The reports outlined below offer the means to ensure the ongoing maintenance of all clients as well as individual accounts from an administrative standpoint. They present the necessary information to determine which clients are affected
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Where to find these Reports?
Why and How to use these Reports?
Using these reports enables you to stay on top of any outstanding issues or missing information across client accounts. You have access to all the above Reports through the CRM in a tool which is called an index page. This will enable you to efficiently manage the account administration and keep the clients and their accounts up to date. For a quick tutorial on navigating the index page in the CRM, please use this link.
You can find Articles on each individual Reports if you need more information!
THE CLIENTS TURN 71 REPORT
What is the Report?
Clients who are turning 71 this year who have an RSP, SRSP or LIRA Account opened and who will need to open and transfer these accounts to a corresponding RIF or LIF Account.
How to use this Report?
1. Please review the list to determine which clients require a RIF/LIF to be opened by the end of the year. This is also a good time to consider any other clients turning 71 this year who do not have an RSP, SRSP or LIRA to inquire if they need help opening a RIF or LIF here at Optimize.
2. Once the appropriate account has been opened, submit a transfer request to move the funds from the RRSP or LIRA account to the RIF/LIF.
Why use this Report?
If these clients do not unfortunately open up a new RIF and/or LIF account, these types of accounts will be forced open at the end of the year and will be added to the Restricted Account List.
THE EXPIRING INDIVIDUAL W8BEN REPORT
What is the Report?
Clients who have a W8BEN expiring at the end of the year and need to either provide an updated ID or an updated W8BEN form.
How to use this Report?
1. Please review the list to determine which clients are required to either provide a valid piece of photo ID or an updated W8BEN. Please find the W8BEN form under Account Documents in the Portal.
2. Once the required signed documentation is obtained, please submit an Account Administration service request through the CRM to update the client's Valid Photo ID or W8BEN.
Why use this Report?
If the updated information is not submitted by the end of the calendar year, the accounts will be subject to additional withholding taxes (typically 15%).
THE EXPIRING ENTITY W8BEN-E REPORT
What is the Report?
Entity Accounts who have a W8BEN-E expiring at the end of the year and need to provide an updated Treaty Statement.
How to use the Report?
1. Please review the list to determine which clients require the updated Treaty Statement. Please find the Treaty Statement form under Account Documents in the Portal.
2. Once the signed form is obtained, please submit an Account Administration service request through the CRM to update the entity’s Treaty Statement form.
Why use this Report?
If the updated Treaty Statement form is not submitted by the end of the calendar year, the accounts will be subject to additional withholding taxes (typically 15%).
THE EXPIRING TREATY STATEMENT REPORT
What is the Report?
Entity Accounts who have a Treaty Statement Report expiring at the end of the year and need to provide an updated Treaty Statement.
How to use the Report?
1. Please review the list to determine which clients require the updated Treaty Statement. Please find the Treaty Statement form under Account Documents in the Portal.
2. Once the signed form is obtained, please submit an Account Administration service request through the CRM to update the entity’s Treaty Statement form.
Why use this Report?
If the updated Treaty Statement form is not submitted by the end of the calendar year, the accounts will be subject to additional withholding taxes (typically 15%).
THE EXPIRING NON-RESIDENT REPORT
What is the Report?
Clients who are non-residents of Canada and have a missing or expiring NR-301 Form. How to use the Report?
1. Please review the list to determine which clients require the updated NR-301 Form. Please find the NR301 form under Account Documents in the Portal.
2. Once the signed form is obtained, please submit an Account Administration service request through the CRM to update the client’s NR-301 form.
Why use this Report?
If the updated NR-301 form is not submitted by the end of the calendar year, the accounts will be subject to additional withholding taxes (typically 15%).
THE EXPIRING WITHHOLDING STATEMENT REPORT
What is the Report?
Clients who have a Withholding Statement Expiring at the end of the year.
How to use the Report?
1. Please review the list to determine which clients require the updated Withholding Statement. Please find the withholding statement under Account Documents in the Portal.
2. Once the signed form is obtained, please submit an Account Administration service request through the CRM to update the client’s withholding statement form.
Why use this Report?
If the updated withholding statement is not submitted by the end of the calendar year, the accounts will be subject to additional withholding taxes (typically 15%).
THE RESP GRANT REJECTION REPORT
What is the Report?
Clients with RESP accounts where the grants related to one or more of the contributions have been flagged for potential rejection.
How to use the Report?
1. Please review the report to determine the rejection reason and then follow the guide below which outlines available solutions for each instance:
Why use this Report?
The Report enables you to fix potential issues related to the receipt of RESP grants to avoid missed grant monies and/or other opportunities.
THE RESP REGISTRATION REJECTION REPORT
What is the Report?
RESP accounts which have not been appropriately registered due to a potential mismatch of information we have on file versus what the Social Insurance Registry has on file for the beneficiary.
How to use the Report?
