter is that it has been an acceptable corporate structure for many years, and in recent years has become an important part of millions of retirees' income stream.
After previous Liberal government waffling and subsequent Tory,campaign pledge not to change this structure, many more were attracted to the stable yield offered by the trusts They are now is serious financial difficulties.
Now that retirement income in general has become a high profile issue, the Marshall Plan would appear to help address part of this issue, and keep the trustees as tax payers rather than a tax burden on the economy.
I personally know Davis Marshall, author of the proposal, & I know he is really hurting from the Tax Fairness Legislation, as we all are , but him more so.
I sincerely hope you will do the right thing and support this innovative initiative.
(19) Calgary, Alberta: Could you please take the time, while parliament is prorogued,to review the Marshall Plan and its intent to impact the considerable defecit your party is dumping on Canadian taxpayers both present and future.
(20) Calgary, Alberta: Here is a plan to rectify a gross inequity. I urge you to implement it.
Income trust fix: the Marshall Plan - Diane Francis, The National Post
http://tinyurl.com/dianefrancis
(21) 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.
Here is what Diane Francis the editor of the Financial Post says about "the Marshall Savings Plan"
Diane Francis, The National Post:
http://tinyurl.com/dianefrancis
Thank you
(22) Port Alberni, BC: I ask that you please consider the marshal savings plan which will help me to recoupe some of my lost savings because of flahertys ignorant unfounded policy of taxing income trusts held in rrsp’s. yours truly.
(23) Williams Lake, BC: "Please implement the Marshall Savings Plan solution"
I am one of the many Canadian Taxpayers who will not have a pension upon retirement. The Income Trust structure was the ideal investment for me/us. The income provided from the trusts would give us the income we need. The taxes that the companies were not paying, were being paid by the unit holders (at a higher rate than what the corporations would pay).
I feel that the attack on Income Trusts was a total "knee jerk" reaction and was not thought out. It has taken away the income source for both the investors as well as the taxes paid to government. It has set up a situation for "foriegn hands" and "private pension funds" to grab OUR companies and NOT PAY ANY TAXES to our government. This will create a huge tax loss that will need to be made up by ALL Canadians.
I have been hearing more of The Marshall Savings Plan and believe this would be a win win situation for all Canadians as well as the government.
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.
Thank you
(24) Peterborough, Ontario: Please implement the Marshall Savings Plan solution
I was one of those investors severely gored by the brutal Harper-Flaherty 2006 attack on the income trust sector. Through the Finance Committee Hearings you learned that the justification for the attack was fraudulent. There was no tax leakage. Reversing Flaherty\'s demented legislation would be the best course of action for Canada and Canadians. Faced with overwhelming proof that there was no tax leakage, the government ignored the facts and stumbled blindly forward. Clearly, they cared not a whit for our retirees, our resources, and for those businesses which had been doomed simply for adopting a legal and legitimate business structure. Shame on you!
It was clear that I could get no recourse from the governing Conservatives and their NDP henchmen. I turned to the Liberals who promised to reverse the devastating legislation in the interests of Canadians sacrificed by the Harper Government. At last, some hope.
I spoke at the Finance Committee Hearings. I attended news conferences. I was interviewed for the press, radio, and TV. I attended rallies. I contributed as much as allowed to the party. I organized volunteers and staffed a party office prior to elections. I worked every day of the campaign for our local candidate. I joined the local party executive.
What have you done?
With eyes and ears tightly clenched, Steve and Jack have continued to ignore the evidence and pretend that gutting retirees savings and selling off our resources on the cheap is somehow good for Canada. What can one hope for from such self-interested blindness?
After originally promising to reverse the destructive legislation the Liberals seem to have lost their voices. Who has spoken out about the plight of the majority of seniors who have to fund their own retirements? Who has pounded desks over the sell-out of our resources at bargain prices to off-shore national oil companies? Who has pointed out the basic unfairness of allowing professionals and pension plans to benefit from the trust structure while ordinary Canadians are excluded from the cozy club? Why are Liberals not screaming blue-murder every day about how huge corporations and foreign energy companies have benefited at the expense of seniors least able to defend their own interests?
Do any of you in your plush offices on Parliament Hill care. I expected no better from Steve and Jack. They have made their beds and sold their souls. I had hoped for a lot more from Iggy and his team. They are the ones I had expected to push this issue daily until even the corporate-dominated media couldn\'t ignore it any more. What have I heard? Silence. Silence while seniors try to survive in times of record low interst rates. Silence while our country is raped of its resources. Silence while real tax leakage saps the government\'s powers to pay off mushrooming debt amid obscene deficits. Are all of you \"JUST VISITING\"?
Since none of you have the gumption to do the right thing for your country, the people have to take it into their own hands. Here is the product. In the Marshall Savings Plan you have been handed a pre-packaged solution. The work has been done. All you have to do is implement it. You don\'t even have to admit your past errors (as if any of you are capable of that).
It is time for you to do the right thing for your nation and your people. That\'s what we hired you for. All of you. Swallow your pride, get past your childish games, and adopt a policy which will help both people and government. Why else are you there?
(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.
As many learned students of the matter have written critics of the tax policy that are much more comprehensive and erudite that I could hope to craft, I will simply say:
The Marshall Savings Plan will correct Jim Flaherty's income trust policy fiasco.
Not that he deserves to be cleaned up after!
(27) Osoyoos, B.C.: Please implement the well thought out Marshall Plan to help correct the disastrous results of the Harper and Flaherty not thought out plan of the Halloween massacre of Oct.31,2006.
