In view of the impending labour dispute at Canada Post, please be aware that a strike may begin at midnight on Friday, November 15, if no agreement has been reached with the union by then. Currently, we are unsure of the strike’s specifics (such as duration and regional alternation), but we will provide updates as soon as we have more information.

To reduce the impact of any mail service disruptions while ensuring timely client payments, please consider the following important points and reminders.

Alternative to cheques
Given the possibility of a strike and the industry’s shift away from cheques, we thought it would be a good opportunity to emphasize the advantages of electronic fund transfers (EFTs). 

Setting up an EFT now for clients expecting a cheque in the mail (e.g., following a systematic withdrawal including RRIF/LIF payments, a client payment, or a redemption of distributions to be paid to the client, etc.) offers several advantages:

• Faster processing, resulting in quicker payment for your clients
• Reduced risk of error, eliminating the chance of misplacing cheques
• Reduced off-market exposure of funds
• Enhanced protection of client personal information
  
  

To assist with the transition from cheques, we have prepared a document outlining the available alternatives at Investia. This document includes direct links to our administrative procedures for each process. Click the link below to read this document, which is also available on the Advisor Centre under Marketing / Practice Management.

Alternative to Cheques – Marketing Document for Advisors

Important considerations

• Please ensure valid banking information is on file before setting up an EFT.
  
  
• Be aware that a strike could also cause delays in cheque processing at fund companies.
  
  
• For transfers between two fund companies processing them as “in-cash transfers” will reduce delays at the relinquishing institution. See the procedure below for more information.
  
  
• Couriers will be utilized only on an exceptional basis. Please anticipate delays as couriers will have higher-than-usual volumes.
  
  

Should you require additional information, please contact our Client Service Department, by email at investia@investia.ca, or by phone at 1 888 684-5548.