Following the August 29, 2024 communication, we would like to remind you that holders of a nominee RRSP or LIRA/locked-in RRSP who will have reached age 71 by December 31, 2024 must transfer their account to a RRIF or LIF before year end.

Nominee RRSP to RRIF transfers
Please note that processing of these transfers must be finalized in Univeris by October 25, 2024 for all your impacted clients to ensure timely processing of transfers. 

As mentioned in Administrative Procedure # 51 – Internal Transfers in Cash or in Kind Between Two Investia Nominee Accounts, transfers can be processed in kind and in cash for mutual funds, segregated funds and available cash account balances. We would like to remind you that all transfers must be processed by the Representative. 

For this purpose, please upload the following to Investia (“Imaging” option*):

• Investia Nominee Account Application Form (mandatory) signed by the client;
  
  
• Order Instruction Form or Internal Transfer Form (Investia Nominee Accounts) with account transfer instructions (e.g., RRSP/LIRA #123 to RRIF/LIF #345);
  
  
• Nominee Fee-Based Account Program Agreement (F51-335A), if applicable, for the new account;
  
  
• New Beneficiary Change Form (F51-370A) or complete the beneficiary designation section on the NCAF completed for the new plan; and
  
  
• New Order Instruction Form for Systematic Withdrawals (Investia Nominee Accounts) (F51-326A) for the payment of the minimum amount for 2025. 

*Unless special instructions apply, in which case please send your special instructions to Head Office for processing (“Processing” option in the Secure File Upload Tool on the Advisor Centre).

Nominee LIRA or locked-in RRSP to nominee LIF transfers
For locked-in RRSPs/LIRAs, please transfer the account to a nominee LIF while ensuring that the legislation remains the same. Once again, please ensure that your transfers have been entered in Univeris at the latest on October 25 to ensure timely processing.

Please note that the only transfers which cannot be processed within your office are those for GICs, WVN Funds, Covington Funds (or funds with a market value at 0), exchange traded funds (“ETF”) and US cash available in the cash account. These transfers must be made by Investia Head Office. We will begin processing these types of transfers starting September 30. 

Please fax or upload the instruction form and account application form (if applicable) to Investia so that your clients’ files meet compliance requirements.

Common issues encountered when processing transfers

Reminders and good business practices

In order to assist you with preparing for year end, a list of impacted clients is available in Univeris under Reports / Administration / Registered Plans / RRSP Age Limit (in the “Designation” drop-down menu of the selection criteria, you will have to select “Broker/Nominee”).

For more details, we invite you to refer to Administrative Procedure # 51 – Internal Transfers in Cash or in Kind Between Two Investia Nominee Accounts available on the Advisor Centre under Procedures and Forms / Administrative Procedures.

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.