主题：加拿大信托基金：黎明前的曙光 -- 倥偬飞人

去年10月31日，加拿大保守党政府在没有任何咨商的情况下，违背竞选承诺，宣布要对income trust 征税，直接造成了这个板块市值大幅缩水数百亿加币，给投资人造成了巨大损失，对加拿大经济和政府收入都构成了负面影响。

最近，自由党和魁人政团宣布将对保守党决策过程展开聆讯，他们的立场是将征税时间延后十年，对石油天然气类royalty trust免征税。由于这两个党派目前是第二、三大政党，而且保守党是少数党政府，这项新政策可能无法通过立法；今年也很可能重新大选，自由党则可能重新执政，翻盘的希望还是不小的。如果你持有加拿大的信托基金，可以助一臂之力，免费加入Canadian Association of Income Trust Investors，发出你的声音，给保守党一个教训！如果成功翻盘，在目前每月派发红利的基础上，基金价格本身有可能翻倍，回报更加理想！具体消息可以参考下面的连接：

外链出处

At the current price level, the dividends from income trusts are amazingly good. If nothing changes, I believe we will still have very good return in the next four years and beyond. However, we may enjoy a strong tail wind if the income trust tax can be averted, and the chance of winning is great - we have liberals and the quebec party on our side, plus a coalition of strong powers from energy, financial industry and more:

[URL=]http://www.theglobeandmail.com/servlet/story/RTGAM.20070115.wtrustttt0115/BNStory/Business/home [/URL]

We will have a greater chance to win if everyone of us to raise our voice. Be a winner and join Canadian Association of Income Trust Investors here: [URL=]https://www.caiti.info/index.html [/URL]

If we win (that's for sure :-)), our income trust portfolio will easily double from current levels, and yes, in addition to the fat dividends being paid out every month!

Best of luck to all!

• 看过飞人的分析

虽然面临着诸多负面因素，如政府征税新政策、天然气和石油价格下滑、经济走缓等等，这正好说明入市的黄金定律：买入别人不要的忽视的好冬冬，而Thunder Energy (THY.UN,或者THY-UN.TO/YAHOO)就是这样一个很好的投资：利空出尽，价格已经触底，现金红利高，反弹前景很好。

THY是一个相对小型的石油天然气基金，07年目标日产9500桶当量左右，相当于一个中型公司，天然气占到62%。按照行规计算其价格应该在$9/UNIT以上，而目前价格只有$5.6，月派$0.12，相当于年息25.7%！净资产约在$5.2左右，这个是不计入储量的价值的。

这个基金的管理团队比较有能力，尤其是去年第三季度，当天然气价格低迷，其他基金纷纷亏损的时候，他们居然还是盈利，这估计归功于他们对冲风险的策略，超过一半的产量都有价格保底在$7以上。

天然气的前景比石油还要好，为什么呢？因为第一，天然气不易运输，中东便宜的天然气无法以经济的成本运输到北美大陆；第二，北美天然气价格虽然最近受温和天气影响下跌，但是需求还是很大的，新建房屋和发电大多采用天然气，因为干净污染少，而供应能力下降了17%；第三，加拿大大规模开采油砂，需要大量使用天然气，目前已经达到日耗17亿立方英尺的规模，而油砂开采还仅仅才开了个头。THY大部分天然气生产，都在油砂最旺的阿省。

一方面可以每个月收红利，另外一旦保守党新政策无法通过立法，基金价格即可大幅反弹。即使新法通过，也要四年之后才开始征税，而这四年之内THY如果派息不变，可以让你拿回全部本金，高枕无忧。

每月0.12的红利，每年1.44， 25%的利息。

随时可以买卖。当然，如果你想拿二月份的红利，必须在18日之前买进，随后卖出也没有限制。每个月具体派发红利日期和除权日可以留意该公司的消息发布。

Actually,it is my first time to look into the canadian stock.

1. I went to Yahoo financial trying to find the financial data and its profile, but they are not available there,only some charts and remarks. where can i find the information i wanted?

2. is the monthly dividend of 12 cents guanranteed or based on performance?

3. do the investor need to pay the capital gain tax if they profit on this trust fund as the stock investors do?

4. what is the tax and how much is the tax rate which is proposed by the conservative party? how long the proposal will be hearing and voted?

Thanks a lot

不少河友问了相同的问题，在此一并答复：

要买在加拿大上市的基金，可以在加拿大股票经纪公司开户，有些full service的美国经纪公司应该也可以但是汇率换来换去成本高一点。但是也有直接在美国上市的加拿大信托基金，只是回报没有那么高，如AAV, PGH等。

1. I went to Yahoo financial trying to find the financial data and its profile, but they are not available there,only some charts and remarks. where can i find the information i wanted?

You need to use THY-UN.TO when you try to find it in Yahoo finance:

外链出处

2. is the monthly dividend of 12 cents guanranteed or based on performance?

Not guanranteed, but based on cash flow. They are legally bound to pay out all profits over the time. In the case of THY, it has been very steady since its ineption.

3. do the investor need to pay the capital gain tax if they profit on this trust fund as the stock investors do?

Yes. Foreign investors have to pay divident tax to the Canadian government - 15% of dividend received for US investors. In THY's case, a US investor has to pay 1.8 cents out of the 12 cents dividend each month, however that part of tax will be deductible when you pay income tax to the US government.

4. what is the tax and how much is the tax rate which is proposed by the conservative party? how long the proposal will be hearing and voted?

The Conservatives propose to charge income trust tax starting in 2011, similar to a regular business corporation, probably in the range of 31% or so in addition to provincial tax. The hearing is being called and may commence soon in the financial committe of the Parliament, and may go through the Senate if necessary. This has become an election issue, so if the minority Conservative government is challenged for any issue such as the budget, a grand election will be called. If the Conservatives lose the election and this look likely, the Liberals may come back to power and throw out the income trust tax proposal. It is generally anticipated that the grand election may be called any time this year.

There is no data available for THY-UN.TO.

i did use THY-UN.TO in Yahoo finance, but i could not get its profile or financial data,

http://finance.yahoo.com/q/pr?s=THY-UN.TO, or maybe it is because i am in China?

i guess there is some better website about canadian stock/mutual fund

rather than yahoo financial if i want to probe further on a specific company. Flyingman may recommend one to me, one that i can access easily from china.

In China, pepole have lots of stock analysis software such as QianLong, DaZhiHui. Or the least, some website such as Sina,Sohu provide some basic and general information of any listed company to investors. Sina financial functions similarly to what Yahoo financial does, but better than yahoo as i feel. I just wonder what is the popular tool used by the canadian stock investors, do you have the stock software just as QianLong,DaZhiHui? Or you have a very good website that is only accessible to those who opens an account in the canadian securities company?

I lived in Canada for some years, and still have some money deposited in the canadian bank.After reading Flyingman's post, i am stirred to buy mutual fund.

So for the canadian investors, they donot need to pay cash dividend tax, that is good for me.

exist, but you will have to pay for it such as stockwatch.com, where you will have more information and you will be able to do technical analysis with the tools provided with.

Please be aware that THY and alike are not mutual funds which you have to contact a broker to trade. They are acutally called income trusts or specifically royalty trusts for oil and gas producers in this category. As long as you have a self-directed account with any investment firms like CIBC, you will be able to trade them just like any regular stocks.

Canadian investors will still have to pay personal income tax on the the dividends received which will be considered income. It is just that such tax will not be withheld automatically like those for foreign investors.