Westmount-Ville-Marie Conservative Riding Association President Sean Ahern tore up his party membership yesterday, in response to the government's decision to tax income trusts.
"If the Liberals promise to leave things the way they are for existing unit holders, I'll vote for them. I've never voted for a Liberal in my life. But I will vote for them," said Mr. Ahern, a financial planner in his 60s who has been a Conservative Party member since he was 16.
I know for a fact that there are other bitter Tories out there. No doubt the party's fundraising efforts are going to take a hit.
However, the markets seem to be recovering. I would assume that if investors just wait it out, they can find an optimum time within the four year grace period to convert their investments to another area.
Conservative Party president Don Plett said Mr. Ahern is the only riding association president to take this kind of action over income trusts. He said he has received few complaints about the matter.
"I never want to downplay something like this," Mr. Plett said. But "the way I understand it, you've only lost money on paper if you don't sell out."
However financial planners and consultants must be taking a lot of heat over this from their clients.
It's rather ironic that the biggest backlash of all may come from the party membership.
* * * *
Dissonance and Disrespect has a little less sympathy... Gloria in Extremis: Shattered Trust.