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FORM 8621
California & Florida
PFIC & Mutual Funds
Identifying and reporting Passive Foreign Investment Companies, including most Canadian mutual funds held by U.S. persons.
Who this is for
What's included
Common question
Why do Canadian mutual funds cause U.S. tax problems?
Most Canadian mutual funds and ETFs meet the U.S. definition of a Passive Foreign Investment Company, which triggers complex reporting and, under default rules, some of the least favourable tax treatment in the U.S. tax code — often worse than the tax on the fund's actual returns.