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1、<p><p>&lt;p&gt;&amp;lt;p&amp;gt;EdwardRodriguezJerryYoungandLinxiao(John)ZhangforDr.G.PoitrasMarch122007BUSINESSTRUSTS.bus417.1.1TrustsinGeneral&amp;amp;#216;TrustBasics&amp;amp;#216;ACanadianStory&amp;amp;#216;TypesofTrusts
2、1.2BusinessTrusts&amp;amp;#216;InvestorRisk&amp;amp;#216;Governance&amp;amp;amp;Structure&amp;amp;#216;Taxes!1.3RecentEvents&amp;amp;#216;Pre-Halloween&amp;amp;#216;Massacre&amp;amp;amp;Reasons&amp;amp;#216;SinceThenGoingForward&
3、;amp;amp;#216;DealFinding&amp;amp;#216;3TrustsAgendaTrustBasicsJustwhatISatrust&amp;amp;#216;Termrefersto:?legalentity(FTE)?capitalstructure?ownershipvehicle&amp;amp;#216;Companyentity?share“units”tradedonexchangeslikestock&amp;amp;#216;Structuredtofacilitate(tax-frie
4、ndly)profittransfertoowners?BasedonCFsofunderlyingbusinesses?MonthlyQlydistributionsusuhighervsstockdivs(10-20%yr)&amp;amp;#216;Holdsincome-producingassets?Characteristics:stableCFslimitedcapitalmaintenancematurecycles?origin:AmericanPTPLLPsTrustBasicsHowdoesatrustworkOperatingentity(CorpOpe
5、ratingTrustLtdPartnership)UnitTrustIncomeTrustUnitholdersequitydebtroyaltyinterestleaseinterestroyaltyorleasepmtsdivsreturnofcapital$forunits$distributionsACanadianStoryOnceuponatime&amp;amp;#216;AmericanPubliclyTradedPartnerships(PTPs)?LLPswpubliclytradedunits&amp;amp;#216;Purpose:t
6、ocombine?taxadvantagesofpartnershipswith?liquidityofpubliccompaniesACanadianStoryATSXTimelineACanadianStoryArapidriseACanadianStoryArapidrise&amp;amp;#216;Triplednumbersinjust5years&amp;amp;#216;54conversionstoincometrustsfrom2002-Sep2006?36between2004-2006aloneACanadianStoryArapidri
7、se&amp;amp;#216;Triplednumbersinjust5years&amp;amp;#216;54conversionstoincometrustsfrom2002-Sep2006?36between2004-2006alone&amp;amp;#216;Volumesgonewild!Everyonesin!&amp;amp;#216;Takingthecakedominatingthepie(s)ACanadianStoryArapidriseAllyourfriendsaredoingit!ACanadia
8、nStoryAndTHENwhathappenedACanadianStoryTypesofTrusts3MajorTypes&amp;amp;#216;Businesstrusts&amp;amp;#216;EnergyRoyaltytrusts&amp;amp;#216;REITs&amp;amp;#216;Consider:?Conversion#sInvestorRisk&amp;amp;#216;Potentialsacrificeofgrowth&amp;amp;#216;Noguara
9、ntees&amp;amp;#216;Perancevolatility&amp;amp;#216;Overvaluationreturnofcapital&amp;amp;#216;LiabilityGovernance&amp;amp;#216;TrustsnotcoveredbyCanadianBusinessCorporationsAct&amp;amp;#216;Rightsofinvestorssetoutindeclarationoftrust(notstandardized)&amp
10、;amp;#216;GuidanceprovidedbytheCanadianSecuritiesAdministrators(CSA)andprovincialregulatorybodies(OntarioSecuritiesCommission)?NationalPolicy41-201IncomeTrustsandOtherIndirectOfferings?NationalPolicy58-201CorporateGovernanceGuidelines?NationalInstrument58-101DisclosureofCorporateGovernancePracticesG
11、overnanceIssues&amp;amp;#216;Disclosuresofdistributablecash?Oftenincorporatessignificantestimatesandassumptions?Notstandardized(GAAP)?GuidanceprovidedbytheCSA&amp;amp;#216;Potentialforconflictsofinterest?One-thirdofCanadaslargestincometrustsdidrelated-partytransactionsvaluedatmoretha
