We would like to inform you of an amendment recently made to Administrative Procedure # 47A – Using Nominee CCA (Open or TFSA) for a Purchase in a Client-Name Account. More specifically, this procedure was reviewed so that it can now apply to open accounts and nominee TFSAs which hold assets in the plans, whereas before this procedure was reserved for accounts opened for cash account purposes only.

For those of you who may not be familiar with it, Administrative Procedure #47A is used to transfer money from a client’s bank account to enable purchases in a client-name account held with Investia. In other words, since client-name accounts do not have cash accounts, this process can be followed to open a non-registered nominee account for cash account purposes only in order for the client to make electronic funds transfers.

From now on, you will be able to use assets already in open accounts and nominee TFSAs to make purchases from their cash accounts.

Upcoming change
Please note that starting September 9, 2024, cash transactions previously carried out by head office from open cash accounts and nominee TFSAs will be rejected.

Reference 
Administrative Procedure #47A – Using Nominee CCA (Open or TFSA) for a Purchase in a Client-Name Account

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 use the chatbot feature available on the Advisor Centre.