Mackenzie Income Trust - MRRS Decision

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications - Issuer has only one beneficial securityholder - Issuer deemed to have ceased to be a reporting issuer.

Ontario Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am.,s. 83.

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

ONTARIO, ALBERTA, SASKATCHEWAN,QUEBEC,

NOVA SCOTIA AND NEWFOUNDLANDAND LABRADOR

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

MACKENZIE INCOME TRUST

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatoryauthority or regulator (the "Decision Maker")in each of Ontario, Alberta, Saskatchewan, Quebec, Nova Scotiaand Newfoundland and Labrador (the "Jurisdictions")has received an application from Mackenzie Income Trust (the"Issuer") for a decision under the securitieslegislation of each of the Jurisdictions (the "Legislation")that the Issuer be deemed to have ceased to be a reporting issuerin each of the Jurisdictions;

AND WHEREAS pursuant to the Mutual RelianceReview System for Exemptive Relief Applications (the "System"),the Ontario Securities Commission is the principal regulatorfor this application;

AND WHEREAS, unless otherwise defined,the terms herein have the meaning set out in National Instrument14-101 Definitions;

AND WHEREAS the Issuer has representedto the Decision Makers that:

1. The Issuer is an unincorporated trust establishedunder the laws of the province of Ontario pursuant to a trustindenture (the "Indenture") dated March 23,1998;

2. The principal office of the Issuer is inToronto, Ontario;

3. The Indenture establishing the Issuer authorizesthe issuance of preferred A trust units (the "PreferredA Units") and ordinary trust units of the Issuer;

4. On March 24, 1998, the Issuer filed a finalprospectus in each of the provinces and territories of Canadain connection with an initial public offering of PreferredA Units of the Issuer;

5. In accordance with the terms of the Indenture,the Preferred A Units of the Issuer expired on December 31,2002 and such units were delisted from the Toronto Stock Exchangeeffective December 24, 2002;

6. The only outstanding units of the Issuerare the ordinary trust units, all of which are beneficiallyheld by Mackenzie Financial Corporation;

7. Other than the ordinary trust units, theIssuer has no securities, including debt securities, outstanding;

8. No securities of the Issuer are listedor quoted on an exchange or market in Canada or elsewhere;

9. The Issuer is a reporting issuer in eachof the Jurisdictions and is not a reporting issuer, or theequivalent, in any jurisdiction other than the Jurisdictions.Other than its failure to file interim financial statementsfor the quarter ended March 31, 2003 and its annual informationform for the year ended December 31, 2002, the Issuer is notin default of any requirements of the Legislation; and

10. The Issuer does not intend to seek publicfinancing by way of offering its securities to the public.

AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each Decision Maker(collectively, the "Decision");

AND WHEREAS each of the Decision Makersis satisfied that the test contained in the Legislation thatprovides the Decision Maker with the jurisdiction to make theDecision has been met;

THE DECISION of the Decision Makers underthe Legislation is that the Issuer be deemed to have ceasedto be a reporting issuer under the Legislation.

July 16, 2003.