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2000 TAX INFORMATION |
|
| Corporations: 2000 Distributions Paid |
| (based on record date) |
|
| Quadravest Product |
Capital Gains
to Feb 27/00 |
Capital Gains
Feb 28/00 to Oct
17/00 |
Capital Gains
after Oct 17/00 |
Dividend Income |
Fgn Non Business |
Other Taxable |
Non Taxable |
Total |
| Split Yield Capital
(YLD) |
$0.29
(15.93%) |
$1.14
(63.47%) |
$0.37
(20.60%) |
0% |
0% |
0% |
0% |
$1.80
(100%) |
| Split Yield Class I Pfd
(YLD.PR.A) |
0% |
0% |
0% |
$1.10
(100%) |
0% |
0% |
0% |
$1.10
(100%) |
| Split Yield Class II Pfd
(YLD.PR.B) |
$0.1700
(16.19%) |
$0.6640
(63.24%) |
$0.2160
(20.57%) |
0% |
0% |
0% |
0% |
$1.05
(100%) |
| Financial Services Income STREAMS Capital Yield
(STR) |
0% |
0% |
$0.4166
(100%) |
0% |
0% |
0% |
0% |
$0.4166
(100%) |
| Financial Services Income STREAMS Equity Dividend
(STR.E) |
0% |
0% |
$0.3857
(78.97%) |
0% |
0% |
0% |
0% |
$0.3857
(100%) |
|
|
| Tax
information is reported on a
Revenue Canada T5 Form
produced by the broker and
mailed to the investor no
later than February 28.
NOTE: This year, brokers
will be issuing T3 Forms
(rather than T5 Forms), no
later than March 31 (rather
than February 28) |
|
| Trusts: 2000 Distributions Paid |
| (based on record date) |
|
| Quadravest Product |
Capital Gains
to Feb 27/00 |
Capital Gains
Feb 28/00 to Oct
17/00 |
Capital Gains
after Oct 17/00 |
Dividend Income |
Fgn Non Business |
Other Taxable |
Non Taxable |
Total |
| Income Financial
(INC.UN) |
$0.3841
(14.63%) |
$1.5363
(58.53%) |
$0.4968
(18.93%) |
0% |
0% |
0% |
$0.20776
(7.91%) |
$2.62496
(100%) |
| American Income
(USA.UN) |
$0.38432
(15.34%) |
$1.54
(61.46%) |
$0.50
(19.84%) |
0% |
0% |
0% |
$0.08
(3.36%) |
$2.50496
(100%) |
| AmeriStar
(RSP.UN) |
$0.3022
(12.06%) |
$1.2090
(48.26%) |
$0.3909
(15.60%) |
$0.1302
(5.20%) |
$0.1460
(5.83%) |
$0.3267
(13.04%) |
0% |
$2.505
(100%) |
|
|
| Tax
information is reported on a
Revenue Canada T3 Form
produced by the broker and
mailed to the investor no
later than March 31. |
|
| TYPES OF INCOME EARNED |
|
-
Capital gains
are taxed at much lower rates than interest income, dividend income and foreign
source non business income. The capital gains inclusion rate was 50% for 2002.
The T-3 or T-5 you receive from your investment dealer will show the breakdown
of the capital gains received from any of the Quadravest products.
-
Dividends
received from Canadian companies are taxed at a much lower rate than interest
income. This is because the corporation has already paid tax on its earnings
before paying a dividend to the Fund. On your tax return, you actually report a
grossed-up dividend and then claim an offsetting dividend tax credit. The T-3
or T-5 you receive from your investment dealer will show the breakdown of the
dividend income received from any of the Quadravest products.
-
Interest income
received from a money market instrument or bond is fully taxable in the same
manner as a salary or pension.
-
Foreign non business income includes foreign dividends and are fully
taxable, however there will be a credit for any foreign withholding taxes paid.
Each type of income must
be separately declared on
your tax return. |
|
| GENERAL TAX INFORMATION |
|
| 1. |
The lower
capital gains
inclusion rate
is extremely
favourable for
the current
suite of listed
investment
products managed
by Quadravest.
Distributions
made on American
Income, Income
Financial,
Financial
Services Income
STREAMS, Capital
Gains Income
STREAMS, Income
STREAMS III,
Split Yield
Capital Shares,
Split Yield
Class II
Preferred
Shares, which
are
predominately in
the form of
capital gains
are now taxed at
a much lower
rate and have
become more
attractive
relative to
other types of
distributions
such as ordinary
dividends and
interest income.
* Based on top combined Federal/Ontario personal marginal rate. |
|
|
| 2. |
Tax rates on Capital Gains, Dividend Income and Interest Income at the highest combined federal/provincial rate (Ontario) are: |
|
|
|
| Type Of Income |
2000 |
| Capital Gains |
23.21% |
| Dividend Income |
31.34% |
| Interest Income |
46.41% |
|
|
|
| 3. |
On a before tax yield equivalent basis, a 10% capital gain yield is now equivalent to pre tax interest income of approximately 14.3%. |
|
|
| 4. |
The table below
lists Top
Personal
Marginal Rates
(%) effective
January 1, 2000. |
|
|
|
|
|
|
|
Top
Bracket
(including
surtaxes) |
Capital Gains |
Canadian Dividends |
Interest & Ordinary Income |
| Quebec |
$74,241 |
24.61 |
34.06 |
49.22 |
| Nfld |
$74,241 |
24.32 |
34.23 |
48.64 |
| B.C. |
$81,120 |
24.35 |
35.96 |
48.70 |
| Sask. |
$74,241 |
22.50 |
29.58 |
45.00 |
| N.B. |
$98,379 |
23.42 |
31.63 |
46.84 |
| P.E.I. |
$74,241 |
23.67 |
31.97 |
47.34 |
| N.S. |
$80,763 |
23.67 |
31.97 |
47.3 |
| Manitoba |
$74,241 |
23.25 |
33.96 |
46.50 |
| Ontario |
$74,241 |
23.21 |
31.34 |
46.41 |
| Yukon |
$74,241 |
21.17 |
28.59 |
42.34 |
| Alberta |
$74,241 |
19.75 |
24.71 |
39.50 |
| N.W.T. & Nun. |
$74,241 |
21.03 |
28.40 |
42.05 |
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|
| The
top bracket is $100,000
everywhere except in New
Brunswick (where the
provincial surtax creates a
bracket at $101,359 or
more). Rates include all
federal, provincial and
territorial income taxes and
surtaxes. The final details
of the taxation of Canadian
dividends are not yet
available for some provinces
and the rates shown may
change. |
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| The information presented may change at any time as a result of further tax changes made at the federal or provincial level and may vary depending on your own personal tax situation. Please contact your tax advisor. |
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