Canadian Association of Income Funds Responds to Department of Finance Guidelines on Conversion Rules

    TORONTO, July 14 /CNW/ - George Kesteven, Chairman of the Canadian
Association of Income Funds (CAIF), welcomed the release of the Department of
Finance's proposed legislative amendments today which provided guidance on the
rules of conversion for income trusts.
    "This is something the industry has been pushing for for the better part
of a year in public testimony and private discussions," said Kesteven. "The
guidelines for conversion and the details contained in today's announcement
are complex and have been a long-time coming. We intend to analyze the
legislative amendments fully to ensure they are providing the information
necessary for our members to make informed decisions," he added.
    The announcement that abruptly changed the rules governing income trusts
and limit their growth caused uncertainty in the sector with respect to future
planning. "We are guardedly optimistic that these guidelines will provide
income trusts with the clarity they so desperately need to make structural
decisions going forward. For income trusts wishing to consider conversion,
this should assist in determining how best to serve both their unitholders and
management," Kesteven concluded.

For further information:

For further information: Brenda Paul-Ishikawa, Director Communications,
Canadian Association of Income Funds, O: (416) 469-0188, (416) 422-7173, M:
(416) 420-4538,

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