Canada's Federal Budget Does Not Address Cross-Border Income Trusts

The March 2013 Federal Budget did not contain any provisions aimed at cross-border income trusts (CBITs, also known as foreign asset income trusts, or FAITs). Mention was made, however, of a continued intention to implement the specified investment flow-through (SIFT) related changes announced in 2011 and committed to draft legislation last summer, including those that shut down the use of stapled stock as a means to avoid the SIFT rules. Published on the Bennett Jones Thought Network.