(October 23 – 12:45 ET) – CI Funds is reminding investors and advisors that units in the BPI Global Opportunities II Fund purchased before November 5, 1998, will be considered foreign content in registered plans effective November 5, 2000.
BPI Global Opportunities II Fund is a closed-end fund listed on the Toronto Stock Exchange. The manager of the fund is CI Funds and the portfolio adviser is BPI Global Asset Management LLP of Orlando, Florida.
The fund was launched in February 1997 as a Canadian equity fund. In November 1998, the investment objective was changed, with unitholder approval, to a global investment mandate and units of the fund became foreign content for registered plans.
However, under the Income Tax Act, units purchased before the mandate change were subject to a 24-month grace period before they would be considered foreign content in registered plans. That grace period expires on November 5. As a result, affected unitholders should ensure before the end of November that the foreign content of their registered plan does not exceed the 25% limit set by the Canada Customs and Revenue Agency.
-IE Staff