Monday, January 29, 2007

Applicants vying for say in trust tax input

OTTAWA -- A volatile mix of money and politics will be served on Parliament Hill this week as backbench MPs delve into Finance Minister Jim Flaherty's plan to start taxing income trusts. The Commons finance committee has been deluged with requests from the private sector to have its say as well, with some industry lobbyists putting the number of applicants as high as 200 groups and individuals. "It clearly indicates the level of interest that's out there," says George Kesteven, head of the Canadian Association of Income Funds. "There's an awful lot of misinformation about income trusts. "A lot of our time is going to be spent debunking myths." Only a lucky few, however, will actually get to state their case during the six hours set aside for hearings, and they will be the ones chosen by the MPs themselves.

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