Friday, August 21, 2009

Nortel tax credits could help the pension trust fund deficit

Nortel still has about $2Billion in unutilized Canadian Scientific Research and Experimental Development tax credits and prior period tax loss carry forwards.

The Canadian federal government should be working with the acquirers of Nortel businesses to include these tax credits in such a way that the money released could be used in the pension trust funds and other accounts to help disabled and severed employees.

It seems like a great way to solve most of the trust fund's issue without having a government bail out as such. If nothing is done the money will fade into the government coffers to be lost to the Nortel pensioners and employees forever.

The NRPC and the lawyers Koskie Minsky are aware of this. We need to have this addressed quickly and aggressively to have those credits applied to the deficits in our pension trusts and other trusts.

If you are affected by the Canadian trust fund deficit, or have lost your severance or stand to lose disability payments, you need to have your voice heard.

Write to the prime minister Stephen Harper, and the honourable Tony Clement, Minister of Health and Minister for the Federal Economic Development, as well as the honourable James Michael Flaherty, Minister of Finance, to urge their immdeiate action to use those tax credits to help Canadian retirees and disabled and severed Nortel employees.

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