THE 360 NEWSLETTER

Always with the goal of achieving the highest level of efficiency for you and your clients, we would like to provide an important reminder regarding internal transfers between two Investia nominee accounts.

Lately we have noticed an increase in the number of internal nominee transfers being processed by Representatives when they should be processed at Head Office given their potential tax implications, as stated in Administrative Procedure # 51. This situation will require adjustments by our team, which could lead to errors or delays in processing, client payment and tax slip reporting. It is also important to select the appropriate withdrawal/contribution types, as this is what determines if tax slips will be issued.

Important note

It is your responsibility to follow the procedure and properly code your transactions, as failure to do so could result in a correction by the Canada Revenue Agency or Revenu Québec (for Quebec residents), which in turn could result in a penalty chargeable to you. As a reminder, only the following types of internal nominee transfers should be processed by the Representative:

¹ This procedure can only be used for transfers from LIRAs to LIFs if both plans have the same jurisdiction.

As for the following types of transfers, the request should always be sent to Head Office for processing:

• Any other type of situation not indicated above;
• Internal transfers involving US funds, GICs, ETFs, non-Fundserv products and products whose fund status is not active;
• Internal transfers involving non-individual accounts (such as corporate, ITF or trust accounts).

For more detailed information, please refer to Administrative Procedure # 51 – Internal In-Cash or In-Kind Transfers Between Two Nominee Accounts (Investia Nominee Accounts), which can be found on the Advisor Centre under Procedures and Forms / Administrative Procedures.

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