Lunch with father of a Conservative MinisterI was having lunch today with Joe, a member of our investment club.
We disguss how to adjust our investment portfolio in light the future Income trust Tax.
When an elderly gentleman wanted to sit with us, we said: "Sure, you're welcome to".
He was talking on his cell phone quite loudly because of the live singer.
We couldn't help over hearing the news of Garth Turner going over to the Liberals.
He called Garth a backstabber and traitor to the Conservative Party, and introduced himself
as the father of Conservative Minister, Jason Kenny.
The conversation soon entered the Income Trust betrayal by the Harper to Cdn. Income Trust Investors.
We explained how the Conservatives lie has cost us $30 billion, and future the tax will be a second blow
to our RSP and cash flow plans to fund our retirement. He explained that Harper had to do it because
of the lost taxes to Ottawa and the Provinces. I replied that wasn't true because last weeks Trust hearings
showed that the Finance Dept. couldn't supply actual numbers. The Investor like us actually pay more than
Corps. in taxes.
Mr. Kenny said that the Income Trust decision only affect a small segment of the voters and that not everyone owned Trusts. I reminded him that if you contribute or draw from the CPP, then you were affected because the CPP buys the TSX index which holds 22% in Trusts. He said no one will know that except you and a few Investors. No one will care, and they will soon forget. He tried to change the subject by saying how the Conservatives are now focusing in the environment and are offering progressive policies. I remind him that the Conservatives killed the Liberal's One-Tonne Challenge and
Kyoto. Now they are renaming them with "Look what Prime Minister Harper has done to make the world greener". I said the only green the Conservatives have done is to recycle the old Liberal plans. He answered with how the Liberal's record has increase pollution. I answered the Conservatives originally
wanted to do even less and pollute our environment faster. Just like how they were taken by surprise of how much the lost taxes from Income Trusts were going to cost. I asked if they were stupid about it and only promised it to get elected. He said no.
At end, Mr. Kenny said you are only one vote. I said yes, but as I was discussing with Joe. To fund the retirement of a lot of seniors, many of us to avoid the double taxation of Income Trust or Dividend Stocks in RSP accounts will have to reverse mortgage our homes and deplete the assets of our homes and therefore robbing the inheritance of our children and spouses. That one vote now becomes seven.
As Joe and I were leaving, Mr. Kenny was on the cell to his son's office.
Unless the Conservative do something in the budget to allow the Dividend tax Credit to apply in RSP accounts because it's double taxation. I will be e-mailing and work for the party that can best beat them.
WE DO NOT NEED LAIRS in OTTAWA !