Falk Lobbying His Own Government On Behalf Of SCU Steinbach Credit Union has joined its counterparts across the country in lobbying the federal government for a Capital Growth Tax Credit. Provencher MP and Steinbach Credit Union board member Ted Falk says the tax credit would replace a credit that was removed in the 2013 budget. He says the loss of that credit has cost Canadas credit unions $700 million. Falk adds credit unions simply want a level playing field with the banks. The banks get to go to the marketplace and raise money through stock offerings and different instruments like that whereas the credit union relies on raising capital through members deposits. Thats the only way the credit union system gets money is from members depositing money into the credit union. That tax credit was there to kind of offset the advantage that the banks have. That was taken away in 2013 so they (credit unions) have come back to Parliamentarians and asked them to consider a Capital Growth Tax Credit which would, in essence, replace the former tax credit. Falk says he doesnt feel at all awkward lobbying his own government on this matter. I would say some of the other parties are doing stronger lobbying of the government on this issue than the Conservative MPs are so, in my particular case, Im just trying to create awareness with the Minister of State for Finance and the Finance Department that this is a move that would be positive for the Government to consider, implementing this tax credit. I think its one that they are looking at seriously.
Posted on: Thu, 30 Oct 2014 10:28:45 +0000
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