Investment industry pushes politicians to stop charging GST/HST on mutual funds in RRSPs

This translation has been automatically generated and has not been verified for accuracy.Canada’s investment funds industry is asking candidates in the coming federal election to consider ending sales taxes on mutual funds held in registered retirement savings plans.

IFIC first addressed former prime minister Stephen Harper’s government about taxes on funds in RRSPs in 2007. There were no changes made at that time. Now, as fewer workers are covered by an employer pension plan, to go along with persistently lower interest rates and longer life expectancy, IFIC decided to revisit the issue again and began to speak to the government last spring.

“This efficient and effective solution enables Canadians to keep more of their retirement savings,” IFIC said in its submission. “It is also firmly aligned with the government’s policy priority to help Canadians save more.” The sales taxes on investment funds disproportionately target lower-income investors, IFIC said, as they are a segment of the population that often uses mutual fund products that have embedded investment management and advice fees.

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