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Canadian Government Announces Intention to Tax Income Trusts
October 31, 2006
CALGARY, October 31, /CNW/ - On Tuesday October 31, 2006 Canada's Minister of Finance announced plans to tax distributions from publicly traded income trusts. For existing income trusts, the government is proposing a four-year transition period. They would not be subject to the new measures until their 2011 taxation year.
The measures appear intended to effectively tax trusts the same as corporations. These proposals are expected to have the most impact on tax-deferred investors (pension funds and RRSPs) and non-resident investors.
The government's plan states "it can be assumed that the rules will apply to any publicly traded income trust... other than one that holds passive real estate investments".
Investors are urged to read the full transcript of the government's plan at [more]
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