BridgeForce News | March 27, 2017
HEADLINES
Federal Budget 2017
A year to the day after delivering his first budget, Finance Minister Morneau tabled his second budget (“Budget 2017”), which is entitled “Building a Strong Middle Class.” This budget has been influenced by a number of political, financial and economic events: the threat of increasing federal deficits; the need to stimulate job growth and innovation; supporting the growth of the middle class; and the “threat” of major tax changes and growing trade protectionism in the United States. Weaving a budget to deal with these important and often conflicting issues has clearly forced a rethinking of the government’s tax priorities and spending initiatives, as evidenced by the limited scope of Budget 2017.
COMPLIANCE
CRTC case offers guidance to advisors on CASL compliance
A recent enforcement decision from the Canadian Radio-television and Telecommunications Commission (CRTC) dealing with Canada’s anti-spam legislation (CASL) may be helpful to financial advisors and their small business owner clients who send marketing email and find themselves in contravention of the act.
Expert Committee’s final report recommends new rules for advisors, financial planners
The Ontario government’s Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives has recommended a series of new standards that appear designed to bring financial advisors and financial planners under a strict new regulatory scheme that would include a statutory best interests duty, overhauling the use of titles and the creation of a new regulatory body.
Financial transactions related to countries identified by the Financial Action Task Force
In order to protect the international financial system from money laundering and terrorist financing risks, the Financial Action Task Force (FATF) issued two statements on February 24, 2017.
SUPPLIER COMPANY NEWS
Blue Cross
Rate & product changes
Each year, we review our plans to ensure our products are competitive and that premiums reflect current benefit utilization and increases in pertinent health care indexes. Over the next 12 months, beginning May 1, 2017, a notification will be sent to Blue Choice, Blue Choice Balance and Basic Blue Choice clients 30 days prior to their renewal date.
Canada Life
Corporate asset diversification: Insurance working for your business
Napkin conversations brought to life with the Corporate asset diversification tool, Create customized reports to show business owners how they can protect their business and increase wealth by redirecting a portion of their fixed income investments into participating life insurance.
March 2017 insurance operations bundle message
Clients with a disability insurance policy will now receive a renewal notice, F20 form to obtain attending physician statement is no longer required, Full names on contracts will now appear in capital letters.
Empire Life
Insight (March 21)
2017 Empire Life New Product Portfolio Recorded Webinar: Now Available, Child Riders Now Available in Fast & Full, Investment Illustrator featuring Class Plus 2.1 Update, Revised: CLHIA Reference Document, Stay on track with Money Dates 2017.
Equitable Life
Sales promotion: Go green. Make green. (February 1 – May 31)
If you haven’t used EZcomplete for face-to-face online applications yet, there’s no better time to start. Between February 1 and May 31, 2017, use EZcomplete to submit your new applications and make some extra cash!
iA Financial
Highlights of the 2017 federal budget
This week, we take a look at the 2017 budget of federal Minister of Finance, Bill Morneau.
Manulife Financial
Changes to our investments funds
You’ve asked us for investment solutions that are clear and simple and that make sense to your clients. Today, we are further streamlining our mutual fund and segregated fund offering and introducing four new portfolios designed to help investors achieve their investment goals.
New procedure for policy conversions and policy splits
We’re writing to share important information about a new procedure we’ve put in place to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing legislation. The legislation requires us to know our clients, and to maintain sufficient records and evidence in our files to confirm their identity.
SSQ Insurance
Amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations
On June 29, 2016, the federal government published changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations concerning the new requirements for ascertaining the identity of customers and determining politically exposed persons (PEPs) and heads of international organizations (HIOs). A PEP may be a foreign PEP or a domestic PEP. These changes will apply to life insurance companies and their independent representatives. The new requirements associated with ascertaining customer identity took effect on June 30, 2016. However, the regulated entities are given a grace period up to June 30, 2017, to implement the new methods for ascertaining identities. The changes associated with determining politically exposed persons and heads of international organizations will take effect on June 17, 2017.
The CRS and SSQ
On October 21, 2016, the Department of Finance published the final version of Part XIX of the Income Tax Act concerning the implementation of the Common Reporting Standard (the “Standard”) drafted by the Organisation for Economic Co-operation and Development (OECD) in 2014.
Sun Life
How you can help protect families from the burden of debt
Clients who are building for the future have a lot on their minds. They’re thinking about work, buying their first homes and often raising kids. Thinking about how their debt might leave their family in the lurch isn’t always top of mind. Without protection in place, a family with dependents could suffer a significant financial impact if a primary income earner dies.
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