Sun Life | NewsFlash
Sun Life Financial and anti-spam legislation effective July 1, 2014
Canada’s Anti-Spam Legislation (CASL) is a federal law intended to protect consumers against damaging or unwanted commercial electronic messages (CEMs), as well as identity theft, phishing and spyware.
As mentioned in the June 5 NewsFlash, on July 1, 2014, the new Canada-U.S. Enhanced Tax Information Exchange Agreement (relating to FATCA) will come into effect. Financial accounts impacted include cash value insurance and non-registered wealth products. Under this Canadian agreement and related legislation, at account opening, individual clients will be asked a new question regarding their U.S. person status; this will determine if the account must be reported to the CRA.
New resources to help you have the longevity conversation with your clients
This weekend is the Summer Solstice, with the most daylight hours of the year – more time from sunrise to sunset to enjoy walking, hiking, biking, swimming, and running. Canadians can also look forward to spending more time in retirement travelling, taking up a new hobby, volunteering, starting a small business, going back to school, and playing with grandchildren. That’s because our increasing life expectancy can also mean a longer retirement.
Your action is required by November 30 for clients turning age 71 this year who own an RRSP
By December 31, 2014, the Income Tax Act requires clients turning 71 this year, who own retirement savings plans, either convert to a retirement income vehicle or collapse those plans. On June 17, notification was sent to you with a copy of the letter sent to clients you service who are turning 71. It’s important to contact clients who are turning 71 this year to perform a valuable service for them and help them comply with federal regulations.
Improved payout annuity application available June 30, 2014
When completing an application, we want to make it a better experience for you and clients. And so we’ve made some great changes to further that goal.