COVID-19: Investment fund industry updates (March 30, 2020)
CSF Publishes Q&A
The Chambre de la sécurité financière (CSF) has published a questions and answers page (Q&A) on its website. The Q&A is geared for registered representatives in Quebec only and not in any other jurisdiction. It is shared by IFIC for information purposes only.
AMF Publishes FAQ
The Autorité des marchés financiers (AMF) has published a Frequently Asked Questions (FAQ) for portfolio managers, mutual fund dealers, exempt market dealers and other registrants in Quebec.
The AMF has also informed CFIQ that it would be happy to update the FAQ to respond to recurring questions from the industry.
RRIF Update
The federal government passed legislation this week reducing the minimum RRIF payment by 25% for 2020. The legislation does not provide guidance regarding when and how the measure is to be implemented.
The CRA has created a Q&A document to answer taxpayer and industry questions. IFIC’s questions were taken into consideration when creating the document.
The CRA is hoping to publish the Q&A on March 30.
Further updates will be provided when they are available.
CRS/FATCA Reporting Deadline Update
The reporting deadline for the Global Common Reporting Standard (CRS) and the US FATCA regimes for Canadian financial institutions is May 1. IFIC contacted the CRA about a possible extension.
The CRA is working on the issue and may communicate an updated reporting deadline later this week.
Further updates will be provided when they are available.
