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ARTICLE · 07 AUGUST 2008

Government Releases Draft Legislation For SIFT Conversions

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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

CanadaTax
BLG'S National Tax Group
BLG'S National Tax Group
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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.

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