We would actually propose that there be no conversion deadline. It's important for the committee to realize that after January 1, 2011, any income trusts that continue to operate in that role will be paying tax at a rate of 35%.
October 21st, 2009 / 12:10 p.m.
Director, Legal and Government Relations, Canadian Association of Income Funds
We would actually propose that there be no conversion deadline. It's important for the committee to realize that after January 1, 2011, any income trusts that continue to operate in that role will be paying tax at a rate of 35%.
See context to find out what was said next.