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
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