SOMETHING EVERY CANADIAN VOTER..

SOMETHING EVERY CANADIAN VOTER SHOULD KNOW
before voting in Canada’s next Federal Election.
by Victor Drummond © in support of
“Canadians for Fair and Equitable Taxation” (CFET)
July 2009

(1) Are you aware that Canada is one of the last of the G7 Nations to levy a tax on “phantom” income?

Note: “Phantom” income is money that a taxpayer might have received, in hard cash, if they had cashed in equities they received by way of their employer’s incentive rewards program(s) such as an “Employee Shares Purchase Plan” (ESPP) or an “Employee Shares Option” (ESO) agreement BUT is money that never actually materialized.

Taxes on “phantom” income frequently exceed the victim’s actual real gross income for the entire taxation year by several times over.

(2) Are you aware that both Canada and the United States of America both had defective tax legislation that resulted in select taxpayers being taxed on “phantom” income?

Note: After it was reported that the suicide of two American taxpayers may have been the result of being taxed into financial distress by taxes levied on “phantom” income the U.S. Government finally passed bills amending their defective legislation and fairly compensating those that had been victimized under the old law.
Reference www.reformAMT.org for details.

The U.S. government corrective action was implemented last October, (2008) just as they were facing the worst economic downturn in recent history. By comparison Canada’s economy is in much better condition to withstand such a financial correction.

(3) Are you aware that in spite of appeals from numerous Canadian victims of Canada’s equally defective taxable benefit legislation that Canada’s Minister of Finance, The Honourable James Flaherty still declares Canada’s tax policy of taxing “phantom” income is “fair” and refuses to do anything about the problem?
Reference www.cfet.ca

Do you agree with Mr. Flaherty?

Does it make any sense to apply a tax defined as “Income Tax” on purely potential, but nonexistent, money? Money that was never real income and likely never will be?

This issue should be taken to a Public Referendum but it likely never will be because our federal politicians, including opposition party leaders, decline to acknowledge the issue..

So while visiting the CFET web page click on the “sign our Petition” link, complete the registration section on the petition page, read the comments posted there, and leave your own comment on this issue.

We truly want to know how many Canadians agree, or disagree, with our Minister of Finance.

Is taxing honest, hard-working, Canadians on money they never saw “fair” and “justified” in the opinion of a majority of Canadians? Not Likley.

Victor Drummond ©