(28) Toronto, Ontraio: Harper and Flaherty concocted lies about tax leakage to justify the taxation of income trusts, something they promised they\'d never do. A policy that was designed in the interest of the big lifecos whose whose indexed annuity products were in jeopardy because of the retail availability of a simple high yielding vehicle like an income trust.
The taxation of income trust wiped out $35bn of Canadian\'s savings and created a tidal wave of trust takeovers by foreign investors who will never pay dime one of tax here. So now our tax base has diminshed, our natutral resources have been sold to foreigners and Canadian seniors have been denied a comfortable retirement. It\'s the trifecta of government incompetence and self interest.
The Conservatives and NDP were complicit in crafting this demented policy and the Liberals have done nothing, other than a bit of jawboning, to have it reversed. The political elite in this country enjoys deluxe pension plans with full indexing so why would they give a damn about the plight of the 75% of Canadians that don\'t enjoy pensions other than the OAS, which isn\'t enough to feed a dog?
Thanks to the ingenuity of some Canadians a solution called the Marshall Plan has emerged that will restore some of the value that investors lost, allow the authors of the taxation policy to save some face (not that they deserve to, but you have to treat them like chidren, so it\'s important), provides seniors with a high yielding investment vehicle (that is fully taxable) and is accretive to tax revenue. Could we please just put these horrendous policy mistakes behind us, implement gthe Marshall Plan and move on? let the politicos do something positive for their constiuents rather than just play politics at our expense.
(29) Ottawa, Ontario: As an example of the total bias and unfairness of the SIFT (Flaherty's Tax Unfairness Plan), we invested in Teranet at the IPO. We felt the business was clearly viable (a monopoly), it had good cash flow, and proposed to provide a good cash income and return on our investment. After 3 or so years of investment, we were very happy with our investment. We retired and paid taxes on those cash distributions from our LIFs and RRIFs.
Then the SIFT proposal provided a cut-out for large pension plans so they would NOT pay the SIFT tax, even though small investors would. Funny how those same pension plans cried like babies when the Liberals even thought about taxing income trusts but NOT excempting them. IT prices depressed and OMERS took over Teranet, even though we did not want to sell. A few years later, Teranet is doing fine and OMERS is NOT paying tax on those distributions. We however are not doing fine. Bad investing - hardly. Bad decision making by Flaherty - definitely. Fix the problem, drop the SIFT and give us back our company!
(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
(32) London, 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
(33) Calgary, Alberta: Restore a level playing field between the 75% of Canadians without pensions (RRSPs) and the 25% of Canadians with pensions
(34) 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.
(35) 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.
(36) Calgary, Alberta: Please accept the Marshall Savings Plan in the next Budget. This will allow Jim Flaherty to save face from the Harper Conservatives' Income Trust fiasco.
(37) High Prairie, Alberta: Preserve income trusts as an essential "profit sharing" investment choice for ALL Canadians
Halt the continued rash of takeovers of vulnerable income trusts (eg. State-owned Abu Dhabi Energy acquiring Prime West etc
(38) Richmond Hill, Ontario: Please implement the "Marshall Savings Plan solution". Frankly, I'm totally disgusted at the Conservative Government's deceit ~ robbing retirees of their lifetime savings! I'm particularly disgusted with the country's Prime Minister and Finance Minister, both of whom misled the people, told lies, and gave the profession of "politics" a very BAD NAME!
(39) Chatham, Ontario: Let's turn this lie into a positive.
(40) Halifax, Nova Scotia: am in favour of the proposed change (see below) as it will help those in or near retirement solve their greatest issue, which is to provide an income for their retirement.
There is no good reason why this should not be strongly considered as it is in the best interest of the largest segment of our population, the Baby Boomers. It is time to do the right thing!!
Thanks for your time!!
(41) Dartmouth, Nova Scotia: 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.
(42) Calgary, Alberta: "Please implement the Marshall Savings Plan solution"
Please allow me and other investors like me who do not have a pension plan to realize our dreams in retirement be allowed to invest our life long savings in RRSP's in income trust or a similar vehicle and not face the discrimination of double taxation that the new icome tax rules impose on us.
(43) Mississauga, Ontario: implementing the Marshall plan for income trusts will get the Conservatives my trust back !
(44) Haliburton, Ontario: Please adopt the Marshall Plan to eliminate double taxation of my income trusts in my retirement income fund.
(45) Calgary, Alberta: You have to do something to preserve the millions of dollars invested in Income Trusts by ordinary Canadians. It is a travesty that you incorrectly assumed that there was tax revenue missing and now you've decided it double tax us.
What happened to Canadian industry being owned by Canadians? I remember when that was a strong policy of our federal government; now you set up Canadian companies to be vulnerable to take-over and then you allow the take-over to be done by foreign companies.
Shake your heads; present this good idea as if it was your own and climb out of this hole with as little embarrassment as possible.
(46) Mississauga, Ontario: Please implement the Marshall Savings Plan solution.
It's the fairest way to help both ordinary Canadians & the Government.
Thank you.
(47) Burlington, Ontario: The income trust fiasco has already robbed Canada of tax revenue as foreign companies buy our income trust with borrowed money tax-free and tax-exempt pension plans also pile on, not to mention the poor investors who hold these trusts in registered plans and will be double taxed. You can partially correct the fiasco by implementing the Marshall Plan for registered owners of these trusts. Please do this in your 2010 budget. It's not too late to make some amends for your mistake.
(48) St. John's, NL: Minister Flaherty's announcement on income trusts and the market demise of 2008 have completed decimated my retirement portfolio. Perhaps some of it can be restored if the Marshall Plan is adopted.
(49) North Vancouver, 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.
(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.
We will never forget nor forgive.
SUPPORTERS
