RBC Global Asset Management has announced that Passive Foreign Investment Company (PFIC) Annual Information Statements are now available to its U.S. clients who hold certain Canadian-domiciled funds.

These statements are available on more than 70 RBC Funds, PH&N Funds and RBC Private Pools for the 2014 tax year.

The PFIC reports issued by RBC GAM 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 will allow them access to capital gains tax rates on their holdings of these funds, and prevent the application of certain amounts of tax deficiency interest penalties.

To access the full list of RBC GAM funds with PFIC reporting, click here.

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PFIC problems for US taxpayers can be avoided (i.e., mitigated to 1% tax rate) by making the election A on Form 8621 to be a pedigreed QEF. Got a better idea?

Link below has example.

Tuesday, October 6 @ 5:47 pm //////

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