12、n1%oftruststotalrevenue?20percentareoperatedbyoutsidersunderamanagementcontract?Source:ReportonBusinessreviewoftrustgovernance(basedon2005data)Structure&amp;amp;#216;Unitholdersprovidefinancingtoandreceivedistributionsfromtrust&amp;amp;#216;Trustusesfundstoinvestinassetswhichprovider
13、eturnCashDistributions(Income&amp;amp;amp;ROC)TrustUnitsEquityDebtRoyaltyInterestLeaseInterestRoyaltyLeasePaymentsDividendsROCTaxTreatment&amp;amp;#216;Incometrustsstructuredasmutualfundtrusts&amp;amp;#216;Incomenotdistributed:?Federalrate:29%(Toppersonalrate)?Averagecombined
14、federal-provincialincometaxrateonmutualfundtrusts:45%&amp;amp;#216;Until2011incomedistributedisdeductible(fortrustsexistingpriortoNov.12006)Tax(Corporation)TAXABLETax(22.5%):$5.70CORPORATIONIncomefortax:$100Tax(35%)=$35Revenue:$100Dividends:$65TAX-MPTTax:$0(deferred)NON-RESIDENTTax(15%):$2.1
15、5$25.3539%$14.3022%$25.3539%TOTALTAXESPAID=$42.85Tax(Trust-Previous)TRUSTTax(45%)=$0TAXABLETax(38%):$14.82CORPORATIONIncomefortax:$0Tax(35%)=$0Revenue:$100Interestroyaltyorleasepayments:$100Distributions:$100TAX-MPTTax:$0(deferred)NON-RESIDENTTax(15%):$3.30$39$22$39TOTALTAXESPAID=$18.12Changesforthe
16、future&amp;amp;#216;In2011:?FTEstaxedmorelikecorporations?Distributions(likedividends)notdeductible?Unitholderstreatedmorelikeshareholders:CurrentSystemNewSystemInvestorFTE(Income)LargeCorporation(Dividend)FTE(Non-PortfolioEarnings)LargeCorporation(Dividend)TaxableCanadian46%46%45.5%45.5%Can
17、adiantax-mpt0%32%31.5%31.5%TaxableU.S.investor15%42%41.5%41.5%Issues&amp;amp;amp;events&amp;amp;#216;Governmentlosestaxrevenue&amp;amp;#216;Noretainedearnings&amp;amp;#216;TaxFairnessPlan&amp;amp;#216;OtherissuesLossoftaxrevenue&amp;amp;#216;FederalFin
18、anceMinisterJimFlaherty:governmentsloses$1billionayearinlostrevenue.&amp;amp;#216;Alberta:losed$450millionayear&amp;amp;#216;Quebec:wouldhavelost$150millionannuallyiftheconversionsof“certainlargecorporations”hadgoneahead&amp;amp;#216;Asaresultataxisimposedonincometrust&am
19、p;amp;amp;#216;HowevernoteveryoneagreeTrustindustrydisputeTrustindustrydisputesfigures&amp;amp;#216;Taximpactoninvestors:loses$40billionovernight&amp;amp;#216;Taxleakagefigures“grosslyexaggerated”andkeepchanging&amp;amp;#216;Industry:taxrevenuewilleventuallycomeinwhenRRSPinve
20、storsorpensionplanmembersstartdrawingincome&amp;amp;#216;FlahertyrejectedallargumentsforthefutureofCanada:taxrevenuedrainfromincometrustcouldhavederailedfuturetaxcutsforCanadiansOct312006TaxFairnessPlan&amp;amp;#216;Creatingalevelplayingfieldbetweenincometrustsandcorporations.&am
21、p;amp;amp;#216;Stopthetrendofcorporatetaxavoidance&amp;amp;#216;StopshiftinganyfuturetaxburdenontohardworkingindividualsandfamiliesTaxfairnessplan&amp;amp;#216;ADistributionTaxonincometrust&amp;amp;#216;Areductionincorporatetaxof0.5%asofJanuary12011&amp;amp;#216;AnincreaseintheAgeCreditAmountby$1000from$4066to$5066effectiveJanuary12006.&amp;amp;#216;Permittingincomesplittingforpensionersbeginningin2007DistributionTax(percent)2007200&amp;lt;/p&amp;gt;&lt;/p&gt;</p></p>
