THE 360 NEWSLETTER

We would like to remind you that there is an automated process in Univeris which ensures that holding, plan and client statuses are changed automatically.

The closing of holdings is based on month-end fund company files. The syncing of statuses will reduce the rejection of trades and duplication of holdings.

If all holdings are closed, the associated plan will be closed and if all plans are closed, the client status will be closed monthly based on the criteria indicated below:  

• If the client’s plan holdings are liquidated AND we received the fund company closed status, the status will automatically be changed to “closed” after 2 months following the date of the last transaction (e.g., redemption of all the client’s assets or transfer to another dealer);
• If the client’s plan holdings are liquidated AND we never received the fund company closed status, the status will automatically be changed to “closed” after 4 months following the date of the last transaction (e.g., redemption of all the client’s assets or transfer to another dealer);
• If there has never been any trading activity on the plan or client, it will be closed automatically after 4 months following the creation date (e.g., pending RRSP plan transfer).

Below are additional reminders:

• Investia nominee plans that are closed must NEVER be reopened after the end of the year (December 31^st) on which they were closed, as this could lead to contributions being rejected at the government level. If the account is closed and reopened afterwards, it will be subject to penalties charged by the Canada Revenue Agency, which will be borne by the representative.
• When the status of a client is closed, all associated plans and holdings will automatically reflect the new status.
• If an inactive holding is reactivated, the system may consider this change as a transaction, which means that it will be reported on the client’s next account statement. In order to avoid potential mistakes or problems, we ask that you please not modify the status of your clients, plans or holdings.

Should you have any questions, please contact our Client Services Team, by email at investia@investia.ca, by phone at 1-888-684-5548, or use the chatbot feature available on the Advisor Centre.