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Income trusts tank!

Jen sent me an email early this morning, knowing that most of my investments are income trusts, and that new legislation is mandating increased taxes on companies operating income trusts. I didn't think it would have all that much effect. I was wrong.

I own 5 stocks, 4 of which are income trusts. They are down and average of about 16% today. I'm hoping they'll bounce back, as stocks often do when bad new comes out. Or, maybe it's just the start of a mass self-off. The following is an excerpt from a stockhouse.ca article from today:

It's a day that could go down in Canadian stock market history as Black Wednesday. After the markets closed on Halloween, Canadian Federal Finance Minister Jim Flaherty spooked Bay Street by announcing a new tax on income trust distributions in a bid to stem the growing number of companies that are converting to trusts.

Not something I need right now when I'm way overextended trying to pay for the workshop construction.