Fidelity CA takes lead in Cdn fund industry by making it possible for investors to make QEF election for #PFICs – http://t.co/64XOpOxvm9
— Citizenship Lawyer (@ExpatriationLaw) February 21, 2014
MacKenzie to provide Cdn fund investors with information to file IRS #PFIC forms http://t.co/YDV7A4SsnD – Smart business move!
— Citizenship Lawyer (@ExpatriationLaw) February 21, 2014
A Canadian received a message from his financial adviser that included:
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This post was originally written in February of 2014. It has been updated September 11, 2020
First, giving credit where credit is due …
A superb “Readers Digest” summary of how the PFIC rules are understood to apply to individuals was prepared by PWC in 2017. You will find the report here and here:
pwc-united-states-pfic-guidance-provides-new-reporting-exceptions
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Circa 2014:
This is a problem that is going to become more and more significant. As a result Dr. Kish and I have authored a separate “PFIC” submission – dated February 6, 2015 – which we have submitted to the U.S. Senate Finance Committee.
This submission is titled: “Request for PFIC Tax Rules Changes for U.S. Citizens Overseas”.
It is intended to be a further elaboration of the “PFIC rules” component of the January 17 2014 submission made to the Senate Finance Committee by Richardson, Yates, and Kish entitled “Request for Tax Rule Changes for U.S. Citizens Overseas.”