Ralph Goodale makes it official – the only Canadians who are allowed to shield income and retirement savings from the insatiable vacuum of Liberal government taxation are those with holdings in the shipping industry. CPC candidate for Wascana, Brad Farquhar has the dirty details;
It all started with this report from Canaccord Capital, in which they tell Ralph Goodale that he screwed up, and that he’s hurting every Canadian.
Canaccord Capital: Trust Reform Hurts Canadians
Wow! The feds are worried about $300 million in tax leakage, and as a result, they wiped $23 billion out of the retirement funds of Canadians. Only a Liberal would call that a good return on investment.
So then the Media picked the story:
National Post: Trust backlash mounts
Globe & Mail: Canaccord goes on attack over trusts
At one time I had a lot of time and respect for Ralph Goodale. Regardless of what one thought of his choice of political affiliation, he had a reputation for being an honest and committed MP, serving his riding well. As I said – at one time.
I know the exact moment when that respect evaporated. Unlike most Canadians, I’ve actually read much of the testimony to the Public Accounts Committee regarding the awarding of improper contracts predating “Adscam” that placed then Finance Minister Paul Martin’s personal leadership campaign team – aka “Earnscliffe” – on the public payroll.
When challenged on this testimony in the House of Commons, Goodale cited a 1997 audit by Ernst and Young in Martin’s defense. The very same audit that he, as a central figure in Paul Martin’s cabinet and current Finance MInister had to have known had been “cleansed” and subsequently discredited in testimony given before Justice John Gomery.
Perhaps the “Honest Ralph” schtick was an act from the get go. Or perhaps he’s feeling the pressure in having realized, a little too late, that he’d traded in his own personal integrity to serve the interests of a wholely corrupt organization. Whatever the case, it seems to be getting to him. Ralph’s on a short fuse these days.
Finance Minister Ralph Goodale lashed out Thursday at a Bay Street investment dealer’s efforts to rally public opposition to Ottawa’s controversial review of the booming income trust sector.
Goodale accused Canaccord Capital Corp., of playing “partisan politics” and following the wishes of Opposition Conservatives with its call for Canadians to lobby their MPs to fight Goodale’s plans to reform the sector.
The report was first shown to him by Conservative MP John Reynolds, whose son is a senior employee at the Toronto-based brokerage, Goodale said outside a regular meeting of the federal cabinet.
“Obviously this particular firm has chosen to take a very political, a very partisan approach,” Goodale said.
“It was John Reynolds. . .the former interim leader of the Conservative Party, that presented the document to me, while he was informing me. . .that it was his son that basically runs the company – which I thought was an interesting partisan comment on his part.”
One day earlier, Canaccord – a well-known Bay Street investment dealer – issued a condemnation of Goodale’s review of income trusts, suggesting it threatens billions of dollars in retirement income by potentially destroying the sector.
“We question whether the consultation process with the Department of Finance will be balanced or is it just a sham,” wrote Canaccord Capital analysts.
“Bay Street cannot protect your investments on this issue, as it alone does not carry political weight,” adds the report, which includes the names, phone numbers and e-mail addresses of every Member of Parliament.
“The intentional or unintentional destruction of the existing trust market does not need to happen.”
The comments weren’t politically motivated but instead designed to warn the Liberal government the review is creating huge uncertainty for global investors, added Chris Rankin, one of the authors of the Canaccord report.
I suppose it’s time the investment industry started looking into stashing your retirement savings into foreign-registered shipping lines and offshore tax havens and just be done with it.
Be sure to read all of Brad’s post. And if you’re in his riding, be sure to get him elected.
liberals are liars thieves and killers (ask all the dead air crews that were trying to do their best for Canada). goodale’s a liberal need I say more.
Re;Income Trusts and CSL(canada steamship lines)
The turf war between the eastern banks(lieberal)and the western Income Trusts(conservative)seems to be heating up.
God forbid a tax shelter for the commonner,I guess they are to be reserved for politicians and eastern bankers.
CSL….I emailed them today asking if they transported canadian wheat board grain(sask wheat pool)…they mailed me back stating, yes of course etc.
Do all those NDP sask farmers know money taken off their grain cheques is going to PMPM????
