Think all the big banks are the same?
Not so when it comes to advisors, finds Investment Executive in its report card on banks.
After analyzing the data, the publication finds “a wide gap in the size of the books that branch-based financial advisors are running, their productivity levels and the compensation they’re receiving.”
The Canadian life insurance industry has gone through several changes over the last three years. Some of the changes affect the efficiency of life insurance products as investment vehicles, their tax advantages, and their use in corporate and estate planning strategies. Many changes are as a result of new legislation, while others are because of prevailing low interest rates.
Financially, millennials have a lot on their plates, from paying off student debt and managing day-to-day expenses to buying houses for their growing families.
So it’s not surprising that they may be forgetting something else: life insurance.
The following information has been prepared to help clients of Canadian financial institutions and their advisors understand Enhanced Financial Account Information Reporting and how it might affect them. This document should not be construed as tax, legal or financial advice. Client version.
FINTRAC has changed the presentation of guidance to improve format and navigation. You will be able to navigate to sector specific guidance in two different ways, either from the main guidance section or from the reporting entities section.
The guidance main section includes all FINTRAC guidance as well as additional information such as policy interpretations and operational alerts.
The new reporting entity section includes guidance that is specific to your sector and links directly to the applicable guidance.
Guideline 6 has been removed from the FINTRAC website and is now replaced by ‘Know your client’ (KYC) and record keeping guidance.
Reporting entities have been able to use the old methods or rely on the new methods to identify clients over the last year (June 30, 2016 to June 30, 2017) and this period of transition has now been extended until January 23, 2018 as confirmed by the Department of Finance. Please see Methods to identify individuals and confirm the existence of entities for more information.
SUPPLIER COMPANY NEWS
What’s up (June edition)
Client annual statements are now available online, New fax number for submitting signature forms, Legislative changes: Saskatchewan sales tax and Common Reporting Standard, Fund closing and consolidation, 2016 Fund Facts.
Show the strength and stability of participating life insurance
Updated participating life insurance marketing materials now available, Reinforce the value of participating life insurance, and importance of the participating account.
Tax guide: transferring a life insurance policy
Learn about the tax implications of transferring a life insurance policy in many different situations, Find the client’s situation on the front page, click on it and you’ll be taken the relevant section of the guide.
Empire Life launches Website to help Canadians with Life & Money Matters, Empire Life Par Insurance: New Lower Juvenile Coverage Amounts, Genetic Non-Discrimination Act, 5 Reasons why the Fed rate hike is positive. Geoff Johnston discusses in the latest Off the Cuff, New Anti-Money Laundering Legislation.
Management change for the Canadian Bond Fund
The Equitable Asset Management Group (EAMG) has taken over the management of Equitable Life’s Canadian Bond Fund. In an exclusive webcast, portfolio managers Dave Irwin and Tara Proper discuss the investment philosophy and approach that EAMG will take with the Equitable Life Active Canadian Bond Fund, as well as providing a current market update. If you missed the webcast you can catch a replay of it here (CE credits are being sought in all provinces excluding Quebec).
Membership Matters (July 2017)
Beat the post-vacation blues, Get involved, Your money, Your community, Healthy living.
Webinar: Mortgage Insurance (July 21 – August 18)
This webinar will allow you to learn more about the mortgage insurance market and the needs of your clients in the event of death, serious illness and disability. This one-hour training with credits will allow you to know the best products specific to this market, as well as the target customers to whom they are addressed.
New operational rules and legal requirements
The Common Reporting Standard (CRS) and the fight against money laundering (FML) are at the core of regulatory changes and new legal requirements that must be applied across the insurance and savings industry, which includes iA Financial Group.
New PDF versions of forms F1A and F3A
Many of you are already using the new EVO enrolment app and like the tool’s efficiency and relevant medical questions and the benefits of a simplified enrolment process. Point-of-sale approval and electronic signature also make EVO a powerful, comprehensive tool.
New version of the Access Life application
The Access Life application (F35) was also reviewed to comply with the new tax rules (CRS), in accordance with what was announced in the June 19 edition of iA Connected. A “Regulatory Issues” section was also added.
Common Reporting Standard (CRS) and Anti-Money Laundering (AML) – Information and important dates
A reminder that there are some upcoming changes to the way you do business and what you need to collect from your client for CRS and AML compliance. We’ve also added a client and advisor FAQ to help you understand the changes.
Summer 2017 Information Bulletin
In this bulletin, you will find a description of the changes made for the summer of 2017.
Common Reporting Standard and Anti-Money Laundering New Tax Legislation
The Common Reporting Standard (CRS) is a new global standard for the automatic exchange of financial account information to better fight tax evasion and improve tax compliance between over 100 countries who have agreed to implement the CRS. The CRS has been signed into Canadian law and will be effective July 1, 2017.
eApplication launch & Q&A
We are excited to announce the launch of the new RBC Insurance eApplication now available through the secure RBC Insurance Business Intelligence Centre (BIC). The initial products available electronically to you and your clients are RBC Insurance® Term 10, Term 20 and RBC YourTerm™ for single life and business insurance. Click here to view our eApplication Questions and Answers document.
Sales Promotion: Increasing FYC with RBC YourTerm (July 28, 2017)
We are excited to announce the extension of our increased first year commission offer on all new applications, exchanges and riders for RBC YourTerm™ and RBC YourTerm renewal applications submitted between now and July 28, 2017!
New Tax Legislation – Updated Forms and Software Now Available
We recently shared how RBC Insurance® will handle the new Common Reporting Standard (CRS) and Anti-Money Laundering (AML) legislative changes in the communication entitled, Common Reporting Standard and Anti-Money Laundering – New Tax Legislation.
Important reminder: New application documents
Changes to our investment products and services took effect on June 5, 2017. This means that new application documents must now be used. To order your new documents, please use our Order Form.
SSQ Private Wealth Management: Implementation and advantages
In an effort to help you better manage the portfolios of customers whose assets exceed $500,000, here are some reminders and important information.
Get ready for the upcoming AML/ATF regulatory requirements, Forms for replacements and conversions where there is a loss of benefit to the client, Redesigned tools help clients plan, save and meet their financial and health goals, New appointments: The Wholesale Distribution team is growing, Announcing the passing of Lawrence (Larry) Kinlin.
Information and links to other websites contained in this document are solely for the information and convenience of BridgeForce Financial Group brokers. This information is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. No endorsement of any third party products, services or information is expressed or implied by any information, material or content referred to, included in, or linked from this bulletin. The approved materials are the property of individual companies used under license and may not be copied, transmitted or used without express written approval. E. & O.E.