Income trusts are poised to rise Thursday after Ottawa decided not to hit the sector with a new tax regime, but instead level the playing field by cutting taxes on corporate dividends...Keep in mind that the income trust sector was built on a long-standing tax loophole which should have been closed back when PMPM was still FMPM. Now, after years of inaction, Goodale's plan is to not only reward the sector built on that loophole, but to make sure that the corporate sector essentially receives a tax break equal to the loophole - even though recent public consultation was only with respect to income trusts, and not corporate taxes generally.
Just last week, Mr. Goodale said the government's new policy on the sector would not be ready until January. The news was likely fast-tracked because of the imminent federal election.
Today's decision is only a recipe for more loopholes - and more consequential tax cuts - down the road, rather than a system that creates incentives to play by the existing rules. And that means a comparatively greater share of taxes for those Canadians who don't have sufficient resources to develop the new loopholes.
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