Guidance Provided on “Normal Growth†for Income Trusts and Other Flow-Through Entities
The following News Release or Speech has just been posted on the Finance Canada Site.
Ottawa, December 15, 2006
2006-082Following the close of financial markets today, the Department of Finance provided further guidance on “normal growth†in respect of the tax measures announced on October 31, 2006 regarding income trusts and other flow-through entities.
On October 31, 2006, the Minister of Finance, the Honourable Jim Flaherty, announced a Tax Fairness Plan. The Plan includes a Distribution Tax on certain amounts distributed by a “specified investment flow-through†(SIFT) trust or SIFT partnership. This new tax applies as of 2007 to new entities, but is deferred until 2011 for SIFTs that were publicly traded as of October 31, 2006.
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