Client-focused reforms

IFIC responds to government consultation on modernizing qualified investment rules for tax-advantaged savings plans

Published on: July 19, 2024 Provided in: EN

July 19, 2024 (Toronto) – The Investment Funds Institute of Canada (IFIC) has made a submission to the Department of Finance Canada on how qualified investments (QI) rules can be modernized to improve the clarity and coherence of the registered plans regime. Qualified investments for registered plans like RRSPs, RRIFs, RESPs, RDSPs, and TFSAs include a wide range of financial instruments.

“We are pleased to have the opportunity to comment on this important rule-modernization initiative that will affect so many Canadian investors,” said Andy Mitchell, President and CEO, IFIC.

IFIC’s submission addresses these questions posed by the government:

  1. Are the conditions that certain pooled investment products must meet to be a qualified investment appropriate, including the ongoing value of maintaining a formal registration process for registered investments?
  2. Should qualified investment rules promote an increase in Canadian-based investments, and if so, how?
  3. Are crypto-backed assets appropriate as qualified investments for registered savings plans?

In response to these questions in our submission, we recommend that:

  • QI rules be consolidated in one section of the Income Tax Act
  • the government add two new categories of QIs that are specific types of investment funds regulated under Canadian/provincial securities laws
  • units of investment funds that are either mutual fund trusts for the purposes of the Income Tax Act and/or are listed on a designated stock exchange for the purposes of the Income Tax Act that provide investors with exposure to cryptocurrency continue to qualify as QIs, and
  • the foreign property rules are not reintroduced

About IFIC

The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, dealers, professional and back-office service providers, to strengthen the integrity of the investment funds industry, foster public confidence in investment funds, and enable investors to achieve good outcomes. By connecting savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.

For more information

Christine Harminc
Senior Manager, Communications and Public Affairs
charminc@sima-amvi.ca
416-309-2313

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