As you know, by 2011 Canada’s income trusts must move back to a corporate structure for tax purposes. Since the 2006 regulation, some companies have already made the move and more are continuing to do so. Here is a list of Canadian companies still operating as income trusts. There’s still a good year and a few months left for you to gain some nice monthly income with some of these high-yielding investments, so give these a second look.
This list is based upon the holding in the iShares CDN Income Trust Sector ETF (XTR) as of September 18, 2009. You can use this list as a guide for composing “your own” ETF, or just for getting your feet wet in the trust sector with some of the more common names. By the way, when these companies convert, some analysts think the XTR will probably just be merged with the iShares XRE (real estate) ETF, since REITs will be the only effective income trusts left.
Until then, check out some of these yields (with caution, of course):
Top 45 Canadian Income Trusts in iShares Income Trust ETF (XTR) with Their Yields
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1. Canadian Oil Sands Trust (TSX: COS.UN) – Market Cap: $14.2B; Yield: 3.4%
2. Penn West Energy Trust (TSX: PWT.UN) – Market Cap: $6.7B; Yield: 11.2%
3. Arc Energy Trust (TSX: AET.UN) – Market Cap: $4.4B; Yield: 6.5%
4. RioCan Real Estate (TSX: REI.UN) – Market Cap: $4.3B; Yield: 7.5%
5. Enerplus Resources Fund (TSX: ERF.UN) – Market Cap: $4.0B; Yield: 8.8%
6. Bell Aliant Regional Communications (TSX: BA.UN) – Market Cap: $3.4B; Yield: 10.7%
7. Yellow Pages Income Fund (TSX: YLO.UN) – Market Cap: $2.9B; Yield: 14.2%
8. Baytex Energy Trust (TSX: BTE.UN) – Market Cap: $2.7B; Yield: 5.8%
9. Pengrowth Energy Trust (TSX: PGF.UN) – Market Cap: $2.7B; Yield: 11.5%
10. Pembina Pipeline Income (TSX: PIF.UN) – Market Cap: $2.3B; Yield: 10.10%
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11. InterPipeline Income Fund (TSX: IPL.UN) – Market Cap: $2.3B; Yield: 8.8%
12. Vermilion Energy Trust (TSX: VET.UN) – Market Cap: $2.2B; Yield: 7.5%
13. H&R Real Estate Trust (TSX: HR.UN) – Market Cap: $2.0B; Yield: 5.2%
14. Bonavista Energy Trust (TSX: BNP.UN) – Market Cap: $2.0B; Yield: 9.3%
15. Canadian Real Estate Investment Trust (TSX: REF.UN) – Market Cap: $1.7B; Yield: 5.2%
16. NAL Oil & Gas Trust (TSX: NAE.UN) – Market Cap: $1.4B; Yield: 8.9%
17. Labrador Iron Ore Realty (TSX: LIF.UN) – Market Cap: $1.2B; Yield: 5.2%
18. Keyera Facilities Income Fund (TSX: KEY.UN) – Market Cap: $1.2B; Yield: 9.2%
19. Just Energy Income Fund (TSX: JE.UN) – Market Cap: $1.6B; Yield: 8.9%
20. Northland Power Income Trust (TSX: NPI.UN) – Market Cap: $700.5M; Yield: 10.0%
21. Provident Energy Trust (TSX: PVE.UN) – Market Cap: $1.7B; Yield: 11.4%
22. Boardwalk Real Estate (TSX: BEI.UN) – Market Cap: $2.0B; Yield: 4.8%
23. Altagas Income Trust (TSX: ALA.UN) – Market Cap: $1.4B; Yield: 12.6%
24. Calloway Real Estate (TSX: CWT.UN) - Market Cap: $1.6B; Yield: 7.8%
25. Harvest Energy Trust (TSX: HTE.UN) – Market Cap: $1.2B; Yield: 8.9%
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26. Fort Chicago Energy LP (TSX: FCE.UN) – Market Cap: $365.6M; Yield: 11.4%
27. CML Healthcare Income Fund (TSX: CLC.UN) – Market Cap: $1.2B; Yield: 8.1%
28. Peyto Energy Trust (TSX: PEY.UN) - Market Cap: $1. 1B; Yield: 13.7%
29. Daylight Resources Trust (TSX: DAY.UN) – Market Cap: $1.0B; Yield: 11.2%
30. Canadian Apartment Properties (TSX: CAR.UN) – Market Cap: $966.2M; Yield: 7.6%
31. Cineplex Galaxy Income Fund (TSX: CGX.UN) – Market Cap: $861.5M; Yield: 8.1%
32. Primaris Retail Real Estate (TSX: PMZ.UN) – Market Cap: $925M; Yield: 8.2%
33. Westshore Terminals (TSX: WTE.UN) – Market Cap: $1.0; Yield: 9.3%
34. North West Company Fund (TSX: NWF.UN) – Market Cap: $893.1M; Yield: 7.4%
35. Cominar Real Estate (TSX: CUF.UN) – Market Cap: $1.1B; Yield: 7.3%
36. Freehold Royalty Trust (TSX: FRU.UN) – Market Cap: $792.2M; Yield: 9.0%
37. Chartwell Seniors Housing (TSX: CSH.UN) – Market Cap: $650.7M; Yield: 8.4%
38. Davis + Henderson Income (TSX: DHF.UN) – Market Cap: $619.7M; Yield: 13.0%
39. Epcor Power L.P. (TSX: EP.UN) – Market Cap: $831.1M; Yield: 11.4%
40. Extendicare Real Estate (TSX: EXE.UN) – Market Cap: $552.5M; Yield: 11.1%
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41. Paramount Energy Trust (TSX: PMT.UN) – Market Cap: $640.7M; Yield: 11.1%
42. Enerflex Systems Income Fund (TSX: EFX.UN) – Market Cap: $492.6M; Yield: 11.4%
43. Jazz Air Income Fund (TSX: JAZ.UN) – Market Cap: $448.5M; Yield: 16.4%
44. Innvest Real Estate (TSX: INN.UN) – Market Cap: $320.3M; Yield: 11.6%
45. Consumers’ Waterheater Income – (TSX: CWI.UN) – Market Cap: $225.3M; Yield: 14.2%
Of course, just because a trust is on here, or in the XTR, doesn’t necessarily make it a good investment for you. Do your own research, as always. That’s even more important with these companies, since some might be apt to convert to a corporation before the deadline. Check a company’s news feed before purchasing, so that you can find out ahead of time and make an informed decision.
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{ 2 comments… read them below or add one }
Your initial paragraph is not correct. The trusts will not be forced to become corporations again for tax purposes, they can remain trusts. Their distributions as trusts will be taxed with a new distribution tax to put them on equal tax treatment footing with corporations, but they do not need to alter their structure. Splitting hairs? No, because a new tax can be removed. Converting back to a corporation and then having to get shareholder approval again and go to the expense of reconverting back to a trust if the tax ever gets removed is an exercise most trusts would probably want to avoid.
Hi Gerry, thanks for that clarification. But do they not still need to make the explicit decision as to whether to remain a trust or not? They may not be *forced* to return to corporate structures, but as I understand it this is a decision they will still each consider.