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SW Saskatchewan | A Canadian company, Manulife, had participated in a tax shelter program with Rural Electric Co-ops in the US. In return, the co-ops got low interest loans but they had to maintain a certain credit rating.
With the general decline in credit conditions, some of these Co-ops had their credit rating dropped and the penalty rate for interest kicked in.
Indiana and other states are trying to put an excise tax on these higher interest earnings(supposedly up to 200%), and in general the whole tax shelter scheme is being investigated.
Of course, a Canadian company would be innocent, wouldn't it? | |
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Have you gotten rid of the "hard-wired" home phone?
