RATE Group | Canadian Bitcoin Fund Receives Status as Mutual Fund Trust
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Canadian Bitcoin Fund Receives Status as Mutual Fund Trust

11 Sep Canadian Bitcoin Fund Receives Status as Mutual Fund Trust

Posted at 07:59h in Bitcoin News by

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Canada’s “first” and “only” regulated Bitcoin (BTC) fund First Block Capital Inc. has obtained mutual fund trust status, allowing investors to put their fund units in self-directed registered accounts, according to a press release published September 10.

First Block Capital Inc. (First Block) announced that investors in its flagship product the FBC Bitcoin Trust — available for accredited investors only — can now put their holdings in such accounts as a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA).

Essentially this will allow accredited investors to deposit their fund units into accounts which provide substantial tax benefits for retirement and savings purposes.

There are several types of accredited investors in Canada which include but are not limited to: an individual registered as an adviser or dealer by securities regulators; a person who beneficially owns financial assets in the amount that exceeds $1,000,000 before taxes; or a…

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