Trust conversion rules

Ottawa released the rules yesterday for Income Trusts to convert to corporations. The Globe and Mail has this story.

And I made the following comment:

Corporate taxes suck! Every company should be an income trust. Distributions don’t have to be regular or even at all for capital intensive businesses – but the taxes on the profits should be paid by individuals not corporations! Corporations don’t vote – they lobby, individuals vote – and that’s where the govt’s money should come from.

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