Toronto-based RBC Global Asset Management Inc. (RBC GAM Inc.) has announced that that passive foreign investment company (PFIC) annual information statements are now available to U.S. taxpayer clients holding certain Canadian-domiciled funds that are part of the RBC GAM fund families. These statements are available on more than 70 RBC Funds, PH&N Funds and RBC Private Pools (RBC GAM funds) for the 2014 tax year.
“As part of our ongoing commitment to meet the needs of investors, we are pleased to now offer our clients PFIC reporting on a wide range of our investment solutions,” said Doug Coulter, president of RBC GAM Inc.
The PFIC reports issued by RBC GAM Inc. will provide U.S. taxpayers the option to elect to treat certain RBC GAM funds as qualifying electing funds (QEFs) on their U.S. tax returns. This allows U.S. investors access to capital gains tax rates on their holdings of these funds and prevents the application of certain amounts of tax deficiency interest penalties.
Access the full list of RBC GAM funds with PFIC reporting here.