Ottawa, December 16, 2010

Archived - Government of Canada Announces Amendments to the Real Estate Investment Trust Rules

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The Honourable Jim Flaherty, Minister of Finance, today announced proposed amendments to the provisions in the Income Tax Act concerning the income tax treatment of real estate investment trusts (“REITs”).

REITs are trusts that are exempt from the tax on specified investment flow-through entities. To qualify as a REIT, a trust must meet certain conditions that recognize the unique history and role of collective real estate investment vehicles.

“Our Government is committed to providing clarity in the application of the REIT rules,” said Minister Flaherty.  “These changes take into account constructive comments received from the public, helping to ensure that the REIT rules apply appropriately.”

Proposed changes to the income tax rules will:

Today’s release includes for consultation draft legislative proposals to implement the changes described in the backgrounder. Interested parties are invited to provide comments on these proposals by January 31, 2011.

For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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