The truely sad thing in all of this is that despite all of this (and more), the Liberals remain high in the polls. There is a better than average chance that they will be reelected. Sad indeed that Canadians can be such stupid sheep off to the slaughter for Liberal greed.
‘Trust Reform Hurts Canadians’ could also read ‘Trust Reform Hurts Paul Reynolds & Company’
Canaccord’s revolving door in London keeps spinning
…Observers have noted that one obstacle for Canaccord may be its high total-expenses-to-revenue ratio, which is about 84 per cent, while GMP’s is about 61 per cent. Compensation is a hefty part of expenses — especially at Canaccord. Income trust unitholders might take a dim view of that….
https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20050901/RNOBODY01
The Mysterious Case Of The Maharajahs, The Miner And The Model
They are known as the maharajahs of stockbroking — and they certainly enjoy the fabulous wealth of princes. There are the luxury homes, the private helicopter and the prestigious offices in Mayfair. It seems that Paul Reynolds and Tim Hoare, the bosses of Canaccord, are having a royal time. But not everyone is in thrall to the court of Canaccord. There have been mutterings over the role of Reynolds’ wife Nicole as its compliance officer. She ensures that the strict rules governing share deals are followed. She has been kept busy by Canaccord’s involvement in several controversial flotations as well as several high-profile departures in protest at the �4 million bonuses paid to vice-chairman Reynolds and chairman Hoare….
http://tinyurl.com/8s7eo
It would sure be in the public interest to have the Auditor General investigate all past and current contracts with PMPM’s(son’s)CSL.
Earnsclffe spawned a pathological liar who happens to now be in PMPM’s employ, Scott Reid.
David Herle’s doing election spin for the LPC, his sweety, Terri O’leary worked for PMPM when he was Finance Minister and Earnscliffe was getting contracts.Coincidence?
On the income trusts, this attack is intentionally designed to punish those who are not perceived by the Li-beral’s to support the LPC or the investment products offered by the big banks.
Goodale may have been honourable at one time, but he’s been infected by likes of Scott Reid with liar’s mouth disease.
Goodale has never been honest–as the Western farmer–Goodale was in charge of the CWB, much as he likes to blow that the ‘farmers’ are in charge. The CWB is giving farmers less than world prices for their produce, and the Libs profit from this–Goodale, honesty–oxymorons.
Last fall I hear him talking about Darfur. The libs have been working on a plan for a year blah blah blah, oh yeah, and they care. This was to entice a maverick MP to vote for them so they wouldn’t fall. Funny thing is , is less than a year before PMPM was at a high school in Saskatoon and when questioned about Darfur he hummed and hawed and said the UN didn’t know what to do and it wasn’t our place to interfere with another countries internal issues or something like that. According to Goodale his party was working on a Darfur policy for about 6 months! http://heartofcanada.typepad.com/randomthoughts/2005/05/ralph_speaks_ou.html Check out the linl.
Ralph Good-for-f*k-all.
Most Canadians have no savings of any kind, let alone investments in trust funds. You can depend on their continued support for policies which promise to plunder the accumulated savings of their more wise and frugal countrymen. Every major political party will pander to them, and even the “good” members of parliament will have to toe the line if they want to get into cabinet. The rebels on Bay Street and in Calgary will gradually be either bought off with special exemptions, or driven out of business with regulations. That is what is happening in the financial world right now, right in front of your eyes.
After all the seed corn has been consumed, and Canadians are looking at their empty bank accounts, meagre paycheques and bare cupboards, and there is no one left to rob – do you think they will finally put two and two together, and vote for freedom instead of plunder?
If it turns out that they still tend to blame their poverty on foreign carpetbaggers, Yankee imperialists, rich Ontarians, greedy Albertans, and whatnot, then it’s easy to guess what the country will look like – check out Mexico or Venezuela.
Darfur update: As is almost always the case, Paul Martin’s government has a “policy” that manages all at once to be utterly political, ineffective, and risible.
In May this year Martin’s government was at risk of losing power through a non-confidence vote in the House of Commons (until the shameless Belinda Stronach defected from the opposition Conservatives for a seat in the Liberal cabinet). An independent Liberal MP, David Kilgour, was demanding that in return for his vote the government do something serious in Darfur such as send troops.
