On April 3, 2013 staff of the Ontario Securities Commission
published OSC Staff Notice 81-719 Effect of
Proposed Income Tax Act Amendments on Investment Funds –
Character Conversion Transactions. The notice sets outs the
views of OSC staff with respect to proposed amendments to the
Income Tax Act (Canada) concerning character conversion
transactions that were announced in the 2013 federal budget. Staff
ask that investment fund managers consider the need to cap affected
funds to new and additional investments as well as whether it is
appropriate to communicate with current securityholders about the
proposed amendments and the potential impact on the applicable
funds. Staff also states that investment fund managers must
consider longer term responses, including whether the affected
funds need to be restructured, reorganized or terminated.
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