When I spoke with the NDPs Finace Critic Thoams Mulcair on Friday and he provided me with his incoherent reasons why income trusts must be killed, even though doing so would be to the detriment of losing $6 billion of annual tax revenue under the Marshall Savings Plan, which was the reason that I called him, I responded by saying that as a lawyer he is allowed to operate his law practice as an income trust, and so why can’t people saving for retirement do the same in their RRSPs, particularly when OMER retirees and other pensioners can?
At this point Thomas Mulcair became quite haughty as only he is able, and said that what I just said was not true as far as his being a lawyer in Quebec was concerned. But not wanting to point out that tax law in Canada is a federal matter on these issues and not provincial, instead I responded by saying that my point was valid in at least 9 of 10 Canadian provinces, including with Jim Flaherty’s law firm here in Ontario.
Now I learn that it is possible that my original point to Mulcair was valid in all 10 Canadian provinces as I suspected based on this comment on my blog:
Brent..is T. Mulcair lying to you???
"""Carrying on Professional Activities and Limited Liability
Published July 1, 2005 - Quebec, Canada
Amendments made to the Quebec Professional Code in 2001 authorize professional orders to allow their members to exercise their professional activities within the framework of a limited liability partnership, or a joint-stock company.
In 2002, the Ordre des comptables agréés (Order of Chartered Accountants) was the first professional order to adopt a regulation to this effect. The Quebec Bar and the Ordre des comptables généraux licenciés (Certified General Accountants) followed suit in 2004. Others, in particular the Chambre des notaires (Chamber of Notaries) and the Ordre des pharmaciens (Order of Pharmacists), plan to do the same.
These legal entities, which may now be used by some professionals, offer attractive tax planning opportunities, including tax deferrals and savings related to the use of a joint-stock company or a family trust to hold the shares.
The members of Lavery, de Billy have closely studied the issues raised by the transformation of a professional firm into a limited liability partnership or a joint-stock company and the professional activities within such a framework and have provided advices on these subjects to both professional orders and professional firms on numerous occasions. Our firm members are therefore well-positioned to advise you and help you to implement appropriate and effective solutions to the problems that you may be facing.
This bulletin only provides general guidelines about practising in a limited liability partnership or a joint-stock company.""""
Saturday, January 16, 2010
Posted by Fillibluster at 11:07 AM