CARP urges the Government to exempt all current income trusts from its new tax regime, as it has done for Real Estate Income Trusts (REITS). However, at the very least, the 4-year grace period for current income trusts before the new tax regime is imposed should be extended to 10 years. Such an adjustment will allow seniors and those who are preparing for retirement with investments in income trusts more time to make appropriate financial adjustments. This is what CARP is hearing from many members, especially women whose life expectancy in retirement is greater than that of men.

Extending the deadline would not undermine what the Government is trying to achieve with its new tax policy to prevent the creation of new income trusts.

A 10-year grace period was adopted by the US Government in 1987 when it imposed a new tax regime on publicly traded partnerships (PTPs), which were similar to income trusts.

CARP urges all Canadians who support its proposal to go to the E-voice at www.50plus.com to contact their MP and members of the Government, the Prime Minister, Minister of Finance and the Cabinet as well as the leaders and members of the Opposition Parties. CARP reminds Canadians that numbers matter and their voice can make a difference!

CARP, Canada's Association for the Fifty-Plus, represents over 400,000 members, who are 50 and older, retired or still working, and works for the benefit of 11 million older Canadians. A non-profit, national organization, CARP does not receive operating funds from any level of government. Its mandate is to promote and protect the rights and quality of life for mature Canadians. Its mission is to provide practical recommendations for the issues raised. CARP's magazine has close to 1 millions readers and its websites are accessed by 350,000 unique visits per month.

For more information/interviews: contact Michelle Taylor at 416-363-8748 ext. 236 or m.taylor@50plus.com

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