Income Trusts

November 1, 2006 at 6:12 pm (Uncategorized)

   The income trust bubble burst today. The Minisiter of Finance basicaly poked it with a giant pin one could say by applying some new tax laws. I never agree with the Conservatives as anyone who reads this blog knows but they have done one good thing since getting into power and this is it.  I think I deserve to give them credit on this.

   The income trust conversions were a way for big business and their investors to get away with paying hardly any tax. What was basically happening is that the companies were exploiting a huge tax loophole and more companies were getting in on the income trust bandwagon.

   I hate taxes as much as the next guy, but why should I be paying taxes when huge companies like BCE and Telus are not. BCE and Telus were both getting ready to convert to income trusts but I believe they will decide not to go through with it now.

  Bravo to the Conservatives on getting some tax fairness for Canadians. Of course I still disagree with them on all other issues, such as the bad environment plan they put forth, wanting to scrap the gun law, their closeness to the religious right, and so on.   

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