Federal Finance Minister Jim Flaherty announced new rules on October 31st designed to curb the growing corporate trend toward income trusts. The move sent shares of income trusts plunging. Flaherty said action was needed because the trend threatened Canada's health care system, as well as other important federal programs. (Flaherty pointed out there had recently been 70 billion dollars worth of corporate conversions to income trusts as big companies used federal rules to avoid paying taxes.)

Date: 2006-10-31
Placeline: OTTAWA, Ontario.
Source: The Canadian Press
Length: 14 seconds

Transcript Prediction: << left unchecked to such corporate decisions would result in billions of dollars in less revenue for the federal government to invest in the priorities of Canadians including more personal income tax relief >>

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