Monday, March 10, 2008

Jim Flaherty's income splitting will only benefit 14% of seniors...himself included

Jim Flaherty would like to be seen as the friend of ordinary Canadians. Unfortunately he is not. He is a friend of special interests, including his own.

When he announced that retired people would be able to take advantage of income splitting, he left 85% of them out in the cold.

How? By saying that only seniors who were members of defined pension plans could participate in this tax break. Unfortunately, a mere 15% of Canadians belong to this kind of pension plan. As for the others, they are out of luck.

Not Jim though. He is a member of not one but two gold-plated pension plans. The one he'll get from the Ontario government AND the one he'll get from the federal government. No wonder he's concerned about those future tax breaks.

As for the rest of us, what breaks do we get Jim?