COVID-19: Investment fund industry updates (May 27, 2020)

Update on Revenue Quebec and Canada Revenue Agency

IFIC has reached out to both Revenue Quebec (RQ) and the Canada Revenue Agency (CRA) about interruptions to the processing and approving of tax filing extensions requested by our members for merging mutual funds.

Revenue Quebec:

There has not been an interruption to the processing of tax filing extension requests. Revenue Quebec physically collects the mailed in requests once a week.

Canada Revenue Agency:

The CRA has not processed extension requests since the middle of March.

For the interim period during this COVID-19 crisis situation, the International and Large Business Directorate (ILBD) in Headquarters will review the specific requests involving a merger to a mutual fund trust (including a mutual fund corporation merging into a mutual fund trust(s)).

The CRA would prefer requests be sent via (PDF) and addressed to Alexandra MacLean with a cc. Gord Parr.

The CRA will respond in writing and/or by email with proper verification of the taxpayer/legal representative.

Members wishing to send a request by mail, the address is:

C/O Alexandra MacLean, Director General
International and Large Business Directorate
Compliance Programs Branch
Canada Revenue Agency
344 Slater St., 18th floor
Ottawa ON K1A 0L5

The CRA will pick up the mailed in requests once a week.