Toronto-Chemtrade Logistics Income Fund said Nov. 10 that it does not intend to convert to a corporation when the new Specified Investment Flow-Through (SIFT) rules come into effect in 2011. In October 2007, the Fund announced that retaining its income trust structure was beneficial to its unitholders, as the Funds’ SIFT tax would be less than 10 percent. The Fund now believes it will not be subject to any SIFT tax. It expects that over 50 percent of the Fund’s current annual distributions of $1.20 per unit will qualify as a taxable Canadian dividend, which should be beneficial to Canadian resident tax-paying unitholders.
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