Controversy Over Income Trust File
In the fall of 2005 the status of income trusts was uncertain. After the close of the markets on 23 November 2005, Finance Minister Ralph Goodale made a surprise announcement that the government would not tax the trusts, and would instead cut dividend taxes. This made trusts and dividend paying stocks even from a taxation perspective. The markets rallied in the hours leading up to the announcement by the government allegedly due to leaks. During the following days, the S&P/TSX Composite Index reached a new five-year high. The day's biggest gainers were income trusts, income-trust candidates, high dividend-paying companies, and the TSX Group itself. The minority Liberal government of Paul Martin fell to a motion of no confidence on 28 November 2005. An election campaign for a 23 January 2006 election began the next day. Near the end of December, the Royal Canadian Mounted Police announced a criminal investigation into the leaking of news of a federal tax change for income trusts. The announcement came in the form of a letter from Zaccardelli to New Democratic Party Member of Parliament Judy Wasylycia-Leis. The RCMP came under criticism for announcing the probe during the campaign. The matter was investigated by the CPC the external review body of RCMP members' conduct. The report of the commissioner concluded that there was no evidence to suggest Zaccardelli deliberately meddled with the electoral process. The chair of the CPC judged Zaccardelli and other RCMP members having acted in an inappropriate manner by not cooperating with the external investigation.
Read more about this topic: Giuliano Zaccardelli
Famous quotes containing the words controversy, income, trust and/or file:
“And therefore, as when there is a controversy in an account, the parties must by their own accord, set up for right Reason, the Reason of some Arbitrator, or Judge, to whose sentence, they will both stand, or their controversy must either come to blows, or be undecided, for want of a right Reason constituted by Nature; so is it also in all debates of what kind soever.”
—Thomas Hobbes (1579–1688)
“Work though we must, our jobs do not automatically determine our priorities concerning our marriages, our children, our social life, or even our health. It’s still life, constrained as it may be by limited disposable income or leisure time, and we’re still responsible for making it something we enjoy or endure.”
—Melinda M. Marshall (20th century)
“I trust the time is coming, when the occupation of an instructer [sic] to children will be deemed the most honorable of human employment. If it is a drudgery to teach these little ones, then it is the duty of men to bear a part of that burthen; if it is a privilege and an honor, then we generously invite them to share that honor and privilege with us.”
—Angelina Grimké (1805–1879)
“While waiting to get married, several forms of employment were acceptable. Teaching kindergarten was for those girls who stayed in school four years. The rest were secretaries, typists, file clerks, or receptionists in insurance firms or banks, preferably those owned or run by the family, but respectable enough if the boss was an upstanding Christian member of the community.”
—Barbara Howar (b. 1934)