Newalta Advises on 2007 Canadian Income Tax Information



    TSX Trading Symbol: NAL.UN

    CALGARY, Feb. 14 /CNW/ - The following information is intended to assist
holders of trust units (the "Newalta Units") of Newalta Income Fund
("Newalta") in the preparation of their 2007 T1 Income Tax Return.
    The information contained herein is based on Newalta's understanding of
the Income Tax Act (Canada) (the "Tax Act") and the regulations thereunder and
is provided for general information only. Unitholders are advised to consult
their personal tax advisors with respect to their particular circumstances.

    Trust Units held within an RRSP, RRIF, RESP or DPSP

    No amounts are required to be reported on the 2007 T1 Income Tax Return
where Newalta Units are held within an RRSP, RRIF, RESP or DPSP.

    Trust Units held outside of an RRSP, RRIF, RESP or DPSP

    Unitholders who held their Newalta Units outside of an RRSP, RRIF, RESP
or DPSP, through a broker or other intermediary will receive a T3
Supplementary Information slip directly from their broker or intermediary, not
from the transfer agent or Newalta.
    Registered holders of Newalta Units who did not hold their Newalta Units
through a broker or intermediary will receive a T3 Supplementary Information
slip directly from Valiant Trust Company.
    The attached "Schedule 1" includes supplementary information on the
Canadian tax characterization of the 2007 distributions declared and is shown
on a per unit basis. Under Paragraph 12(1)(m) of the Tax Act, the taxable
amount allocated by Newalta in 2007 to the holders of Newalta Units must be
reported by the unitholders in their 2007 Income Tax Return.
    Accordingly, the taxable amount of distributions (i.e., "Other Income"
Box (26) and "Dividend Income" Box (49) on the T3 Supplementary Information
slip) with respect to record dates from January 1, 2007 up to and including
December 31, 2007, are included in your T3 Supplementary Information.
    In accordance with subsection 89(14) of the Income Tax Act (Canada), the
amounts specified as dividend income in Schedule 1 will, by virtue of
subsection 104(19) of the Income Tax Act (Canada), be an eligible dividend
within the meaning of subsection 89(1) of the Income Tax Act (Canada) in
respect of each trust unit.
    The deadline for mailing all T3 Supplementary Information slips as
required by the Canada Revenue Agency is March 31, 2008.

    Reduction to Adjusted Cost Base

    Holders of Newalta Units are required to reduce the Adjusted Cost Base of
their Newalta Units by the return of capital amount. The Adjusted Cost Base is
used in calculating capital gains or losses on the disposition of Newalta
Units if the owner holds the Newalta Units as capital property.

    
                                 Schedule 1

    Newalta Income Fund
    2007 - T3 Information for Canadian Residents

    The following table outlines the breakdown of distributions declared per
Newalta Unit with respect to record dates for the period January 1, 2007 up to
and including December 31, 2007 for Canadian income tax purposes.


    -------------------------------------------------------------------------
                                           Distrib-   Other Dividend   Return
                                             ution   Income   Income       of
                                          Declared  (Box 26) (Box 49) Capital
                                             cents/   cents/   cents/  cents/
    Record Date         Payment Date          unit     unit     unit    unit
    -------------------------------------------------------------------------
    January 31, 2007    February 15, 2007     18.5   14.644    2.724   1.132
    -------------------------------------------------------------------------
    February 28, 2007   March 15, 2007        18.5   14.644    2.724   1.132
    -------------------------------------------------------------------------
    March 30, 2007      April 16, 2007        18.5   14.644    2.724   1.132
    -------------------------------------------------------------------------
    April 30, 2007      May 15, 2007          18.5   14.644    2.724   1.132
    -------------------------------------------------------------------------
    May 31, 2007        June 15, 2007         18.5   14.644    2.724   1.132
    -------------------------------------------------------------------------
    June 29, 2007       July 16, 2007         18.5   14.644    2.724   1.132
    -------------------------------------------------------------------------
    July 31, 2007       August 15, 2007       18.5   14.644    2.724   1.132
    -------------------------------------------------------------------------
    August 31, 2007     September 17, 2007    18.5   14.644    2.724   1.132
    -------------------------------------------------------------------------
    September 28, 2007  October 15, 2007      18.5   14.644    2.724   1.132
    -------------------------------------------------------------------------
    October 31, 2007    November 15, 2007     18.5   14.644    2.724   1.132
    -------------------------------------------------------------------------
    November 30, 2007   December 17, 2007     18.5   14.644    2.724   1.132
    -------------------------------------------------------------------------
    December 31, 2007   January 15, 2008      18.5   14.644    2.724   1.132
    -------------------------------------------------------------------------
    TOTAL CENTS PER UNIT                   222.000  175.728   32.688  13.584
    -------------------------------------------------------------------------
    

    Newalta Income Fund is the largest Canadian industrial waste management
and environmental services provider and focuses on maximizing the value
inherent in industrial waste through the recovery of saleable products and
recycling. It also provides environmentally sound disposal of solid,
non-hazardous industrial waste. With talented people and a national network of
facilities, Newalta serves customers in the automotive, forestry,
manufacturing, mining, oil and gas, petrochemical, pulp and paper, steel and
transportation service industries. Providing solid investor returns,
exceptional customer service, safe operations and environmental stewardship
has enabled Newalta to expand into new service sectors and geographic markets.
 Newalta Income Fund's units trade on the TSX as NAL.UN. For more information,
visit www.newalta.com.





For further information:

For further information: Anne M. MacMicken, Director, Investor
Relations, (403) 806-7019


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890