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Income Trusts: a Challenge for Regulators

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Income Trusts: a Challenge for Regulators Income Trusts: A Challenge for Regulators By Amanda Tait and John Lawford Public Interest Advocacy Centre 1204 – ONE Nicholas St. Ottawa, Ontario K1N 7B7 June 2007 2 Copyright 2007 PIAC Contents may not be commercially reproduced. Any other reproduction with acknowledgment is encouraged. The Public Interest Advocacy Centre (PIAC) Suite 1204 ONE Nicholas Street Ottawa, ON K1N 7B7 Canadian Cataloguing and Publication Data Lawford, John Tait, Amanda Income Trusts: A Challenge for Regulators ISBN 1-895060-83-4 PIAC received funding from Industry Canada's Contributions Program for Non- Profit Consumer and Voluntary Organizations. The views expressed in the report are not necessarily those of Industry Canada or the Government of Canada. 3 TABLE OF CONTENTS TABLE OF CONTENTS................................................................................................................ 3 EXECUTIVE SUMMARY ............................................................................................................ 5 INTRODUCTION .......................................................................................................................... 8 WHAT IS AN INCOME TRUST?................................................................................................. 9 Tax Advantages .................................................................................................................... 10 Legal Structure...................................................................................................................... 11 Security Offerings................................................................................................................. 11 Unitholder Rights.................................................................................................................. 11 Nature of the Business .......................................................................................................... 12 Types of Income Trusts ............................................................................................................ 12 Energy / Royalty Trusts ........................................................................................................ 12 Real Estate Investment Trusts (REITs)................................................................................. 13 Business Trusts ..................................................................................................................... 13 Other Types of Trusts ........................................................................................................... 14 WHAT MAKES TRUSTS SO POPULAR?................................................................................. 17 The Tax Advantages ................................................................................................................. 17 Business Perspective................................................................................................................. 18 Consumer Perspective............................................................................................................... 19 BACKGROUND .......................................................................................................................... 19 Rapid Sector Growth................................................................................................................. 20 Economic Conditions............................................................................................................ 20 Implementation of Limited Liability Acts................................................................................ 21 Inclusion of Income Trust on the S&P/TSX Composite Indexes............................................. 21 GOVERNMENT REFORM ......................................................................................................... 22 The Tax Fairness Plan................................................................................................................... 24 The New Tax Structure for Income Trusts ............................................................................... 25 Reactions................................................................................................................................... 27 EXAMINATION OF THE ISSUES............................................................................................. 30 Parliamentary Committee Hearings.......................................................................................... 33 Provincial Implications ......................................................................................................... 35 International Experience ....................................................................................................... 36 Foreign Takeovers ................................................................................................................ 38 EFFECTS ON THE ECONOMY ................................................................................................. 39 Boost Consumption at Expense of Capital Investment............................................................. 39 NOT AN APPROPRIATE FORM OF ORGANIZATION FOR MOST BUSINESSES ............ 41 Market Completeness................................................................................................................ 43 Overall Assessment............................................................................................................... 45 REGULATORY CHALLENGES OF TRUSTS .......................................................................... 46 Rate of Return Regulation ........................................................................................................ 46 Price cap regulation................................................................................................................... 47 Trusts and Rate of Return Regulation....................................................................................... 47 AltaLink and TransAlta Utilities Corporation ...................................................................... 48 Pacific Northern Gas Ltd. Income Trust Application........................................................... 49 4 Price Cap Regulation and Income Trust Conversion................................................................ 51 THE REAL DEVIL: LACK OF CORPORATE GOVERNANCE.............................................. 64 Governance ............................................................................................................................... 64 CSA....................................................................................................................................... 66 AcSB..................................................................................................................................... 67 Standard & Poor’s................................................................................................................. 67 Accountability Research Study............................................................................................. 67 Mandatory Reporting Standards Needed...................................................................................... 68 DRAFT LEGISLATION .............................................................................................................. 69 Grandfathering .......................................................................................................................... 69 Conversion to Corporate Status ................................................................................................ 70 Undue Expansion...................................................................................................................... 71 Anti-avoidance.......................................................................................................................... 72 REITs ........................................................................................................................................ 72 Conclusion on Draft Legislation............................................................................................... 73 RECOMMENDATIONS.............................................................................................................. 73 Recommendation #1: Take Proactive and Decisive Action to Close Tax Loopholes .............. 73 Recommendation #2: Increase Investor Protection .................................................................. 74 Recommendation #3: Creation of a Governance Structure for Income Trusts......................... 75 Recommendation #4: Mandatory Governance Structures for New Security-Issuing Entities . 77 Recommendation #5: Increased Consumer Awareness of the Financial Industry ................... 78 Recommendation #6: Proposed Regulatory Treatment of Tax Consequences......................... 80 Recommendation #7: Increased Transparency for Tax Policy................................................. 80 CONCLUSIONS........................................................................................................................... 81 5 EXECUTIVE SUMMARY This report examines the legal, regulatory, political and social issues raised by the sudden rise and the effective curtailment of the income trust as a corporate form and investment option in Canada. It concludes that while the response of the federal government of October 31, 2006 was required, more needs to be done to protect consumers and to
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