TORONTO, Feb. 27 /CNW/ - Home Equity Income Trust (TSX: HEQ.UN) today
announced the tax treatment of the 2007 distributions.
The Trust's distributions in 2007 comprised 81.9 percent taxable income
and 18.1 percent return of capital. The appropriate tax slips will be
available to unitholders through their brokers by the end of March.
The Trust also announced that it will hold a conference call to discuss
its fourth quarter and annual financial results on March 7, 2008 at 10:00 a.m.
(Eastern). The news release announcing the results will be distributed earlier
Available to answer questions on the call will be Steven Ranson,
President and Chief Executive Officer, and Gary Krikler, Senior Vice President
and Chief Financial Officer.
To participate in the conference call, please dial 416-642-5212 or
A live audio webcast (listen-only mode) of the conference call will be
available at www.vcall.com and will be subsequently posted at www.homeq.ca.
An archived recording of the call will be available at 1-888-203-1112
(conference ID 7514116) from two hours after the completion of the call until
midnight March 10, 2008.
Forward Looking Statements
Home Equity Income Trust ("HOMEQ" or the "Trust") from time to time makes
written and verbal forward-looking statements about business objectives,
operations, performance, and financial condition, including, in particular,
the forecast of cash distributions and the likelihood of HOMEQ's success in
developing and expanding its business. These may be included in the Annual
Reports, regulatory filings, reports to unitholders, press releases, Trust
presentations and other communications. These forward-looking statements are
based upon a number of assumptions and estimates that are inherently subject
to significant uncertainties and contingencies, many of which are beyond the
control of HOMEQ. Actual results may differ materially from those expressed or
implied by such forward-looking statements. HOMEQ does not undertake to update
any forward-looking statement, whether written or verbal, that may be made
from time to time.
About Home Equity Income Trust
Home Equity Income Trust provides unitholders with stable monthly cash
distributions from a portfolio of reverse mortgages originated by its wholly
owned subsidiary Canadian Home Income Plan Corporation ("CHIP"). The Trust's
units are rated SR-2 by Standard and Poor's, which assigns this rating to
funds that have "a very high level of cash distribution stability relative to
other rated Canadian income funds." As of September 30, 2007, the portfolio
generating cash returns to the Trust comprised approximately 6,600 reverse
mortgages with an accrued value of $678.4 million, secured by residential
properties across Canada worth approximately of $1.9 billion. CHIP
(www.chip.ca), has been the main underwriter of reverse mortgages in Canada
since pioneering the concept in 1986.
The Trust's units trade on the Toronto Stock Exchange under the symbol
HEQ.UN. Additional information on HOMEQ, including annual and quarterly
reports and the Trust's distribution reinvestment plan, can be viewed at
For further information:
For further information: Gary Krikler, Senior Vice President and Chief
Financial Officer, (416) 413-4679, firstname.lastname@example.org; or Scott Cameron, Vice
President, Finance, (416) 413-6605, email@example.com