Investors in mutual funds and credit unions can no longer file claims on their income tax for these allowances.
Chris Sinckler, Minister of Finance, in his Budget presentation today recognized the growth of credit unions throughout the years to the point where one of the largest is the owner of a mortgage company.
“The Credit Unions now control significant assets in the country and the larger ones such as Public Workers’ are bigger than some banks. There is, therefore, no need for an allowance to encourage persons to save with credit unions. I therefore, will remove this allowance with effect from income year 2011. This will result in a saving of $9 million”, he said. (CM)
