TORONTO, March 9, 2015 /CNW/ - RBC Global Asset Management Inc. (RBC GAM
Inc.) today announced that Passive Foreign Investment Company (PFIC)
Annual Information Statements are now available to U.S. taxpayer
clients holding certain Canadian-domiciled funds that are part of the
RBC GAM fund families. These statements are available on more than 70
RBC Funds, PH&N Funds and RBC Private Pools (RBC GAM funds) for the
2014 tax year.
"As part of our ongoing commitment to meet the needs of investors, we
are pleased to now offer our clients PFIC reporting on a wide range of
our investment solutions," said Doug Coulter, president of RBC GAM Inc.
The PFIC reports issued by RBC GAM Inc. will provide U.S. taxpayers the
option to elect to treat certain RBC GAM funds as Qualifying Electing
Funds (QEFs) on their U.S. tax returns. This allows U.S. investors
access to capital gains tax rates on their holdings of these funds and
prevents the application of certain amounts of tax deficiency interest
penalties.
To access the full list of RBC GAM funds with PFIC reporting, please
visit: http://funds.rbcgam.com/investor-information/pfic/index.html.
About RBC Global Asset Management and RBC Wealth Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada
(RBC), and includes institutional money managers BlueBay Asset
Management and Phillips, Hager & North Investment Management. RBC GAM
is a provider of global investment management services and solutions to
individual, high-net-worth and institutional investors through mutual
funds, exchange-traded funds, hedge funds, pooled funds, separate
accounts and specialty investment strategies. RBC GAM group of
companies manage more than $370 billion and have approximately 1,200
employees located across Canada, the United States, Europe and Asia.
RBC GAM is part of RBC Wealth Management, which is one of the world's top five largest wealth managers*. RBC
Wealth Management directly serves affluent, high-net-worth and
ultra-high net worth clients globally with a full suite of banking,
investment, trust and other wealth management solutions, from our key
operational hubs in Canada, the United States, the British Isles, and
Asia. The business also provides asset management products and services
directly and through RBC and third party distributors to institutional
and individual clients, through its RBC GAM business. RBC Wealth
Management has more than C$767 billion of assets under administration,
more than C$480 billion of assets under management and approximately
4,400 financial consultants, advisors, private bankers, and trust
officers. For more information, please visit www.rbcwealthmanagement.com.
*Scorpio Partnership Global Private Banking KPI Benchmark 2014. In the
United States, securities are offered through RBC Wealth Management, a
division of RBC Capital Markets, LLC, a wholly owned subsidiary of
Royal Bank of Canada. Member NYSE/FINRA/SIPC.
SOURCE RBC
