- Brookfield Infrastructure Partners L.P. (BIP.UN)
- Brookfield Infrastructure Corporation Class A Exchangeable Subordinate Voting Shares (BIPC)
BIP.UN is a limited partnership and as such has some different accounting and tax treatment for investors. BIPC is the economic equivalent, but gets the dividend tax credit on 100% of the payout. This is worth something to investors, and BIPC usually trades at a premium because of it. In a registered account, we would prefer BIP.UN for the higher yield. In a non-registered account, most investors will opt for BIPC, and this would be our general guideline, but this will vary both with the premium on BIPC and with one's own tax rate and the benefit of the tax credit.