The following Canadian income funds, income and royalty trusts and recently converted corporations have issued statements regarding the US tax status of their respective distributions and, where appropriate, whether their conversion that took place during 2009 is a taxable or non-taxable event with the meaning of US tax law. Such statements include whether the particular trust is a “qualified foreign corporation” paying “qualified dividends” within the meaning of the 2003 Tax Reconciliation and Relief Act (2003 Act). For trusts that converted during 2009 the status of the distributions they made as trusts are indicated.

Dividends paid by Canadian corporations are generally qualified within the meaning of US tax law by virtue of the comprehensive US-Canada Income Tax Convention. Former trusts that converted prior to 2009 have no cause, therefore, to issue statements about their tax status.

“PFIC” indicates the income trust has specifically stated that it is a Passive Foreign Investment Company within the meaning of the 2003 Act and its dividends are not qualified. “Not Qualified” indicates the trust has specifically stated that it’s distributions aren’t qualified. “Other” means the company is defined as in some other way for US purposes, such as a partnership. For recently converted corporations, “Taxable” means its conversion is a taxable event within the meaning of US tax law. “Tax Deferred” means the conversion event is non-taxable but the IRS will get its bite when you sell your shares in the converted corporation. “No Statement” means the trust/corporation has expressed no opinion on the US tax treatment of its conversion transaction.

If a trust or corporation covered in How They Rate does not appear below, it doesn’t mean it’s dividends are not qualified for US tax purposes or that its conversion is either taxable or non-taxable. Check the trust’s or corporation’s website to see if it has issued a statement. If not, use a similar trust’s statement from its website as backup for filing it as qualified dividends in the US. The question of whether a conversion is a taxable or non-taxable event can only be answered by the specific trust.

Oil and Gas

• Advantage Oil & Gas (TSX: AAV, NYSE: AAV) Qualified, Taxable
• ARC Energy Trust (TSX: AET-U, OTC: AETUF) Qualified
• Avenir Diversified Income Trust (TSX: AVF-U, OTC: AVNDF) Qualified
• Baytex Energy Trust (TSX: BTE-U, NYSE: BTE) Qualified
• Bellatrix Exploration (TSX: BXE, OTC: BLLXF) Qualified, Taxable
• Bonavista Energy Trust (TSX: BNP-U, OTC: BNPUF) Qualified
• Canadian Oil Sands Trust (TSX: COS-U, OTC: COSWF) Qualified
• Crescent Point Energy (TSX: CPG, OTC: CSCTF) Qualified, Tax Deferred
• Daylight Resources Trust (TSX: DAY-U, OTC: DAYYF) Qualified
• Enerplus Resources Fund (TSX: ERF-U, NYSE: ERF) Qualified
• Freehold Royalty Trust (TSX: FRU-U, OTC: FRHLF) PFIC
• NAL Oil & Gas Trust (TSX: NAE-U, OTC: NOIGF) Qualified
• Paramount Energy Trust (TSX: PMT-U, OTC: PMGYF) Qualified
• Pengrowth Energy Trust (TSX: PGF-U, NYSE: PGH) K-1/Qualified
• Penn West Energy Trust (TSX: PWT-U, NYSE: PWE) Qualified
• Peyto Energy Trust (TSX: PEY-U, OTC: PEYUF) Qualified
• Progress Energy Resources (TSX: PRQ, OTC: PRQNF) Qualified, Tax Deferred
• Provident Energy Trust (TSX: PVE-U, NYSE: PVX) Qualified
• Trilogy Energy (TSX: TET, OTC: TETFF) Qualified, No Statement
• Vermilion Energy Trust (TSX: VET-U, OTC: VETMF) Qualified
• Zargon Energy Trust (TSX: ZAR-U, OTC: ZARFF) Qualified

Electric Power

• Atlantic Power Corp (TSX: ATP, OTC: ATLIF) Qualified, No Statement
• Brookfield Renewable Power Fund (TSX: BRC-U, OTC: BRPFF) Qualified

Gas/Propane

• Arctic Glacier Income Fund (TSX: AG-U, OTC: AGUNF) Not Qualified
• Just Energy Income Fund (TSX: JE-U, OTC: JUSTF) Qualified
• Superior Plus Corp (TSX: SPB, OTC: ) Qualified

Business Trusts

• Wajax Income Fund (TSX: WJX-U, OTC: WJXFF) Qualified

Real Estate Trusts

• Chartwell Senior Housing REIT (TSX: CSH-U, OTC: CWSRF) Qualified
• RioCan REIT (TSX: REI-U, OTC: RIOCF) Qualified

Energy Services

• Cathedral Energy Services (TSX: CET, OTC: CETEF) Qualified, No Statement
• Essential Energy Services Trust (TSX: ESN-U, OTC: EEYUF) Qualified
• Mullen Group (TSX: MTL, OTC: MLLGF) Qualified, No Statement
• Precision Drilling Trust (TSX: PD-U, NYSE: PDS) Qualified
• Trinidad Drilling (TSX: TDG, OTC: TDGCF) Qualified

Energy Infrastructure

• AltaGas Income Trust (TSX: ALA-U, OTC: ATGFF) Qualified
• Keyera Facilities Income Fund (TSX: KEY-U, OTC: KEYUF) Qualified
• Pembina Pipeline Income Fund (TSX: PIF-U, OTC: PMBIF) Qualified, Tax Deferred*

Information Technology

• Bell Aliant Regional Communications Income Fund (TSX: BA-U, OTC: BLIAF) Qualified
• Yellow Pages Income Fund (TSX: YLO-U, OTC: YLWPF) Qualified

Health Care

• Extendicare REIT (TSX: EXE-U, OTC: EXTEF) Other
• Medical Facilities Corp (TSX: DR-U, OTC: MFCSF) Qualified

Transports

• Contrans Group (TSX: CSS, none) Qualified
• Jazz Air Income Fund (TSX: JAZ-U, OTC: JAARF) Qualified

*Conversion transaction announced but not completed. Management is of the opinion its transaction may result in a tax-deferred event for US investors.