Urgent information to all US Citizens holding Mutual Funds in Canada
URGENT: If you or anyone you know is a US Citizen and holds mutual funds in Canada, it is very important that you contact us right away to discuss severe tax implications that you may be subject to. Ownership of a Canadian mutual fund by any US Citizen will be subjected to the IRS’ Passive Foreign Investment Corp rules and can create serious taxation and accounting liabilities. If you are a US Citizen, please contact our Managing Partner Brett Millard, CFP for a full explanation of this new development at (250) 712-3050 or email him at Brett@ThomAndAssociates.com.
