THE 360 NEWSLETTER

We are currently paying a temporary income to some owners of a Life Income Fund (“LIF”) under Quebec, Nova Scotia and Newfoundland and Labrador legislation who submitted an application for 2023. As such, clients are only entitled to continue drawing the temporary income if they submit a new signed application every year.

Below are the steps to follow to submit a new application for your client:

1. Have the client complete the “Declaration of the member or purchaser” corresponding to both the client’s age on December 31, 2023, and the applicable legislation, and then send it to Head Office no later than December 31, 2023, while ensuring to specify that the request is for 2024. Note that all fields must be completed on the form and that incomplete applications will not be processed. If the client has no amount to declare, please write $0.00 on the corresponding line.
2. Attach a Systematic Instruction Form to your application and specify whether:

• The client will continue to draw the same periodic amounts in 2024 as in 2023;
• The client will change his/her instalment amount based on the new temporary income for 2024 (e.g. temporary income amount divided by 12 months);
• The client will provide new systematic instructions for 2024 (e.g., different amount, frequency of instalments, etc.).

Please note that if there are no existing systematic instructions on file for the client for 2023, the new temporary income amount will be adjusted in Univeris. In this case, it is important that you send us a Systematic Instruction Form to set up the periodic amounts, if applicable.

However, if there are systematic instructions on the file for the client but no signed declaration has been received by December 31, 2023, the client will continue to receive the same amounts in 2024 as in 2023, up to the maximum amount awarded for 2024. Once the maximum amount is reached, the payments will cease.

Declarations of the member/purchaser (schedules) may be found on the Investia Advisor Centre under Procedures and Forms / Forms:

In Quebec:

• Schedules 0.4 and 0.8: Temporary LIF income – Ages 54-64;
• Schedule 0.5: Temporary LIF income – Before Age 54.

In Nova Scotia: Form 10 – Application for Temporary Income from a LIF Income Fund.

In Newfoundland and Labrador: Form 8: Application to Receive a Temporary Income.

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.