Great Lakes Hydro Income Fund Releases 2006 Income Tax Information



    STOCK SYMBOL: GLH.UN/TSX

    GATINEAU, QC, March 15 /CNW Telbec/ - Great Lakes Hydro Income Fund today
released information necessary for 2006 income tax reporting in Canada and the
United States.
    The following information is not intended as legal or tax advice for any
particular unitholder, and therefore both Canadian and U.S. unitholders of the
Fund should consult their own legal and/or tax advisors regarding their
individual tax circumstances.

    2006 Canadian Unitholder Tax Information

    A summary of cash distributions declared by the Fund, beginning with the
January distribution paid on February 28, 2006 up to and including the
December distribution paid on January 31, 2007, is given below. Distributions
for this period totaled $1.24 per unit.

    
    -------------------------------------------------------------------------
            Distribution Detail for Great Lakes Hydro Income Fund
    -------------------------------------------------------------------------
                                                        Taxable Portion
    -------------------------------------------------------------------------
    Record         Payment        Distri-    Return of  Amount of  Other
    Date           Date           bution     Capital    Eligible   Income
                                  Amount/Unit           Dividends
    -------------------------------------------------------------------------
    January 31,    February 28,   $0.10330   $0.03247   $0.02468   $0.04615
    2006           2006
    -------------------------------------------------------------------------
    February 28,   March 31,      $0.10330   $0.03247   $0.02468   $0.04615
    2006           2006
    -------------------------------------------------------------------------
    March 31,      April 28,      $0.10330   $0.03247   $0.02468   $0.04615
    2006           2006
    -------------------------------------------------------------------------
    April 28,      May 31,        $0.10330   $0.03247   $0.02468   $0.04615
    2006           2006
    -------------------------------------------------------------------------
    May 31,        June 30,       $0.10330   $0.03247   $0.02468   $0.04615
    2006           2006
    -------------------------------------------------------------------------
    June 30,       July 31,       $0.10330   $0.03247   $0.02468   $0.04615
    2006           2006
    -------------------------------------------------------------------------
    July 31,       August 31,     $0.10330   $0.03247   $0.02468   $0.04615
    2006           2006
    -------------------------------------------------------------------------
    August 31,     September 29,  $0.10417   $0.03274   $0.02489   $0.04654
    2006           2006
    -------------------------------------------------------------------------
    September 30,  October 31,    $0.10417   $0.03274   $0.02489   $0.04654
    2006           2006
    -------------------------------------------------------------------------
    October 31,    November 30,   $0.10417   $0.03274   $0.02489   $0.04654
    2006           2006
    -------------------------------------------------------------------------
    November 30,   December 29,   $0.10417   $0.03274   $0.02489   $0.04654
    2006           2006
    -------------------------------------------------------------------------
    December 31,   January 31,    $0.10417   $0.03274   $0.02489   $0.04654
    2006           2007
    -------------------------------------------------------------------------
    

    The Fund has determined that of the monthly distributions paid to
Canadian unitholders in 2006, 31.43 percent should be reported as a
non-taxable return of capital, 23.89 percent as an eligible dividend and
44.68 percent should be reported as the taxable portion.
    Canadian unitholders holding their Great Lakes Hydro Income Fund in a
Registered Retirement Savings Plan, Registered Retirement Income Fund or
Deferred Profit Savings Plan should not report any income related to
distributions on their 2006 income tax return. Unitholders holding their units
outside such plans will receive a T3 Supplementary Information slip from their
broker or intermediary, postmarked on or before March 31, 2007.

    2006 U.S. Unitholder Tax Information

    The Fund believes that for U.S. federal income tax purposes the units of
the Fund will more likely than not be properly classified as equity in a
corporation, rather than as debt, and that dividends paid to its individual
U.S. unitholders should therefore be treated as qualified dividends. As such,
the distributions made during 2006, considered dividends, should qualify for
the reduced rate of tax applicable to certain capital gains.
    With respect to cash distributions paid in 2006 to U.S. individual
unitholders, 27.27 percent should be reported as a non-taxable return of
capital and 72.73 percent should be reported as qualified dividends.
    The Fund is not required to issue Form 1099-DIV's; however, U.S.
unitholders may have already received this Form from a broker or intermediary
that may not be correct. Consequently, U.S. unitholders should consult their
brokers and tax advisors to ensure that this information is correctly
reflected on their tax returns. Brokers and intermediaries may or may not be
required to issue amended Form 1099-DIV's.

    FORWARD-LOOKING STATEMENTS

    This news release may contain forward-looking statements concerning the
Great Lakes Hydro Income Fund ("Fund") business and operations. Forward
looking statements can be identified by the use of words, such as "believe",
"well positioned", "long-term", "grow", "expand", "enhance" or variations of
such words and phrases or state that certain actions, events or results "will"
be taken, occur or be achieved. Forward looking statements involve
assumptions, known and unknown risks, uncertainties and other factors which
may cause the actual results or performance to be materially different from
any future results or performance expressed or implied by the forward
statements. Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied in the forward-looking
statements contained herein, and as a such, you are cautioned not to place
undue reliance on these forward-looking statements. These forward-looking
statements represent our views as of the date of this news release. While the
Fund anticipates that subsequent events and developments may cause the Fund's
views to change, the Fund disclaims any obligation to update these
forward-looking statements. These forward-looking statements should not be
relied upon as representing the Fund's views as of any date subsequent to the
date of this news release.

    ABOUT GREAT LAKES HYDRO INCOME FUND

    Great Lakes Hydro (www.greatlakeshydro.com) is a premier Canadian income
fund. We are the largest power income fund in North America with
1,015 megawatts of power generating capacity and an average annual production
of 3,874 gigawatt hours.
    Great Lakes Hydro Income Fund produces electricity exclusively from
environmentally friendly hydroelectric resources. The Fund owns, operates and
manages 26 high quality hydroelectric generating stations located on eight
river systems in four distinct geographic regions across North America:
Quebec, Ontario, British Columbia and New England.
    Brookfield Power, which comprises all the power operations of Brookfield
Asset Management, owns 50.1% of the Fund's outstanding units.
    Great Lakes Hydro Income Fund units are listed for trading on the Toronto
Stock Exchange under the symbol GLH.UN.




For further information:

For further information: Grace Pollock, Director, Communications and
Investor Relations, (819) 561-8072, grace.pollock@brookfieldpower.com

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GREAT LAKES HYDRO INCOME FUND

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