The National Citizens Coalition is urging Finance Minister Jim Flaherty to adjust his proposed Income Trust legislation.
Here's a news release the NCC sent out on Friday:
NCC: Allow Longer Phase In Period for Income Trust Changes
(November 10, 2006)The National Citizens Coalition says the Conservative government should change its proposed Income Trust legislation to allow for a longer phase in period.
“While we support the government’s attempts to fix potential long term problems in the Canadian economy, the proposed income trust changes will have a negative impact on the investment portfolios of seniors and other hard-working Canadians,” says NCC president Peter Coleman.
“That impact could be minimized by increasing the phase in period from four years to ten years, meaning no new taxation on existing income trusts until 2016.”
Coleman says such an increased phase in would not undermine what the government is trying to accomplish with its proposed income trust legislation in terms of preventing tax avoidance, but it would give income trust holders time to make appropriate financial adjustments.
“We hope Finance Minister Jim Flaherty will consider this recommendation before his scheduled November 23rd economic statement,” says Coleman.