Hi John:
I just received this plus 10 other E-Mails on this subject. with a awful lot of articles about what the Conservative Party has done in the past.
I havent had a chance to read them all yet but I just skimmed through them and It is'nt nice.
I realize that You personally didn't have anything to do with this scandal but many of your current MPP's did.
Bill Costello
When is a pension not a pension? The Ontario Conservatives reformed the MPP's' pension plan, violating federal tax laws. The Conservatives had opinions from legal and accounting firms that the reform would violate federal tax laws. They violated the federal tax laws anyway. Revenue Canada requires large amounts of money be removed from the pension plan and is demanding that the 300 current and past MPP's pay taxes on the amounts as part of normal income.
Using the rational that:
"the government of Ontario has determined that it has a legal obligation arising from the errors that were made by its consultants"The Conservative government, that is, the taxpayers, will pay this tax. But the payment of the tax will also be considered income and it too will give rise to a tax liability. Presumably, the taxpayers pay these repeated increasingly smaller taxes levied on the MPPs by Revenue Canada giving rise to yet another demand by Revenue Canada ad infinitum.
Thee and me must pay tax on money removed from our pension plans. Mikey & Co. get it out free. MPPs can use this money in any way they like. Mikey, the guy who approved the scheme reaps the benefit. He gets his hands on a fat bankroll, estimated at $864,000 (tax free) just in time for his retirement. Eves got $810,000. Bob Rae, Floyd Laughren, Sean Conway and Jim Bradley got $1 million or more, each. Because of Ernie's fat benefit, which was his creation, the Liberals claim he had a conflict of interest and wants an investigation by the public accounts committee.
Eves claims that this is all trickery by the federal government. A more cynical take is that Mikey & Co. planned this. You would like a large tax-free lump rather than taking it out over an extended period and paying tax on it. Its only common sense
I realize that You personally didn't have anything to do with this scandal but many of your current MPP's did.
Bill Costello
When is a pension not a pension? The Ontario Conservatives reformed the MPP's' pension plan, violating federal tax laws. The Conservatives had opinions from legal and accounting firms that the reform would violate federal tax laws. They violated the federal tax laws anyway. Revenue Canada requires large amounts of money be removed from the pension plan and is demanding that the 300 current and past MPP's pay taxes on the amounts as part of normal income.
Using the rational that:
"the government of Ontario has determined that it has a legal obligation arising from the errors that were made by its consultants"The Conservative government, that is, the taxpayers, will pay this tax. But the payment of the tax will also be considered income and it too will give rise to a tax liability. Presumably, the taxpayers pay these repeated increasingly smaller taxes levied on the MPPs by Revenue Canada giving rise to yet another demand by Revenue Canada ad infinitum.
Thee and me must pay tax on money removed from our pension plans. Mikey & Co. get it out free. MPPs can use this money in any way they like. Mikey, the guy who approved the scheme reaps the benefit. He gets his hands on a fat bankroll, estimated at $864,000 (tax free) just in time for his retirement. Eves got $810,000. Bob Rae, Floyd Laughren, Sean Conway and Jim Bradley got $1 million or more, each. Because of Ernie's fat benefit, which was his creation, the Liberals claim he had a conflict of interest and wants an investigation by the public accounts committee.
Eves claims that this is all trickery by the federal government. A more cynical take is that Mikey & Co. planned this. You would like a large tax-free lump rather than taking it out over an extended period and paying tax on it. Its only common sense
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