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Background > Energy Trusts to respond to Minister Flaherty
Calgary, AB – December 19, 2006: Finance Minister Flaherty, in his implementation guidelines released December 15, 2006, has ignored concerns raised by the Coalition of Canadian Energy Trusts. The release on Friday confirms that the current government continues to be on a course to enact change without meaningful consultation with industry. It ignores the negative impact the proposed tax changes have had on investors. Further, it does not address the continuation of trusts beyond 2011 or the negative impact of the proposed tax changes on the energy sector, the environment and the Canadian economy.
Recent comments by Coalition members regarding the guidelines simply reflect our opinion that there is now greater clarity around undue expansion by trusts. There should be no question as to our resolve to pursue consultation with government and the public in an effort to achieve our ultimate goal of an exemption for Canadian energy trusts from the proposed tax changes.
The Coalition, despite many meetings with government and formal requests through the Freedom of Information Act, is still uncertain what changes developed in 2006 to motivate the current government to breach the trust of Canadians and foreign investors. The Coalition continues to believe inaccurate information guided government in its decision-making surrounding trusts.
On Wednesday, December 20th, a news conference is planned at the Calgary Telus Convention Centre at which time the Coalition will release a document outlining the actual facts about the economic contributions made by energy trusts and the consequences of the proposed tax legislation. The report illustrates why the proposed tax changes, as they relate to energy trusts, are not in the best interests of Canadians or the Canadian economy.
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