Enbridge Companies
Enbridge Income Fund Holdings Inc. has been acquired by Enbridge Inc. For additional information on the transaction, please review the following quick links.
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Critical Information regarding the ENB/ENF Plan of Arrangement and Transmittal letter Due November 6, 2018

Brokers and Canadian shareholders are advised to note the following critical information relating to the completion of the transmittal letter regarding the exchange of ENF shares for Enbridge shares under the Plan of Arrangement:

The Plan of Arrangement provides for an automatic deferral of income tax on gains arising from the share component of their consideration, which is substantially all of the consideration received in respect of the transaction.

1) ENF Shareholders will be entitled to an automatic deferral of the income tax gain, if any, on the share component of the consideration that would otherwise be realized on the transaction. Based on ENB current trading price, this means that any taxable capital gain arising from approximately 98.5% of the total consideration will automatically be deferred for Canadian income tax purposes. No forms are required to be filed in order to benefit from the automatic deferral. The cash consideration is approximately 1.5% of the total consideration and the gain, if any, will be taxable, in the absence of filing the Section 85 Election. For the vast majority of shareholders the gain on the cash consideration should not be significant relative to the overall gain and therefore should not give rise to a significant tax liability. IF YOU TICK BOX F ON THE TRANSMITTAL LETTER, IT IS CRITICAL THAT YOU ELECT IN RESPECT OF THE TOTAL AMOUNT OF THE CONSIDERATION, BOTH THE SHARE AND CASH COMPONENT, AS THE CHOICE TO MAKE THE SECTION 85 ELECTION REPLACES THE AUTOMATIC TAX DEFERRAL AVAILABLE TO SHAREHOLDERS.

2) ENF Shareholders with significant shareholding may give rise to a significant taxable capital gain on the cash component of their consideration. Where this is the case, they can choose to file a joint Section 85 Election with Enbridge which means that tax can be deferred on up to 100% of the taxable capital gain, instead of 98.5%. Again, if you tick Box F on the Transmittal Letter it is critical in completing the form that you elect in respect of both the share and cash component.

Shareholders are encouraged to consult with their own tax advisors and refer to the ‘About Enbridge Acquisition FAQ’ http://www.enbridgeincomefund.com/Find-Shareholder-Information/Acquisition-FAQs.aspx