The firm explained that, under US tax law, most Canadian mutual funds are now subject to US Passive Foreign Investment Company rules. These are aimed at limiting the extent to which investors - classified as US persons - can defer US tax through foreign investments.

CAM will provide PFIC annual information statements for Renaissance Investments funds, Imperial Pools and CIBC Personal Portfolio Services in non-registered retirement savings accounts, starting with the 2013 tax year.

These statements allow investors to make the Qualified Electing Fund election on their US tax returns. This, CIBC AM said, allows long-term capital gains to be taxed at more favorable rates, while avoiding interest penalties.

CIBC Asset Management is the asset management subsidiary of CIBC. Earlier this month, CIBC bought Atlantic Trust Private Wealth Management from Invesco for $210 million.

CIBC Asset Management provides investment management services to individual and institutional investors; it has over $90 billion in assets under management as of December 31, 2013.