An income trust is an investment that may hold equities, debt instruments, royalty interests or real properties. The trust can receive interest, royalty or lease payments from an operating entity carrying on a business, as well as dividends and a return of capital.

The main attraction of income trusts (in addition to certain tax preferences for some investors) is their stated goal of paying out consistent cash flows for investors, which is especially attractive when cash yields on bonds are low. They are especially useful for financial requirements of institutional investors such as pension funds. (Investment Dictionary) Many investors are attracted by the fact that income trusts are not allowed to make forays into unrelated businesses: if a trust is in the oil and gas business it cannot buy casinos or motion picture studios. The names income trust and income fund are sometimes used interchangeably, even though most trusts have a narrower scope than funds. Currently, income trusts are most commonly seen in Canada. The closest analogue in the United States to the business and royalty trusts would be the Master Limited Partnership.

Stephen Joseph Harper, PC MP (born April 30, 1959) is the 22nd and current Prime Minister of Canada and leader of the Conservative Party. Harper became prime minister when his party formed a minority government after the 2006 federal election. He is the first prime minister from the newly reconstituted Conservative Party, following a merger of the Progressive Conservative and Canadian Alliance parties.

Harper has been the Member of Parliament (MP) for the riding of Calgary Southwest in Alberta since 2002. Earlier, from 1993 to 1997, he was the MP for Calgary West. He was one of the founding members of the Reform Party, but did not seek re-election, and instead joined, and shortly thereafter led, the National Citizens Coalition. In 2002, he succeeded Stockwell Day as leader of the Canadian Alliance (the successor to the Reform Party) and returned to parliament as Leader of the Opposition. In 2003, he reached an agreement with Progressive Conservative leader Peter MacKay for the merger of their two parties to form the Conservative Party of Canada. He was elected as the party's first non-interim leader in March 2004.

Ralph Phillip Klein, AOE (born November 1, 1942) served as the 12th Premier of Alberta. He served as leader of the Progressive Conservative Association of Alberta from 1992 until his retirement in 2006. His tenure as premier ended when the Alberta Progressive Conservatives' new leader, Ed Stelmach, assumed office December 14, 2006, exactly fourteen years after Klein first became Premier. His nickname is "King Ralph", which is a reference both to his political longevity and his perceived^{[by whom?]} autocratic style of leadership.

Klein was born in Calgary to Phillip Andrew Klein (born September 29, 1917) and Florence Harper (1924–2004). His parents separated when he was 6 and he lived with his maternal grandparents in the city's northend. Remarried twice, Gray^[who?] died in 2004. Klein grew up in a working class part of Calgary and dropped out of high school. He joined the RCAF reserves. Completing high school later in life, Klein attended Calgary Business College, and later served as president of that institution. He later studied at Athabasca University. He was public relations official at Red Cross and United Way's offices in Calgary from 1963 to 1969. From 1969 to 1980 he was a television reporter.

Briony Penn (born October 16, 1960, Saanich, British Columbia) is a Canadian environmental activist, adjunct professor of environmental studies at the University of Victoria, and the Liberal Party of Canada's candidate for Saanich—Gulf Islands in the 40th Canadian federal election. Penn was narrowly defeated by Conservative incumbent Gary Lunn in the federal elections in 2008.

A fifth-generation islander, Penn was born and raised in Saanich, British Columbia. She graduated from the international baccalaureate program in Victoria (Norfolk House) in 1977. In 1981, she received her BA in Geography/Anthropology from the University of British Columbia. She then studied in Scotland, and in 1988 received her Ph.D in geography from Edinburgh University.

In 1986, Penn opened her own small business, working in consulting for environmental education and museum design in Scotland, then later in B.C. She is an adjunct professor at the University of Victoria and has lectured in the School of Environmental Studies and Restoration of Natural Systems Program since 1991.^{[citation needed]}