Thank you Mr. Chairman.

 

My name is David Marshall.

 

Thank you for inviting me to share with you the impact that the government’s decision regarding income trusts has had on our lives.

 

Let me tell you a little about myself and my wife who is with me today.

 

My first job when I got out of high school was a telegraph messenger boy for Canadian Pacific at $24.00 a week.

 

For many years, I worked as a truck driver and a chemical plant worker and I retired 5 years ago, at the age of 65.

 

My wife retired last August from an auto parts warehouse at the age of 60.

 

During our working days my wife and I raised two daughters and had to diligently save for our children’s

education and our eventual retirement.

 

We realized that the income from GICs, T Bills, CPP, OAS, and my company pension was not going to support our modest lifestyle. My wife has never had the opportunity to participate in a company pension plan.

 

After studying the income trust sector and the risks that were involved in all types of investments, we cashed in our GICs and T-Bills and invested in income trusts.

 

We were very satisfied with the results. Our portfolios were diversified and consisted of both growth and income.

 

So why are we here today?

 

Because Mr. Harper and his finance minister  took a sledge hammer to our savings and income. Overnight we lost over 20% of our retirement savings and a big chunk of our future income.

 

During the last election campaign, Mr. Harper said and I quote, “A CONSERVATIVE GOVERNMENT WILL PROTECT SENIORS AND NOT TAX INCOME TRUSTS”

 

Because of that very statement, I took him at his word and decided to vote for his party. As it turns out, one of the biggest mistakes of our lives was believing in Stephen Harper.

 

What is amazing to me is how this government could flip flop 180 degrees on something that is so important to the welfare of ordinary Canadians like us. To top it off, it

appears that the government made this decision with very little study or understanding of the impact of their actions.

 

Many knowledgeable, credible people and institutions have come to the defense of the income trust structure.

 

Based on what I have read from various sources, it is obvious that the government had alternatives, if in fact income trusts had become a threat to the Canadian economy. They could have taken action to limit the creation of new income trusts and reform the reporting standards of existing ones without causing any financial hardship to pensioners like ourselves.

 

I must say it is very disturbing when a Canadian citizen  applies for documentation through the Access to Information Act, and all he gets back are blanked out sheets. You have to wonder what this finance minister has to hide. My guess is he has nothing to hide because he has nothing to show. It should make all of us very sad. What has this great country of ours come to?

 

My father and father in law fought in the first and second world wars where many men and women died in those two wars and presently, our Canadian soldiers are fighting in Afghanistan. All this to protect the rights and freedoms each and every one of us enjoy every day. So why the secrecy? The citizen’s of this country deserve an open and honest government, the kind that Stephen Harper promised us. We deserve full disclosure because this is important to us whether we are young or old.

 

I have written to Mr. Harper to voice my concerns at the way his Finance Minister, is treating the seniors who were once the foundation of this country and who are now the vulnerable within our society. No reply.

 

Will we be forced to reduce our modest life style and go back to work?

 

We just don’t know.

 

As members of parliament, I believe it is your duty to support a full public review of this matter now, before members of this house vote on this legislation. I urge you to do so.

 

I have submitted documents to Ms. Elizabeth Kingston

but time does not permit me to go into detail.

 

 

Thank you.