The Globe and Mail reports in its Saturday edition that strictly speaking, Plaza Retail REIT does not pay a dividend. The Globe's John Heinzl writes that rather, it pays a distribution that consists of various types of investment income. The good news is that some of these income sources get a tax break. In 2024, for instance, about 39 per cent of Plaza's distributions were return of capital. ROC is not taxable -- at least not immediately. Instead, any ROC amounts are subtracted from the adjusted cost base of the investment, which creates a larger capital gain, or smaller capital loss, when the units are ultimately sold. In effect, the tax obligation is pushed down the road. Another 20 per cent of Plaza's distribution consisted of capital gains, which are taxed in the year they are received. However, because only half of capital gains are included in income, these amounts are effectively taxed at half the rate of interest or regular income. Most of the remainder of Plaza's distribution -- nearly 40 per cent -- consisted of "other income," which is taxable at one's full marginal rate. Plaza did pay out a very small amount of dividend income in 2024, which accounted for less than 1 per cent of the distribution.