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IFIC PROPOSES EXCLUDING CANADIAN FUNDS FROM PFIC RULES
Sources News Release
http://www.sources.com/Releases/NR1858.htm
Publisher: The Investment Funds Institute of Canada (IFIC)
Date Written: 16/04/2013
Year Published: 2013
Resource Type: Article
Toronto, Ontario - April 16, 2013 - IFIC has made a submission to members of the U.S. Congress to propose that Canadian mutual funds be excluded from the Passive Foreign Investment Company (PFIC) rules. Under PFIC, distributions to and redemption
Abstract: Toronto, Ontario - April 16, 2013 - IFIC has made a submission to members of the U.S. Congress to propose that Canadian mutual funds be excluded from the Passive Foreign Investment Company (PFIC) rules. Under PFIC, distributions to and redemptions of Canadian mutual funds by U.S. persons are taxed as ordinary income, even when the investor has earned capital gains.
"There is sufficient similarity between the treatment (for income tax purposes) of mutual funds in Canada and the U.S. to suppo...
To read the full release go to http://www.sources.com/Releases/NR1858.htm
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