This article considers the implications of controversial proposed tax changes in Canada for foreign investors in, or foreign acquirers of, Canadian businesses carried on through publicly-traded flow-through trusts. These proposals would terminate flow-through tax treatment and substitute tax effects comparable to those historically applicable to publicly-traded taxable Canadian corporations. The issues are examined in the context of a comparative review of Canada's tax treatment of foreign investors in, or foreign acquirers of, publicly-traded Canadian corporations.