NAF Liquidation FAQs

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December 21, 2018

The Unit Trust Corporation wishes to advise shareholders in the North American Fund, formerly known as the Chaconia Income & Growth Fund, that the Fund has been liquidated, effective December 20, 2018. 
What is the process for redemption of my funds?

From December 21, redemptions for the balance in each customer’s account, less any applicable taxes, will be processed by U.S. Bancorp and remitted to all customers at their address on record. 

What are the applicable taxes on the fund?

By U.S. law, the capital gains out of the NAF are subject to Withholding Tax of up to 30% for U.S. nationals. Non-U.S. nationals with a valid W-8 BEN form as at December 20 will be exempt from the tax; however, non-U.S. nationals without a valid W-8 BEN form are subject to Withholding Tax of up to 30%.

Can I claim for the Withholding Tax deducted from my redemption cheque?

Customers will not be able to claim for the Withholding Tax.

Will I receive my funds in US$?

Your redemptions will be done in US Dollars.

When will I receive my redemption cheque after liquidation?

U.S. Bancorp will generate cheques on December 24, 2018 and mail to all customers. Delivery time within the United States is 5-7 business days; international delivery could be longer.

Can I cash my cheque at the UTC Investment Centres?

Customers will not be able to cash their cheques at the Investment Centres due to the shortage in US Dollars.

For further information, please contact any of our Investment Centres at 625-8648, Options 1 to 4, or e-mail