PFIC Question regarding Canadia Fund - election types

mcaps · Post by **mcaps** » Sat Feb 21, 2015 10:36 am

How are election types determined? I have read the i8621 instructions and the 1296/1298(f) references and I still don't understand it. Am I missing something. Is there something on the fund description that I should be looking for?

Would this be considered a PFIC? what election type is this? Can someone point me in the right direction. I am going nuts here...

http://www.fondsdesjardins.com/informat ... nce_en.pdf

Any guidance appreciated.

thank you,

mcaps

nelsona · Post by **nelsona** » Sat Feb 21, 2015 10:51 am

We have discussed PFIC reporting in detail. Please read these threads carefully. Fund prospectuses from Canada are of little value in making these decisions.

You are not asking anything that has not already been answered. No need to be researching the tax code either.

mcaps · Post by **mcaps** » Sat Feb 21, 2015 11:07 am

thank you nelsona. I'll read through the PFIC threads this weekend. I have been talking to an international tax firm and have an appointment with them next week.
I want to be able to ask good/smart questions. I'm an engineer, it's just my nature of asking why, why, why until it makes sense. I do tend to get on peoples nerves sometimes, asking the same question.

thanks again,
mcaps

[quote="nelsona"]We have discussed PFIC reporting in detail. Please read these threads carefully. Fund prospectuses from Canada are of little value in making these decisions.

You are not asking anything that has not already been answered. No need to be researching the tax code either.[/quote]

nelsona · Post by **nelsona** » Sat Feb 21, 2015 2:08 pm

If you have read these threads (I had little to do with them, they are sound), you are wasting your time/money with these firms.

mcaps · Post by **mcaps** » Sat Feb 21, 2015 10:14 pm

I think I got it now. So I sold the PFIC, have not made any elections, so I can elect to treat this as a 1291 fund. Reading the instructions for 8621 make this a lot more confusing...

Now to validate my findings... but that's just me...

[quote="nelsona"]If you have read these threads (I had little to do with them, they are sound), you are wasting your time/money with these firms.[/quote]

mcaps · Post by **mcaps** » Sun Feb 22, 2015 7:41 pm

so does the "December 31, 1997" date have to do with the fact that the fund was a PFIC but after the date is was not. or that I as a holder of the fund did not elect it to be a PFIC after that date.

thanks,

mcaps

[quote="nelsona"]If you have read these threads (I had little to do with them, they are sound), you are wasting your time/money with these firms.[/quote]