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Provident Energy Trust Announces 2004 Canadian Tax Information
February 25, 2005
Press Release #04-05
All values are in Canadian dollars unless otherwise
noted.
CALGARY, ALBERTA - Provident Energy Trust (Provident) (TSX-PVE.UN; AMEX-PVX) today announced the tax on distributions received by Canadian unitholders in 2004 was determined to be 71 percent taxable and 29 percent tax deferred return of capital (ROC).
Canadian unitholders holding their Provident investment in a Registered Retirement Savings Plan, Registered Retirement Income Fund or Deferred Profit Savings Plan should not report any income related to distributions on their 2004 income tax return. Unitholders holding their units outside such plans will receive a T3 Supplementary Information slip (T3), postmarked on or before March 31, 2005. Provident's Canadian registered unitholders should receive a T3 from Provident's transfer agent, Computershare Trust Company of Canada. Unitholders that hold their units through a broker or other intermediary should receive a T3 directly from their broker or intermediary and not from Provident or Provident's transfer agent. Unitholders are to report the taxable portion of distributions received as "other income" on their 2004 income tax return.
The following table summarizes tax information for Canadian residents:
Record Date |
Payment Date |
Total Distribution (Cdn$) |
Taxable Amount (Box 26 - Other Income) |
Tax Deferred Amount (ROC) |
December 18, 2003 |
January 15, 2004 |
$0.12 |
$0.0852 |
$0.0348 |
January 22, 2004 |
February 13, 2004 |
0.12 |
0.0852 |
0.0348 |
February 19, 2004 |
March 15, 2004 |
0.12 |
0.0852 |
0.0348 |
March 19, 2004 |
April 15, 2004 |
0.12 |
0.0852 |
0.0348 |
April 20, 2004 |
May 14, 2004 |
0.12 |
0.0852 |
0.0348 |
May 19, 2004 |
June 15, 2004 |
0.12 |
0.0852 |
0.0348 |
June 18, 2004 |
July 15, 2004 |
0.12 |
0.0852 |
0.0348 |
July 20, 2004 |
August 13, 2004 |
0.12 |
0.0852 |
0.0348 |
August 20, 2004 |
September 15, 2004 |
0.12 |
0.0852 |
0.0348 |
September 20, 2004 |
October 15, 2004 |
0.12 |
0.0852 |
0.0348 |
October 20, 2004 |
November 15, 2004 |
0.12 |
0.0852 |
0.0348 |
November 19, 2004 |
December 15, 2004 |
0.12 |
0.0852 |
0.0348 |
Total Paid |
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$1.44 |
$1.0224 |
$0.4176 |
The December 2004 distribution was paid on January 15, 2005 and is therefore not included in the 2004 T3 amounts.
Canadian unitholders are required to reduce the adjusted cost base (ACB) of their trust units by an amount equal to the tax deferred portion of the distributions. The ACB is used to calculate capital gains or losses on the disposition of trust units. An ACB calculator can be found on Provident Energy's website at www.providentenergy.com that can assist Canadian unitholders in this calculation.
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| Provident Energy Trust is a Calgary-based, open-ended
energy income trust that owns and manages an oil
and gas production business and a midstream services
business. Provident’s energy portfolio is
located in some of the more stable and predictable
producing regions in western Canada and southern California. Provident
provides monthly cash distributions to its unitholders
and trades on the Toronto Stock Exchange and the
American Stock Exchange under the symbols PVE.UN
and PVX, respectively. |
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Investor and Media Contact:
Jennifer Pierce
Senior Manager
Investor Relations and
Communications
Phone (403) 231-6736
Email: info@providentenergy.com
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Corporate Head Office:
700, 112 – 4th Avenue S.W.
Calgary, Alberta, Canada T2P
0H3
Phone: (403) 296-2233
Toll Free: 1-800-587-6299
Fax: (403) 261-6696
www.providentenergy.com |
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