Ancaster could not agree with you more , It was an efficient way to raise capital for small mid cap cash-flow yielding companies which allowed retail capital as access otherwise they could of just stayed private. I will give you a token, .....there were good incomes trust and yes there were bad income trust ...remember Nortel and also remember BCE was not a tax paying entity when it was being taken over by Teachers Pension .  Lets move on , The income Trust decision was a Lie Concealed and Fabricated decision by the 2006 Conservative Party