Business
Cathedral Energy Services Ltd. provides 2009 tax information
Cathedral Energy Services Ltd. provides 2009 tax information
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, Mar. 3, 2010 (Canada NewsWire Group) -- /CNW/ -- Cathedral Energy Services Ltd. (the \"Company\"/\"Cathedral\" - TSX: CET) is pleased to provide the following information in relation to distributions by its predecessor, Cathedral Energy Services Income Trust (the \"Trust\") to assist former Canadian and U.S. holders of trust units (\"Unitholders\") of the Trust, in the preparation of their income tax returns. This information is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any former Unitholder of the Trust. Former Unitholders should consult with their own tax advisors with respect to their particular circumstances.CanadianThe following information provided by the Company is intended to assist Canadian resident former Unitholders who are individuals in reporting distributions from the Trust for preparation of their 2009 T1 Personal Income Tax Return. Distributions declared by the Trust for 2009 will be comprised of a combination of: i) taxable trust income (64.79677%); ii) taxable foreign non-business income (28.72581%); and iii) capital gains (9.35161%) less foreign non-business tax paid (2.87419%), except as described below. No portion of the declared 2009 distributions is considered a return of capital.The information contained herein is based on the Company's understanding of the Income Tax Act (Canada) (\"Act\") and the regulations there under, and is provided for general information only. Former Unitholders are advised to consult their personal tax advisors with respect to their particular circumstances.The Trust qualified as a mutual fund trust under the Act and as such, trust units are qualified investments for registered retirement savings plans (\"RRSPs\"), registered retirement income funds (\"RRIFs\"), registered education savings plans (\"RESPs\"), and deferred profit sharing plans (\"DPSPs\"), all as defined in the Act. Former Unitholders who held their trust units in a RRSP, RRIF, RESP, or DPSP need not report any income related to trust unit distributions on their 2009 Income Tax Return. A former Unitholder that did not hold his or her trust units in an RRSP, RRIF, RESP or DPSP, must report taxable amounts allocated by the Trust in 2009 to the former Unitholder in the former Unitholder's 2009 Income Tax Return.This taxable amount wil...