Sun Life Global Investments (Canada) Inc. will issue Passive Foreign Investment Company (PFIC) annual information statements for tax year 2014, the firm said Thursday.
The statements will allow investors, who have an obligation to disclose investments to U.S. tax authorities and who have a holding in any of the 25 Sun Life Global Investments mutual funds to treat such investments, which are being held in an open account, as a Qualified Electing Fund (QEF). The QEF election permits taxpayers to retain the benefits of the lower tax rate on long-term capital gains and avoid interest penalties.
“We are pleased to offer our clients this visibility into the tax considerations they require for their investments with Sun Life Global Investments,” said Sadiq Adatia, chief investment officer.