Paul Martin panicked and rapidly promised that Canada would sent around 100 troops to Darfur as advisers to the African Union (AU) peacekeeping mission in Darfur. Kilgour said that number of troops was far too small and that Canadian troops should have a stronger role. Sudan said they would not let Canadian troops into the country. The government said it would send troops anyway. Martin said: “Canada may not be able to single-handedly bring an end to the fighting and bring peace to Darfur, but Canada can do a great deal..” Gross understatement in the first statement, gross overstatement in the second. What silliness.
Kilgour voted against the government which won anyway–see Bouncing Belinda above.
Then in June the government said it would try to send around 100 clapped-out surplus Grizzly armoured personnel carriers, which have been in storage for six years, to the AU forces in Sudan. It just didn’t know how it would get them there. And since Sudan still refused to let Canadian troops in the government suggested the Canadian Forces might train AU troops on the Grizzlies in third countries. Or maybe contracted civilians could provide the training. Or maybe the government would find APCs from other countries and somehow get those to Sudan.
To sum up the policy at that moment: somehow Canada will get some APCs from someone, someway, to the AU troops in Sudan, and somehow train those troops. And then maintain them.
In late July the Department of National Defence announced it was sending the Grizzlies and around 80 Canadian soldiers to Senegal (on the west Coast of Africa, a long war from Darfur, south of Libya and Egypt) where AU troops would be trained on the vehicles.
The Grizzlies had to be sent by sea by commercial vessel–the Canadian Air Force no longer has a serious long-distance airlift capability–and finally arrived in Senegal in September. Canadian troops are at last training AU forces.
The Grizzlies will get to Darfur by chartered aircraft. The Canadian Air Force cannot get them there. And the Canadian Forces PM Martin promised to send to Darfur in May, as a bribe to get one vote in Parliament, will not go to Sudan. What a Rube Goldberg/Heath Robinson way to give military aid.
The DND website states that the Grizzlies “…are expected to be operational by mid-September.” I have no report that in fact they are there yet.
http://www.forces.gc.ca/site/operations/augural/index_e.asp
Mark
Ottawa
I wonder if Earnst & Young should not be severely penalized. They did an audit in 1996 that could have stopped Adscam then, but toned down the final executive report so it would slide smoothly by, unoticed. The meat of it at:
http://BendGovt.blog.ca
or the whole 3 page article in today’s Oct. 29/05 Ottawa Citizen. TG
PS. Old gem cutter at:
http:// BendGovernment.blogspot.com
If there’s one way to get through to Ontarians, it’s to see the retirement funds of their parents and themselves attacked by money grubbing politicians. Maybe even the Ontario teacher’s fund will even take notice since they own a piece of Nexen Inc. Nexen is seriously trying to develop coal bed methane for long term reserves and stable cashflow. Long term reserves and stable cashflow are the foundation of energy trust co.’s. So if the Ontario teacher’s union are supporting a party that may torpedo one of their biggest investments from becoming or spinning off assets into a trust co…that love could wane a lot when they get their pension fund statements following the rule changes. There’s hope yet that the Ontario voters may yet see the light through their rose colored cateract inflicted retinas.
Paul Martin and Goodale were instrumental in setting up this income trust structure. Now they are flip-flopping again as to whether the tax structure is a good idea. Unfortunately, these income trusts are disproportionately owned by senior citizens who require the income and they are most severely affected. This flip-flop and indecision by Goodale is leaving the income trust market in disarray. You’d hafta be a Liberal to believe that complaining about economic uncertainty in financial markets is a partisan issue.
What amazes me is that income trusts, for the most part, are tax-deferral vehicles (ie) every dollar of untaxed distributions reduce the investor’s adjusted cost base by a dollar. As an example, if an investors has $100,000, their cost base could eventually reduce to $0 once $100,000 tax free distributions received. If their cost base is zero and all income, including capital gains, CCA and depletion allowance, has been distributed already, then on disposal (or death) they would be deemed to have a gain of $100,000 (even though market value is $100,000), of which $50,000 will be added to their income in that year. If this is “leakage,” then so are RRSPs and RRIFs (I love when government’s term tax not paid as “expenditures”). Folks, if we let them get away with this, then what’s to stop them from attacking the “tax expenditure” of registered investments. Death by a thousand cuts of income.
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