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Key points: U.S. taxes, Canadian assets

Last week, I wrote an article on the dangers of anyone subject to U.S. tax law investing in Canadian mutual funds. It turns out there’s quite a bit more to the story.

I spoke to Peter Bowen, vice president, tax research and solutions, Fidelity Investments Canada, who has been closely following the Passive Foreign Investment Corporation (PFIC) issue. Several key points emerged from that discussion, including the following.