Please review the list to determine which information potentially is not accurately reflected on the account opening documentation and follow the guide below which outlines available solutions in each instance:
If the information on record is accurate, please have the client contact the Social Insurance Registry to amend the information.
Why use this Report?
The report enables you to confirm that the beneficiary receives the appropriate grants attributed to any contributions which are made to the plan.
THE RESP SIR REGISTRATION REJECTION REPORT
What is the Report?
RESP accounts which have not been appropriately registered due to a mismatch between the social insurance number on file with us and the social insurance number the CRA has.
How to use the Report?
1. Please review the list to determine which beneficiary(ies) are potentially not reflected properly.
2. If the information is not accurate, submit a service request to update the beneficiary(ies) SIN.
3. If the information is accurate, please have the client contact the Social Insurance Registry to make the necessary amendments.
Why use this Report?
The report enables you to confirm that the beneficiary(ies) information is correct so that the plan can be properly registered and the appropriate grants attributed to any contributions which are made to the plan.
THE TFSA REGISTRATION REJECTION REPORT
What is the report?
TFSA accounts which have not been appropriately registered due to a potential mismatch of subscriber Information.
How to use the report?
Please review the list to determine which potential account holders have a mismatch between the information we have on file and the information that the CRA has.
Follow the guide below which outlines available solutions in each instance:
If the information on record is accurate, please have the client contact the Social Insurance Registry to amend the information.
Why use this Report?
If a TFSA is not properly registered you may be subject to tax clawbacks within the account.
THE RESTRICTED ACCOUNTS REPORT
What is the Report?
Clients with accounts which have become restricted for various reasons.
How to use this Report?
Please review the list to determine which client accounts are restricted and what the reason for the restriction is.
Follow the guide below which outlines available solutions for each Instance:
Why use this Report?
Trades are not permitted on restricted accounts. If the account remains restricted for 60 days, the client will be moved to the house account.
THE RDSP REGISTRATION REJECTION REPORT
What is the Report?
RDSP accounts which have not been appropriately registered due to a potential mismatch of subscriber or beneficiary information.
How to use the Report?
Please review the list to determine which subscriber or beneficiary potentially do not have the correct information reflected in the account opening documentation and follow the guide below which outlines available solutions in each instance:
If the information on record is accurate, please have the client contact the Social Insurance Registry to amend the information.
Why use this Report?
1. The report enables you to confirm that the client/beneficiary receives the appropriate grants attributed to any contributions which are made to the plan.
THE RDSP GRANT BOND REFUSAL REPORT
What is the Report?
Clients whose Grant Bonds have not been accepted.
How to use the Report?
Please review the information for each client and submit account administration service requests if any information needs to be updated. If no updates are required on the account, the client should contact the SIR at 1-800-206- 7218 to make the necessary corrections on SIN. For all other changes and inquiries, contact the CRA at 1-800-959-8281.
Why use this Report?
1. If information needs to be confirmed with the CRA or SIR, there cannot be any bond paid out on the account until the issue has been resolved.
THE RETURNED EMAIL REPORT
What is the Report?
The returned email list can be found on the contacts index page. This identifies the clients whose electronic communication is being returned.
How to use the Report?
Please review the report to determine which clients had emails returned and use the guideline below which outlines available solutions for each instance:
Why use this Report?
If the updated email is not submitted within 60 days, the client will be added to the Restricted List.
THE RETURN MAIL REPORT
What are they?
The Returned Mail List can be found on the contacts index page. This identifies the clients whose physical mail is being returned.
How to use the Report?
1. Please review the list to determine which clients require an updated mailing address.
2. Once the updated mailing address is obtained, please submit an Account Administration service request through the CRM to update the client’s email.
3. If the mailing address is accurate, please submit an address validation service request to verify the mailing address for the client.
Why use this Report? If the updated mailing address is not submitted within 10 days, the client will be added to the Restricted List.
THE DEPLETING SYSTEMATIC PLANS REPORT
What is the Report?
SWP,RIF and LIF plans which do not have enough managed positions to fund the next payment.
How to use the Report?
Please manage the plan to ensure that one of the following options is completed:
1. Move funds from a RRSP or LIRA account to fund the RIF or LIF plan
2. Stop the SWP
3. Place a sell request to invest funds into the Optimize Model so that the systematic plan can be reinitiated
Why use this Report?
If the account is not properly funded within 14 days of the next payment date, the systematic plan will be stopped.
THE ALL PLANS REPORT
What is the Report?
A list of all of the systematic plans which are currently active on all client accounts.
How to use the Report?
Please take the opportunity to thoroughly review all of the outstanding systematic plans assigned to each of the clients. Determine if all of the information for the systematic plan is still applicable for each client or if a plan should be modified or stopped.
1. If a plan is no longer applicable for the client, please submit a Stop Plan request.
2. If any of the information should be amended, please submit a plan modification request.
Why use this Report?
Ensure that all of the systematic plans for each of the clients are running for their desired amounts and that no adjustments should be made to any of the plans.