Re-invested Distributions by QEF

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victoriaguy
Posts: 54
Joined: Sun Oct 26, 2014 12:03 am
Location: Victoria, BC, Canada

Re-invested Distributions by QEF

Post by victoriaguy » Sun Sep 09, 2018 5:08 am

Hi,

I'm a taxpayer making my first QEF election on Canadian mutual funds, and I'm trying to figure out my tax basis for the year. I'm receiving the Annual Information Statement, which gives values for deemed dispositions of property, but it doesn't say whether they were previously taxed. But it doesn't indicate whether they were previously taxed or not.

Is the meaning of "previously taxed" that *I* previously paid tax on them, or that the PFIC previously paid tax on them? And can I assume the PFIC previously did pay tax on them?

And if they weren't previously taxed, do I just ignore them for both income reporting and tax basis calculation? Gosh this is much more confusing than I thought.

Thanks!

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