On July 14, 2008 the Minister of Finance (Canada) released
draft legislation which includes new income tax rules to
facilitate the conversion of SIFT trusts (generally known as
income trusts) and SIFT partnerships into corporations.
The draft legislation also contains amendments to the
existing SIFT rules in connection with the Department of
Finance Backgrounder released on December 20, 2007, which
announced proposed technical amendments to further clarify the
SIFT rules.
To access the technical commentary prepared by the the
Borden Ladner Gervais LLP tax department please click here.
For a copy of the draft legislation for SIFT Conversions please go to http://www.fin.gc.ca/drleg/bia2008_e.html.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
