Posted on 02/11/06
The trust move is belated, but welcome
Renowned tax expert Jack Mintz issued a report two weeks ago warning that income trusts would cost Ottawa and the provinces $1.1-billion a year in lost tax revenue once corporate giants Telus Corp. and BCE Inc. converted to the increasingly popular tax-avoidance structure. But when asked whether he expected the federal Conservatives to stop the widening drain on the nation's tax coffers, he rated the chances at close to zero. This was understandable, given the Tories' campaign pledge to take no action on trusts and the complete silence on the subject from Finance Minister Jim Flaherty. The good news is that Mr. Mintz's prediction turned out to be wrong.
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