An independent research and analysis firm, HDR/HLB Decision Economics Inc. prepared a study entitled Tax Revenue Implications of Income Trusts for the Canadian Association of Income Funds.  The study considers the difference between tax loss and money in registered accounts where taxes are delayed but through which income is re-invested. It concludes that thet, using methodology consistent with that of the Department of Finance, but considering re-invested income, income trust tax leakage may total $71 million per annum or approximately 0.2% of Canadian corporate tax revenues. This is far less than the $500-million tax loss that was postulated as part of the Department of Finance Consultation Paper on the Flow-through Entitites,