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Income Trusts


Lesson 1: What are Income Trusts?


  • Structure
  • Equity or Fixed-Income?
  • Types of Income Trusts


  • Enhanced Returns - Historically High Returns
  • Tax-Advantaged Income
  • Typically Stable Industries
  • Additional Diversification
  • Liquidity and Transparency
  • Professional Management
  • More Public Information Available


  • Returns not Guaranteed
  • Return of Capital
  • Potential Liability
  • Claim on Assets
  • Illiquidity
  • Voting Rights

Why Have They Become so Popular?

  • Market Environment
  • Lower Risk than Common Equity
  • Investor Concerns over Corporate Governance
  • Tax Advantages

Why Do Issuing Companies Use Them:

  • Growth Versus Earnings
  • Use as a Defensive Tactic
  • U.S. Companies Entering the Canadian Market

Lesson 2: Types of Income Trusts

Real Estate Investment Trusts (REITs):

  • Description of REITs
  • Potential Risks of REITs
  • Liquidity of REITs
  • REIT Returns
  • Determining the Quality of a REIT
  • Current REITs

Royalty Trusts (Resource Trusts):

  • Description of Royalty Trusts
  • Determining the Quality of a Royalty Trust
  • Risks of Royalty Trusts
  • Royalty Trust Returns
  • Current Royalty Trusts

Business Trusts:

  • Description of Business Trusts
  • Risks of Business Trusts
  • Determining the Quality of a Business Income Trust
  • Current Business Income Trusts

Miscellaneous Income Trusts:

  • Introduction
  • Income Funds Using Options
  • Investment Trusts

Lesson 3: Choosing Income Trusts

  • What Do Analysts Look for When Rating a Trust?
  • Controversy Over Income Trusts
  • The Next Bubble
  • Government losing Tax Revenue

Income Trust Indices:

  • TSX Income Trust Indices
  • S&P/TSX Canadian Income Trust Index
  • S&P/TSX Canadian Energy Trust Index
  • S&P/TSX Canadian REIT Index
  • Inclusion in S&P/TSX Composite Index
  • iREITs
Quiz Format Online
Question Format Multiple Choice
Questions Per Quiz 20
Passing Grade 60%*
Attempts Allowed Unlimited*
Enrolment Period 6 months

* IMPORTANT: There is no maximum to the number of quiz attempts permitted, but only the first passing grade (60% or over) will appear on official web transcript.

Continuing Education (CE) Credits

Click the links below or the buttons at the top of the page on the right side to access CE accreditation information. To search for specific course information, press Ctrl + F and then enter the course name to search the document for the information you are interested in.

National/Provincial (Excluding Quebec)
Download CE Chart (PDF, 163 kb)

Quebec (IQPF/CSF)
Download IQPF/CSF Chart (PDF, 182 kb)

Please note: While CSI makes every effort to ensure that the information is up-to-date, we are unfortunately unable to fully guarantee its accuracy. The information listed in the charts above may be subject to change.

For details on the organizations and other information on CE Credits listed in the above charts, please click here.