The Portfolio Management Association of Canada (“PMAC”), through its Industry, Regulation & Tax Committee, is writing in response to the proposed amendments contained in the Income Tax Act (Canada) (the “Act”) and specifically, the amendments proposed relating to section 251.2 of the Act. We would like to express our thanks to the Department of Finance for the proposed amendments to the trust loss restriction rules which we believe address many of the concerns faced by our Members. As we mentioned at our meeting on Monday October 27, we appreciate Finance Staff expediting these changes.