The Portfolio Management Association of Canada (“PMAC”) is writing to acknowledge the proposed amendments to the trust loss restriction event rules in the Income Tax Act (Canada) (the “ITA”) which were released on January 15, 2016. We thank you and the Department of Finance for working collaboratively with PMAC and other industry members to balance the policy concerns of the Department with the practical and technical concerns presented by the existing legislation. Although we believe that the proposed amendments will address many of the concerns faced by our members, we have some observations which we would like draw to your attention.
