US puts trust in Canadian finance

Originating with oil and gas trusts in the 1980s, income trusts have emergedas one of Canada’s most popular dividend-yielding securities. They comprised43% of all Canadian equity issuance in 2003, and 90% of initial public offerings(IPOs), reaching a market capitalisation of $90 billion. Analysts say the marketis poised for even stronger growth on both sides of the border. Traditionallyeschewed by US securities and tax regulators, the Canadian financial marketshave devised an income trust struct