Monday, December 10, 2007

Jimbo Flaherty's income trust boondoggle just won't go away ....

A little over a year ago, our bumbling finance minister whacked about $35 Billion out of the Canadian investment markets with his ill-advised sledge-hammering of income trusts. Since then, there has been no shortage of investors and independent experts pointing out the errors in the Cons own calculations (less the 18 blacked-out pages). Now comes one of the most damning reports yet.

The Con's (how appropriate) income trust strategy, intended to address a small and possibly fictitious tax leakage problem, has instead, according to this
article by Diane Francis, “done the opposite and created multi-billion dollar tax leakage.”

Don't you just long for the good old days when Flaherty was still ambulance chasing in southern Ontario and hadn't yet begun to consider himself a financial wizard?

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