Distributed Investment Plans required to request certain investor information by 15 October 2020
Tax Alert No. 48, 2 October 2020
A Distributed Investment Plan (DIP) that is a selected listed financial institution is required to make a written request to obtain certain information from its investors by 15 October 2020. The information provided by the investors is used to calculate the DIP’s provincial attribution percentage and the DIP’s Goods and Services Tax/Harmonized Sales Tax/Quebec Sales Tax net tax liability/refund. If a DIP does not request this information by 15 October 2020, certain investors may be deemed to be residents of the highest rate province (i.e., 15%) and, as a result, the DIP may have higher tax liabilities or lower refunds.
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