Thursday, January 31, 2008

Mark Carney's fraudulent actions have cost the Canada Pension Plan $300 million and counting

"Mark Carney is widely credited as the key bureaucratic point man in Finance Minister Jim Flaherty's controversial decision to tax income trusts." Canadian Business, Jan 30 2008

$300 million in CPP income trust losses (spreadsheet attached). Perhaps it's time for the Auditor General to perform her stated role:

"Parliamentarians need objective fact based information on how well that government raises its funds (taxes)"
The following material is from Les Parsneau, a retired Canadian from Collingwood, Ontario who believes government should be transparent and accountable, rather than corrupt and misleading. He has major concerns about our rogue Finance Minister who puts Jerome Kerviel of Societe General to shame:

Societe General's $7 billion loss is chump change when compared to the devastation that Flaherty has caused with his tax on the income trusts. A tax that was perpetrated using fraudulent numbers and untrue rationale. See the lies and the proof that they are lies below.

Where are you Mass Media?

The biggest ripoff in Canadian history!!!

Read the lies and read why they are lies from sources such as BMO, Deloitte and HLB Decision Economics.

No story there?

Since October 31, 2006:
  • Over $37 billion in income trust losses.
  • Over $300 million in CPP income trust losses.
  • Over $1.4 billion in annual trust distributions and their annual taxes lost in perpetuity - the tax leakage Flaherty created
  • Over $18 billion in oil and gas trust losses while the price of oil has increased nearly 50% to over $90 per barrel.
From the Ways and Means motion, November 2, 2006 and comments from Mr. Flaherty:

Government Lie 1: to eliminate the tax leakage caused by the income trusts ( the real tax leakage is 5% of the government's numbers)

Proof it is a lie:
HLB Decision Economics report - Independent economists discredit govt tax leakage claims

Government Lie 2
: ensuring that taxes are not unfairly shifted onto the shoulders of Canadian taxpayers, especially Canadian families,

Proof it is a lie:
Deloitte report - Income trust buyouts: Lots of activity, little tax revenue

Government Lie 3
: helping corporations make choices that are consistent with economic growth and competitiveness,

Proof it is a lie:
Price Waterhouse report - Income trusts are efficient at investing, growing

Government Lie 4: bringing Canada's approach to the taxation of trusts and partnerships back in line with other jurisdictions.

Proof it is a lie:

BMO report - Digging Deeper, a perspective on U.S. Flow-Through Structures

Les Parsneau
Collingwood, ON