TORONTO, Jan. 25 /CNW/ - Leith Wheeler Investment Counsel Ltd. announced
today that it will be discontinuing the Leith Wheeler Income Trust Fund
("Fund") on March 31, 2008. Effective today, units of the Fund are no longer
available for purchase.
Prior to termination on March 31, 2008, unitholders of the Fund have the
option to switch their investment to other Leith Wheeler Investment Funds or
to redeem their units for cash. On March 31, 2008, any remaining assets on the
termination date will be redeemed in cash.
In November 2006, the Canadian Federal Government announced its intention
to eliminate certain tax advantages enjoyed by companies structured as income
trusts. Since the announced tax changes, the income trust market has
experienced several privatizations and takeovers. Combined with a lack of new
trust formations, the available options for an income trust focused fund such
as the Leith Wheeler Income Trust Fund have been reduced.
Effective January 25, 2008, Leith Wheeler will waive the management fee
normally applied to the Fund until its termination on March 31, 2008. In
addition, all costs related to terminating the Fund will be paid by Leith
Leith Wheeler Investment Counsel Ltd.
Leith Wheeler, based in Vancouver, BC, manages assets on behalf of
institutional, foundation and private clients.
For further information:
For further information: Karey Irwin, Investment Funds Advisor,