2016 Federal Budget – Corporate Class Funds

Call us at 514-954-9031
Call us at 514-954-9031

2016 Federal Budget

If you hold a corporate class mutual fund, or plan to purchase one, we want to make sure you’re aware of an upcoming change that could affect you. The 2016 federal budget includes a change to all corporate class funds that eliminates the ability to switch between different classes of shares within a mutual fund corporation without triggering a capital gain or loss, effective October 1, 2016.

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Do you have to file a Canadian return

Call us at 514-954-9031
Call us at 514-954-9031

Do you have to file a Canadian return

  • You must file a return for 2015 if any of the following situations apply:
  • You have to pay tax for 2015.
  • You have received a request to file a return for 2015.
  • You and your spouse or common-law partner elected to split pension income for 2015.
  • You received working income tax benefit (WITB) advance payments in 2015.
  • You disposed of capital property in 2015 (for example, if you sold real estate or shares) or you realized a taxable capital gain (for example, if a mutual fund or trust attributed income to you, or you are reporting a capital gains reserve you claimed on your 2014 return).
  • You have to repay any of your old age security or employment insurance benefits.
  • You have not repaid all amounts withdrawn from your registered retirement savings plan (RRSP) under the Home Buyers’ Plan or the Lifelong Learning Plan.
  • You have to contribute to the Canada Pension Plan (CPP). This can apply if for 2015 the total of your net self-employment income and pensionable employment income is more than $3,500.
  • You are paying employment insurance premiums on self-employment and other eligible earnings.

Even if none of these requirements apply, you can file a return for other reasons:

2015 Do you need to file a Canadian Tax Return

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