The Internal Revenue Service now extends its reach to Canadian mutual funds held by American citizens who live in Canada. Know the rules so you can protect these clients from unnecessary taxes on their Canadian fund holdings
PFIC statements expected to be posted to the iShares website in March
Firm recommends that affected investors work with advisor and a U.S. tax professional
Statements are being made available for more than 70 funds
Statements will be available in March
Statements available for U.S. tax filers for 2014 tax year
PFIC statements available for 25 funds
U.S. taxpayers investing in Manulife mutual funds to have the option to make the U.S. QEF election
Firm will provide personalized PFIC annual information statements
Statements to help U.S. tax filers receive more favourable tax treatment