Montreal-based Desjardins Investments Inc. (DI) on Thursday announced the closure of several corporate class funds, partly due to changes the federal government introduced in the 2016 budget.
Specifically, the federal government "put an end to the corporate class funds' main advantages, such as asset transfer from one fund to another without tax consequences and tax deferrals," the firm says in its announcement.
The fund closures will occur on or about Nov. 15.
Starting today, DI will suspend any further investment in the fund shares at issue, including investments made by periodic payments.
An entire list of affected funds is available in the firm's news release.