THE 360 NEWSLETTER

Following a recent audit, we would like to inform you of a change made to our process pertaining to the waiving of fees for Investia nominee fee-based accounts.

As such, please be advised that Representatives can only waive fee-based account fees for clients who are considered “related persons” under the Income Tax Act. To help determine what is considered a related person under the law, please refer to the chart below (ref. Investia Compliance Policies and Procedures Manual, p. 72):

To facilitate this process, a “Client related to the representative” checkbox has been added to Investia’s Nominee Fee-Based Account Program Agreement (Flat Fee) (F51-335A):

Going forward, below is the procedure if you choose to charge a $0 fee for a client who is a related person:

1. Have the client complete and sign an Investia Nominee Fee-Based Account Program Agreement which shows the fees at $0, while ensuring that the “Client related to the representative” checkbox is checked;
2. Send the completed and signed agreement to Investia via the Secure File Upload Tool (“Imaging” option); and
3. Add a $0 fee schedule to the client’s accounts in PureFees.

The amended Fee-Based Account Program Agreement (Flat Fee) (F51-335A) can be found in Univeris under the “Generate Forms” section of the Task Menu.

Note that Adminsitrative Procedure # 27 – Nominee Account Fee-Based Program will be amended shortly to reflect this change.

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.