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Politics : Canadian Political Free-for-All

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To: DeplorableIrredeemableRedneck who wrote (10713)	10/18/2006 9:56:54 AM
From: DeplorableIrredeemableRedneck	Read Replies (1) of 37540

Someone should put a moritorium on teh NDP: NDP wants moratorium on trusts on fear of $1.1B lost tax revenue canada.com CanWest News Service Published: Wednesday, October 18, 2006 The NDP wants a moratorium on the creation of further income trusts, and a government MP says the conversion of corporations into tax-free trusts, which a new study estimates will cost the federal and provincial governments more than a $1-billion a year in lost revenue, should at least be subject to a parliamentary review. "There has to be a moratorium," NDP finance critic Judy Wasylycia-Leis said yesterday. "And then we have to find a solution to phase out this type of investment." Conservative MP Garth Turner, a former federal minister of National Revenue, added: "It's time for a review." The comments follow the release of a report by tax expert Jack Mintz that once BCE's Bell Canada and Telus Corp. are converted into trusts, the loss in tax revenues will reach $1.1-billion a year, up from what is currently $700-million. "The tax losses are now substantial," said Mr. Turner, recommending the issue be subject to a public review by the Commons finance committee. © National Post 2006

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