THE 360 NEWSLETTER

Following the September 22, 2022 communication, please be reminder that the minimum annual amount for 2022 must be paid to all owners of an Investia nominee Life Income Fund (LIF) and/or Registered Retirement Income Fund (RRIF) no later than December 31, 2022.

To enable client payments in a timely manner, please complete your transactions by Friday, November 25, 2022. This may be done in either one or two ways:

By redemption:

Enter your redemption order in Univeris as per the normal procedure.

• If there are special instructions (e.g., special withholding tax or new banking information), please send an Order Instruction Form to Head Office, along with a personalized void cheque (if applicable) for processing.
• If no special instructions apply, send your form to Head Office for imaging only.

Reminder: As per Administrative Procedure #33A – Preauthorized Chequing Plan (PAC) – Investia Nominee Accounts, any change/addition of banking information must be made via either 1 of these 3 methods:

• A wet signature on the banking information document; or
• An electronic signature on the document; or
• Detailed notes in Univeris confirming that the Representative received the client’s banking information via the Investia Client Portal. 

By setting up a systematic instruction (AWD):

Send a Systematic Withdrawal Instruction Form (for nominee accounts) to Head Office for processing by November 25, 2022.

**Reminder: Since July 1, 2021, for all new nominee AWD setup requests that we receive where the total AWD amount is under the prescribed minimum amount for the plan, we automatically adjust the AWD amount to the prescribed minimum amount. For more detailed information, please refer to the June 3, 2021 issue of your 360.

Important

In order to help ensure that all your clients receive their minimum amounts before December 31, 2022 as required by the CRA, we have arranged for the automatic programming of all unreached minimum amounts starting December 1, 2022. This means that any request received after November 25 will not be processed in our system and any correction will have to be made via an LOI at your expense.

Reminder

You may obtain a list of your clients who require the minimum amount in Univeris under Reports / Administration / Registered Plans / RRIF/LIF/LRIF Summary. In the selection criteria, select “Plans that will not meet Minimum Annual Payment”; if you also select “Include Pending Transactions in Year-End Target Payment Calculations”, you will be able to see whether pending transactions would trigger the payment of the minimum amount.

For more information regarding redemption order entry, please refer to Administrative Procedure # 3 – Redemption, which may be found on the Advisor Centre under Procedures and Forms / Administrative Procedures.

For more information, please do not hesitate to contact our Client Service Department, by email at investia@investia.ca, or by phone at 1-888-684-5548.