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• U.S.-Canada Cross-Border Income Securities ( June 2005 )
  Goodmans LLP

  Income funds have become increasingly popular in Canada in recent years and have become an investment vehicle of choice for many investors. Private and public companies have found the income fund structure to be a very effective way to raise capital, enhance value and provide liquidity for their shareholders.

• Goodmans Update: Income Funds ( August 2005 )
  Goodmans LLP

  The Canadian Securities Administrators (the “CSA”) have issued CSA Staff Notice 41 304 Income Trusts: Prospectus Disclosure of Distributable Cash (the “Notice”), which provides guidance to income trust issuers regarding prospectus disclosure of estimated distributable cash. The Notice describes staff’s expectations about the nature and extent of disclosure necessary to ensure transparency when information about estimated distributable cash, a non-GAAP financial measure, is presented in a prospectus.

• The Canadian Income Trust Market ( July 2005 )
  Cassels, Brock & Blackwell

  An income trust allows stable, profitable businesses to operate under a tax efficient structure to regularly distribute cash flow generated by the business to holders of units of the income trust. The income trust structure has grown in popularity in Canada in the last few years for a number of reasons, including steady returns for investors at higher yields and attractive valuation multiples for vendors.

• Income Securities: The Next Generation of Income Trusts ( June 2004 )
  Laura C. HodgesTaylor of Goodwin Procter LLP

  A flurry of recent activity on Wall Street—and the accompanying press—heralds the arrival of a new entrant in the ever-evolving parade of securities developed to meet liquidity needs of companies and entice interest among investors. The latest? Income deposit securities ("IDS") and their sisters, income participating securities ("IPS").

• Canadian Income Trusts: An Alternative to Liquidity for US Businesses ( March 2003 )
  Laura C. HodgesTaylor of Goodwin Procter LLP

  During 2002, a number of US businesses seeking liquidity for their shareholders or funding for other needs accessed the Canadian markets through offerings by "income trusts"-and found capital not available in the US markets. The Canadian public has a twenty-year history of investment in income trusts, a yield-oriented product offering steady returns to retail and institutional investors.