Unit Trusts and this tax season coming up

Most unit trusts will require a disposition calculation and a re-acquisition of something new during 2010.  You'll have to dust off your ACB calculations for those ROC's over the years.

Did you know that if ROC (return of capital) turned the ACB into a negative, that you had a deemed capital gain required to bring the ACB back to nil each year?

Most unit trusts will be converting to shares before Jan 1, 2011.

There may be some complex structures like Westshore Terminals new stapled units, which are a combination common share and promisory note which isn't liquid until 2016 and must be sold as a package

New ITA sections
S. 85.1(7) exchange,
S 107(3.1) redemption

and potential joint election under S. 85 rollovers (EnCana/Cenovus) to defer gains but with limited time to request/file (Enbridge owners received notices prior to the end of 2010 about their deal in November 2009, which should have been reported last year on your return as a deemed disposition (twice actually, once when the original shares were redeemed and then again when the shares were exchanged for Cenovus)

Ask me for the article I wrote that was never published because no one would believe me that this was even remotely possible.