The 10% refundable income trust tax proposal is basically the status quo, except as it applies to Americans. It requires that new business taxes be collected from the American owners. All current deferred tax accounts and taxable accounts will pay 10% but will get it refunded, so essentially they're not going to be paying taxes. In my opinion, the consequence is that it will reinvigorate the income trust market of Canada.
As well, he has indicated there is a process for getting exemptions. Any time there is an authority given to a government to enable exemptions, they're almost always granted, so there will not be a binding termination of new conversions in what is proposed.
Because I feel that the Canadian government should not have a tax advantage to invest...for our seniors, our most precious seniors, who can't make up for losses to go into an investment product that is ill-conceived and unsuitable for their purposes, then I do not support the 10% refundable tax plan. It retains a very substantial tax advantage for seniors to invest in income trusts within their tax deferred accounts.