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This document provides essential information for U.S. shareholders, warrant holders, and option holders of Powertech Uranium Corp., a Passive Foreign Investment Company (PFIC), relating to tax implications
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How to fill out PFIC Annual Information Statement

01
Gather necessary information about your foreign mutual funds or other investments.
02
Determine if the investment qualifies as a Passive Foreign Investment Company (PFIC).
03
Obtain the PFIC Annual Information Statement from the fund or investment company.
04
Complete the necessary sections, including details about the investment and any income received.
05
Calculate your share of the PFIC's income and distributions according to IRS guidelines.
06
File Form 8621 along with your income tax return to report PFIC income.

Who needs PFIC Annual Information Statement?

01
U.S. taxpayers who own shares in a PFIC.
02
Investors in foreign mutual funds or similar investment vehicles.
03
Taxpayers who receive income or distributions from PFICs.
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What is a PFIC Annual Information Statement? + The PFIC Annual Information Statement contains reporting information that would enable U.S. persons that directly or indirectly own shares (“U.S. shareholder”) to make the Qualified Electing Fund (“QEF”) election.
A passive foreign investment company (PFIC) is a non-US pooled investment company that attributes at least 75% of its gross income as passive income. Alternatively, at least 50% of its assets produce passive income. A PFIC can be taxed by excess distribution, market-to-market, or by using a qualified electing fund.
Annual information statements for the 2024 tax year The PFIC Annual Information Statement allows investors to make the Qualified Electing Fund Election (QEF Election) on their US tax returns. The QEF Election allows for long-term capital gains to be taxed at more favourable rates and helps to avoid interest penalties.
Passive Foreign Investment Company (PFIC) Annual Information Statements. At the beginning of April each year, National Bank Investments issues PFIC statements for the benefit of investors who file U.S. tax returns.
The annual PFIC Statements contain reporting information that can enable investors classified as “U.S. Persons” to make the Qualified Electing Fund (“QEF”) election for U.S. tax reporting services.
Annual information statements for the 2024 tax year The PFIC Annual Information Statement allows investors to make the Qualified Electing Fund Election (QEF Election) on their US tax returns. The QEF Election allows for long-term capital gains to be taxed at more favourable rates and helps to avoid interest penalties.
Annual Filing: Generally, Form 8621 must be filed annually with the taxpayer's federal income tax return. Reporting Income: Taxpayers must report their share of earnings and any gains distributed or recognized on PFIC investments.

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The PFIC Annual Information Statement is a form that U.S. shareholders of a Passive Foreign Investment Company (PFIC) must file to report their ownership and income from the PFIC to the Internal Revenue Service (IRS).
U.S. taxpayers who are shareholders of a PFIC are required to file the PFIC Annual Information Statement.
To fill out the PFIC Annual Information Statement, shareholders must provide details such as their identification, the PFIC's identification, and information regarding the income earned and distributions received from the PFIC.
The purpose of the PFIC Annual Information Statement is to ensure compliance with U.S. tax regulations related to foreign investments and to help the IRS track income from PFICs.
The PFIC Annual Information Statement must report the shareholder's ownership percentage, the PFIC's income, the type of income, distributions received, and any gain or loss from the sale of PFIC shares.
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Relevant keywords

Powertech Uranium Corp. PFIC Qualified Electing Fund Form 8621 U.S. Shareholders Tax Election Excess Distribution Tax Liability U.S. Internal Revenue Code Passive Foreign Investment Company

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