Melissa Shin
After a two-year break, the federal government is pressing forward with proposed changes to how mutual fund trusts allocate income and capital gains when unitholders make redemptions.
The 2021 budget implementation bill tabled on April 30 contains legislation nearly identical to what was tabled in July 2019, except the new bill does not apply to tax years beginning before Dec. 16 for any exchange-traded mutual fund trusts i.e., ETFs.
The Department of Finance “hasn’t managed to sort out what the appropriate rules should be with respect to ETFs, and want to give themselves more time to work it out,” said Nigel Johnston, partner at McCarthy Tétrault LLP in Toronto. “In the meantime, ETFs can continue on as they were.”
Wealthy hedge funds, money managers received Canada Emergency Wage Subsidy theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
Winnipeg Free Press By: Tara Deschamps, The Canadian Press Posted:
Last Modified: 3:50 PM CDT Friday, May. 7, 2021 Save to Read Later
TORONTO - The Ontario Securities Commission is moving to ban deferred sales charges on mutual funds a move that will harmonize the watchdog s policy on such fees with the rest of the country.
The TSX is shown on a business news ticker is seen in the Financial District in Toronto, Monday, March 9, 2020. The Ontario Securities Commission says it will move toward banning deferred sales charges on mutual funds in the province. THE CANADIAN PRESS/Cole Burston
TORONTO - The Ontario Securities Commission is moving to ban deferred sales charges on mutual funds a move that will harmonize the watchdog s policy on such fees with the rest of the country.
Rudy Mezzetta
The decision last week by the Capital Markets Authority Implementation Office (CMAIO) to “pause” its operations didn’t come as a surprise to many in the investment industry.
“I am not surprised with this announcement it has been a long time coming,” said Rebecca Cowdery, a securities lawyer with Borden Ladner Gervais LLP in Toronto. While a national regulator would be ideal, Cowdery said, the proposed cooperative regulator which never got buy-in from Quebec, Alberta or Manitoba was “too cumbersome” to be much of an improvement on the existing system.
Last week, the CMAIO, which was established in 2015 to guide the launch of a national capital markets regulatory authority, put its operations on pause and laid off its staff. The organization said that it could resume its work in the future “when there is greater certainty around cooperative system launch timelines.”
Shuttering of national securities regulator came as no surprise to industry investmentexecutive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investmentexecutive.com Daily Mail and Mail on Sunday newspapers.