Paramount Energy Trust advises on 2009 Canadian Income Tax information
CALGARY, Feb. 22 /PRNewswire-FirstCall/ - (TSX - PMT.UN) -- The following information is intended to assist individual Canadian Unitholders of Paramount Energy Trust ("PET") in the preparation of their 2009 T1 Income Tax Return.
The information contained herein is based on PET's understanding of the
Income Tax Act (Canada) and the regulations thereunder and is provided
for general information only. Unitholders are advised to consult their
personal tax advisors with respect to their particular circumstances.
Trust Units held within an RRSP, RRIF, RESP, RPP, DPSP, or TFSA
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No amounts are required to be reported on the 2009 T1 Income Tax Return
where the Paramount Energy Trust Units are held within an RRSP, RRIF, RESP or
DPSP.
Trust Units held outside of an RRSP, RRIF, RESP or DPSP
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Unitholders who held their PET Units outside of an RRSP, RRIF, RESP or DPSP, through a broker or other intermediary, and received cash distributions during the period, will receive "T3 Supplementary" slips directly from their broker or intermediary, not from the transfer agent or PET.
Registered Unitholders of PET who received cash distributions during the period from the transfer agent, Computershare Trust Company of Canada (and not from a broker or intermediary), will receive "T3 Supplementary" slips directly from Computershare Trust Company of Canada.
The Trust has designated the entire 2009 cash distribution of $0.64 per Trust Unit as return on capital and taxable. The attached "Schedule 1" includes supplementary information on the taxable portion of the 2009 cash distributions and is shown on a per Trust Unit basis. Under Paragraph 12(1)(m) of the Income Tax Act, taxable amounts allocated by PET in 2009 to the Unitholders must be reported by the Unitholders in their 2009 Income Tax Return.
Accordingly, the taxable amount of cash distributions (i.e. "Other Income", Box 26 on the T3 slips) with respect to record dates January 30, 2009 up to and including December 31, 2009 are included in your "T3 Supplementary".
Holders of PET Units are required to reduce the Adjusted Cost Base of their Units by the Return of Capital (i.e. "Amount Resulting in Cost Base Adjustment", (Box 42 on the T3 slips) with respect to record dates January 30, 2009 up to and including December 31, 2009. The Adjusted Cost Base is used in calculating capital gains or losses on the disposition of the Trust Units if the owner holds the Trust Units as a capital property.
The deadline for mailing all T3 Supplementary Information slips as required by Canada Revenue Agency is March 31, 2010.
SCHEDULE 1
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PARAMOUNT ENERGY TRUST UNITS
2009 - T3 INFORMATION
FOR CANADIAN RESIDENTS
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The following table outlines the breakdown of cash distributions per Trust
Unit paid or payable by Paramount Energy Trust with respect to record dates
for the period January 30, 2009 - December 31, 2009 for Canadian Income Tax
purposes.
Amount
Resulting
in
Taxable Cost Base
Amount Adjustment
Total (Box 26) (Box 42)
Distribution Other Return
Record Date Payment Date Paid Income of Capital
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January 30, 2009 February 17, 2009 0.070 0.070 0.000
February 27, 2009 March 16, 2009 0.070 0.070 0.000
March 31, 2009 April 15, 2009 0.050 0.050 0.000
April 30, 2009 May 15, 2009 0.050 0.050 0.000
May 29, 2009 June 15, 2009 0.050 0.050 0.000
June 30, 2009 July 15, 2009 0.050 0.050 0.000
July 31, 2009 August 17, 2009 0.050 0.050 0.000
August 31, 2009 September 15, 2009 0.050 0.050 0.000
September 22, 2009 October 15, 2009 0.050 0.050 0.000
October 22, 2009 November 16, 2009 0.050 0.050 0.000
November 23, 2009 December 15, 2009 0.050 0.050 0.000
December 31, 2009 January 15, 2010 0.050 0.050 0.000
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TOTAL PER UNIT 0.640 0.640 0.000
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PET expects to release United States income tax information within the
next few weeks.
Forward-looking Information
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Certain information regarding PET in this news release including the information regarding receipt of T3 Supplementary slips and United States income tax information may constitute forward-looking statements under applicable securities laws. Various assumptions were used in drawing the conclusions contained in the forward-looking information contained in this press release, which assumptions are based on management experience, current conditions and expected future developments pertaining to PET and the industry in which it operates as well as certain assumptions regarding the matters outlined above. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by PET and described in the forward-looking information contained in this press release. Undue reliance should not be placed on forward-looking information, which is not a guarantee of performance and is subject to a number of risks or uncertainties. Readers are cautioned that the foregoing list of risk factors is not exhaustive. Forward-looking information is based on the estimates and opinions of PET's management at the time the information is released and PET disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or otherwise, other than as expressly required by applicable securities laws.
PET is a natural gas-focussed Canadian energy trust. PET's Trust Units and convertible debentures are listed on the Toronto Stock Exchange under the symbols PMT.UN, PMT.DB.A, PMT.DB.C and PMT.DB.D. Further information with respect to PET can be found at its website at www.paramountenergy.com.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
SOURCE Paramount Energy Trust
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