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To: LoneClone who wrote (13303)	10/31/2006 8:44:47 PM
From: Kayaker	Read Replies (2) \| Respond to of 25575

Income trust and stock indexes expected to plunge Sean Silcoff, National Post Published: Tuesday, October 31, 2006 Income trusts and Canadian stock indices are expected to be walloped today after federal finance minister Jim Flaherty last night said he would introduce a tax to stem the number of companies converting into the tax-dodging structure. "The market will open down significantly," said Leslie Lundquist, a Calgary-based fund manager who oversees the $1.1-billion Bissett Income Fund. "It’s fair to say this will not be perceived as good news by the trust market." Canada’s two leading telephone companies, Telus Corp. and BCE Inc., are expected to be hit particularly hard, as their stock values have risen sharply since they announced plans to convert to income trusts — moves that would save the two a combined $1.5-billion in taxes in 2008.... canada.com

To: LoneClone who wrote (13303)	10/31/2006 9:29:58 PM
From: WalterWhite	Read Replies (2) \| Respond to of 25575

I have long been an advocate for tax reform and in particular, eliminating the "tax" differential between corporates and trusts in Canada. The whole "trust" issue came to be because we have a ridiculous tax code. Consultants, tax lawyers and accountants have made a fortune from this non-sense. If anything, all companies that have converted or studied this has been weakened. They have paid bucket loads in additional "professional" fees and most important, they have taken their eye off the business of running their business!!! Our middle of the road "conservative" government will keep the door open for stupidity down the road for sure. Not entirely their fault, but rather all previous governments that have created this mess. Wouldn't it be wonderful if all tax was collected via consumption (vat or gst) and user fees so income (personal and business) was no longer taxed AND no filing was required? Globe