| |||||||||||
Find Experts & Sources
Media ResourcesSubject Index Releases List Event Calendar Submit a news release or Calendar event Include yourself in SOURCESFAQ Membership Form Be an Affiliate Powerful Tools Tell your story Media Directory Media Releases Sources Bookshelf Sources Newsstand Subscriptions Connexions Radical Digressions Sources HotLink Sources Select Resources Twitter Download PDFs Contact |
Media Releases from members of Sources.
To submit a news release, use this form. Ontario Surtax Amendments Ensure Fair Treatment for Investors in Mutual Fund TrustsApril 27, 2015Toronto ON April 27, 2015 The Investment Funds Institute of Canada (IFIC) welcomes amendments announced by Minister Sousa in Thursday’s budget (http://www.ontla.on.ca/bills/bills-files/41_Parliament/Session1/b091.pdf) that will prevent a potentially disproportionate application of the Ontario Surtax on investors in Ontario mutual fund trusts.“We appreciate that the government is making good on its commitment to ensure that investors in mutual fund trusts are treated fairly,” said Joanne De Laurentiis, president and CEO of IFIC. The issue arose from amendments made last year to the Ontario that were intended to equalize the impact of the Dividend Tax Credit on all taxpayers, regardless of their income. However, the amendments were drafted in a manner that unintentionally changed a formula for offsetting capital gains tax within mutual fund trusts. This would have had the unintended consequence of causing most trusts to distribute income directly to investors so that the income would be taxed at a lower rate than if it was retained within the trust. As a result, investors would have had a greater tax burden on this income than would have been the case prior to the amendments. When IFIC raised this concern with the Ministry of Finance last fall, the ministry provided a comfort letter for the 2014 tax year (https://www.ific.ca/wp-content/uploads/2014/12/Ontario-Ministry-of-Finance-Comfort-Letter-regarding-the-Ontario-Surtax-December-11-2014.pdf/9375/) and agreed to pursue a permanent legislative solution. The amendments in last week’s Budget would fulfill this commitment. About IFIC The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation. The organization is proud to have served Canada’s mutual funds industry and its investors for more than 50 years. 30 For more information contact: Sara Clodman Senior Manager, Public Affairs The Investment Funds Institute of Canada (IFIC) Phone: 416-309-2317 Email: sclodman@ific.ca Website: www.ific.ca Click here to view our Sources Listing: The Investment Funds Institute of Canada (IFIC)Topics: |