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Important Information About U.S. Tax Reporting Statements for Renaissance Mutual Fund Investors



Starting at the end of January, investors who file U.S. tax returns for 2016 will be able to access reporting information on the Passive Foreign Investment Company (PFIC) section of renaissanceinvestments.ca.

The reporting information will include guidelines on how investors can receive favourable tax treatment on their mutual fund investments. In February, investors will also be able to access fund level factors.

Given that reporting information will now be posted online, CIBC Asset Management will no longer provide PFIC Annual Information Statements for Renaissance Mutual Funds. This applies to the 2016 reporting year (July 1, 2015 to June 30, 2016) and beyond.

With the reporting information, U.S. persons, including U.S. citizens and green card holders, can elect to have their PFIC holdings treated as a Qualified Electing Fund (QEF) on their tax returns. The QEF election allows long-term capital gains to be taxed at more favourable rates and allows investors to avoid interest penalties.

We recommend that investors speak with a U.S. tax specialist should they have questions about the reporting information.

To access the funds and the reporting information, please visit the site.