Petrofund Canadian Taxation Forms
Tax Election for Former Petrofund Holders
Listed below are the documents necessary to facilitate completion of a tax election in respect of the exchange of Petrofund Energy Trust units for Penn West Energy Trust units that occurred on June 30, 2006. This tax election is relevant only for Canadian residents who are not otherwise exempt from tax under the Income Tax Act (Canada) (e.g. RRSP's, RRIF's, RESP's, pension funds, etc.). The deadline for filing the tax election with Canada Revenue Agency (“CRA”) is no later than December 31, 2006.
These instructions are of a general nature only, may not be exhaustive and are not intended to be (nor should they be construed as) legal or tax advice to any particular former Petrofund Unitholder concerning the Tax Election. Furthermore, none of Penn West Energy Trust, Penn West Petroleum Ltd., MFCorp, Petrofund Energy Trust and their affiliates has provided or will provide former Petrofund Unitholders with any advice respecting the Tax Election or the manner of its completion or execution by virtue of (i) the following instructions, (ii) the enclosed sample Forms T2057 and T2058, (iii) the enclosed partially completed Forms T2057 and T2058, or (iv) MFCorp execution of said forms. Accordingly, former Petrofund Unitholders are urged to consult their own tax advisors for specific advice in respect of making the Tax Election and the proper completion and execution of the required forms, having regard to their personal circumstances.
Further, former Petrofund Unitholders may be required to file additional elections in order to comply with provincial income tax laws analogous to or respecting subsections 85(1) or 85(2) of the Income Tax Act (Canada) (the “ITA”). Former Petrofund Unitholders are urged to consult their own tax advisors for advice on any additional filing requirements.
Instructions for Completing the Tax Election Form
Form T2057 to be Completed and Submitted to Canada Revenue Agency - Individuals
Form T2058 to be Completed and Submitted to Canada Revenue Agency - Partnerships
Petrofund 2006 Return of Capital Information for Canadian Residents*
U.S. Unitholder Tax Considerations on Petrofund Exchange
*Please note, return of capital information only applies to Canadian resident unitholders.
