THE 360 NEWSLETTER

Following the October 26, 2023 communication, we remind you that the minimum annual amount for 2023 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, 2023.

To enable client payments in a timely manner, we ask that you please complete your transactions by Friday, November 24, 2023. This may be done in either one or two ways:

1. 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 for processing.
   • If no special instructions apply, send your form to Head Office for imaging only.
2. By setting up a systematic instruction (AWD): Send a Systematic Withdrawal Instruction Form (for nominee accounts) to Head Office for processing no later than November 24, 2023.

Important

• To help ensure that all your clients receive their minimum amounts before December 31, 2023 as required by the CRA, we have arranged for the automatic programming of all unreached minimum amounts starting December 1, 2023. It is important to note that we will not accept any special instructions for this automatic programming and/or its payment. Please also note that any request received after November 24 will not be processed and any correction will have to be made via an LOI at your expense. As a best practice to avoid this type of situation, we recommend that you set up an annual systematic withdrawal for the minimum amount for December. This way, you will no longer have to worry about processing redemptions at the end of the year for your clients.
  
  
• To facilitate payments to the client, please ensure up-to-date banking information is on file. As mentioned in the March 30, 2023 communication, it is mandatory for banking information to be entered in the system either by the client via the Client Portal or by the Representative in Univeris.

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, please refer to Administrative Procedure # 3 – Redemption – Deregistration Request (Investia Nominee Accounts), which may be found on the Advisor Centre under Procedures and Forms / Administrative Procedures.

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 via the chatbot available on the Advisor Centre.