TORONTO, July 26 /CNW/ - Dynamic Funds(R) ("Dynamic"), managed by Goodman & Company, Investment Counsel Ltd. (the "Manager"), a wholly owned subsidiary of DundeeWealth Inc., today announces that, subject to regulatory approval, it intends to offer a new series of its funds for investors residing in provinces not subject to a harmonized sales tax ("HST").
"Dynamic is a national firm and we take pride in the fact that we enjoy great support across the country, whether that be in HST or non-HST participating provinces and territories," said David Goodman, President and Chief Executive Officer of DundeeWealth Inc. "Our goal is to ensure fairness for all investors. For those investors who are not subject to HST, we are identifying where it will be possible to create a new series on certain funds without incurring operating expenses that exceed the tax savings we are trying to pass down."
Dynamic intends to launch a new series on specific funds. The funds will be selected for a non-HST series through careful analysis of asset size and asset class to ensure a broad range of cost-efficient solutions is available. The new series will be subject only to the 5% goods and services tax ("GST").
Currently, HST charged within a specific series of a Dynamic fund is being calculated by applying a "blended" tax rate on fees and operating expenses, according to the specific rules and guidelines governing HST.
The non-HST series is expected to be available for new purchases and switches in the fall of 2010. For those Dynamic funds selected for a non-HST series, the redesignation of eligible assets of such funds from the current series to the new non-HST series is expected to take place in the first quarter of 2011.
About Dynamic Funds
Dynamic Funds is a division of Goodman & Company, Investment Counsel Ltd., a wholly owned subsidiary of DundeeWealth Inc. (TSX: DW). Goodman & Company offers a wide range of wealth management solutions through financial advisors. These include the mutual funds and hedge funds of Dynamic Funds, the portfolio solutions of the Marquis Investment Program, the flow-through limited partnerships of CMP(TM) and Canada Dominion and the high net worth investment counsel of Goodman Private Wealth Management.
SOURCE GOODMAN & COMPANY, INVESTMENT COUNSEL LTD.
For further information: For further information: Customer Relations Centre, Goodman & Company, Investment Counsel Ltd., 1-800-268-8186 or www.dynamic.ca; Myra Reisler, Public Affairs, (416) 365-5370