Mackenzie Financial Corporation today announced it has revamped its tax-efficient Capital Class funds, originally launched in October 2000, so that all Capital Class funds qualify as domestic property and become 100% RRSP eligible.
The change applies to existing fund investors and covers all 36 Capital Class funds.
Mackenzie’s Capital Class program was originally designed primarily for taxable investors in non-registered plans. Capital Class allows fund investors to switch between 36 funds without immediately incurring a tax liability. Both non-registered and registered investors will benefit from an improved structure, providing further reason to purchase Mackenzie Capital Class funds.
Under the new program, registered investors can now choose Mackenzie Capital Class funds to diversify their investments globally without concern about 30% foreign content limits or the need to rebalance their foreign holdings. Mackenzie plans to increase the number of funds eligible for tax-efficient switching by non-registered investors, thereby providing a wider variety of investment mandates in Capital Class.
“Mackenzie Capital Class now provides expanded benefits — from long-term tax deferral to global diversification to cost efficiencies — and represents a foundation for further investment innovations to come,” said David Feather, president, Mackenzie Financial Services Inc., in a news release.
As of September 30, 2003, Mackenzie Capital Class held assets of over $1.6 billion.