Income Funds: Recent Developments of Importance, May 2007
|Lawyer||Jon Northup, Stephen Pincus|
|Area||Tax, REITs and Income Securities|
Article originally published in the Canadian Legal Lexpert Directory 2007
Excerpt from "Income Funds: Recent Developments of Importance":
On October 31, 2006, the Department of Finance (Canada) announced proposals to tax publicly listed or traded trusts and partnerships (other than qualifying real estate investment trusts) in the same general manner as corporations. Trusts and partnerships that were publicly listed or traded before November 1, 2006 will generally not be subject to the new measures until 2011, provided such trusts do not exceed certain growth limitations (new publicly listed or traded trusts and partnerships are subject to these measures commencing January 1, 2007). The initial announcement was followed by the release of “normal growth” guidelines on December 15, 2006, draft legislation on December 21, 2006 and revised draft legislation on March 27, 2007.