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:

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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



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Harper Valdez, as seen in the Hill Times just in time for the opening of Parliament

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Flaherty was pilloried unfairly according to Keith Woolhouse - Brent Fullard responds

Evidently this reporter thinks its preferable that Middle Eastern oil sheiks (Khalifa bin Zayed al Nahyan of Abu Dhabi Energy) and Hong Kong billionaires (Li Ka-Shing of Cheung Kong Infrastructure) own these companies with "internal problems" like Prime West Energy Trust and TransAlta Power, rather than Canadians who are trying to provide retirement income in a protracted low interest environment.

I guess that fact that these foreign buyers will not pay the draconian 31.5% double taxation or be limited by Flaherty's growth restrictions and yet Canadians will be, is the reporter's idea of tax fairness and leveling the playing field.

Why can the government sponsored pension plans like the federal civil servant's own Public Sector Pension Plan own Thunder Energy Trust without being taxed, and yet the average Canadian holding that very same trust in their RRSP is?

The only internal problems at hand are the internal thought processes of this reporter. Meanwhile the real problem facing these trusts is the external problem brought down upon them by a double talking, double taxing two faced government.

Good thing this government has friends/shills in the press who are happy to practice yellow journalism, since no civilized and fully informed society would let this kind of egregious policy of gross unfairness to ever go down. Do you suppose if this reporter knew that once these trusts are all relieved of their "internal problems" by foreign private equity and government sponsored pension plans that Ottawa's tax collection will be reduced by an ANNUAL amount of $7.5 billion. That's the equivalent of a 1.5% GST increase.
Brent Fullard, October 25 2007

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High-yield income trusts offer choice, but not for faint of heart

Keith Woolhouse, Citizen Special
Published: Thursday, October 25, 2007

It was at this time last year that federal Finance Minister Jim Flaherty was set to rock the markets with his Tax Fairness Plan that effectively slammed the door shut on corporations converting to income trust status and gave existing trusts a four-year window to convert back.

The ensuing hue and cry from investors was predictable as the S&P/TSX composite index plunged and most trusts lost around 22 per cent of their value.

Flaherty was pilloried, unfairly so, as it turns out. The sector's recovery and ensuing acquisitions have largely vindicated him. Those who still believe otherwise may argue that unit values and the distribution rates have suffered. That's a moot point. Most of the still depressed companies have internal problems.
Read the Complete Article

Related:
Perpetuating the Big Lie
Conservatives signal foreign takeovers OK until next year

Mr Layton: Which part of the TFP don't you understand yet?

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