Business
H&R Comments on Proposed SIFT Amendments
Jul. 20, 2011 (Canada NewsWire Group) -- TORONTO, July 20, 2011 /CNW/ - Today, the Department...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\n Jul. 20, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTORONTO, July 20, 2011 /CNW/ - Today, the Department of Finance\n announced proposed amendments to the provisions of the Income Tax Act\n concerning the income tax treatment of specified investment\n flow-through entities ("SIFTs"), real estate trusts ("REITs") and\n publicly-traded corporations. The proposed amendments include changes\n which impact publicly-traded stapled securities of SIFTs, REITs and\n corporations. The proposals include amendments which will deny a\n deduction for payments made by another entity to a REIT, or to a\n subsidiary of a REIT.\n\n\nThe stapled unit structure of H&R Real Estate Investment Trust ("H&R\n REIT") and H&R Finance Trust (collectively, "H&R") (TSX: HR.UN; HR.DB;\n HR.DB.B; HR.DB.C; HR.DB.D) does not involve the kinds of payments that\n are targeted by the proposed amendments. In particular, H&R REIT does\n not receive interest or other income from H&R Finance Trust. H&R\n Finance Trust only receives interest income from a U.S. corporation\n which is a wholly-owned subsidiary of H&R REIT. Based on the\n information available in today's Department of Finance press release,\n H&R has concluded that the amendments will not affect their stapled\n unit structure. Detailed draft legislation was not released by the\n government today, but will be reviewed by H&R as soon as it is\n released.\n\n\nAbout H&R REIT an...