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Carmela Pallotto

Partner, Tax - Corporate Tax – Financial Institutions

KPMG in Canada

Carmela is a tax partner in KPMG’s financial services practice with over 25 years of experience delivering tax compliance and advisory services to a diversity of banks, investment dealers, leasing companies, investment managers, investment funds, and other financial services clients. 

Carmela advises clients on a variety of matters relating to Canadian income tax issues including financial products, tax accounting, cross-border withholding and tax reporting issues.  Carmela has advised a number of foreign financial services companies on establishing operations in Canada as well as assisting with buyer due diligence.  She also co-leads KPMG’s National FATCA/CRS/QI Team.

In addition to her client responsibilities, Carmela has written articles and spoken on a variety of topics including: fundamentals of mutual fund taxation, debt instruments, and Canadian branches of foreign banks, derivatives, financial institution taxation, doubtful debts, IFRS, FATCA, the Common Reporting Standard and other recent tax developments.  Carmela authored the Tax section of KPMG’s annual Financial Statements of Canadian Banks publication and presented the Tax Update at KPMG’s Annual Banking Update seminar for a number of years.    She also wrote the chapter on the taxation of hedge funds for the 2014 edition of The Capital Guide to Canada’s Hedge Fund Potential.

Areas of expertise

Credit unions, mutual banks and building societies Derivatives FATCA Financial regulatory reform Public Policy and Regulatory Change Tax
Carmela Pallotto

Education and qualifications

  • Bachelor of Commerce, University of Toronto

Accreditation

  • Chartered Accountant, Ontario, Canada

  • Canadian Tax Compliance

  • Canadian Tax Consulting

  • Tax Accounting and IFRS

Community Involvement

  • Past member of Taxation Working Group, Investment Funds Institute of Canada Presenter, Federated Press: Taxation of Debt Instruments; Impact of IFRS on Tax Planning, Accounting & Compliance for Financial Institutions

  • Co-presenter, Canadian Tax Foundation

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