Overview of Special Transactions & Account Corrections
Learn about the different types of special transaction and correction requests and how they help maintain accuracy in client accounts.
What Are Special Transactions & Account Corrections?
Special transactions and account corrections allow Advisors and Portfolio Managers to resolve irregularities, apply necessary adjustments, and ensure that client account information remains accurate and up to date. These requests are used when an account requires a correction outside of standard processing flows, often in response to operational errors, regulatory requirements, or client-initiated changes.
To access and track these requests, navigate to the ticket index page in the CRM by selecting CRM > Tickets, then click the pipeline dropdown menu and select Account Administration
Types of Special Transaction & Correction Requests
- Account Fee Adjustments: Used to change the fee structure on a client account. This request ensures the correct fee settings are applied in accordance with agreements or updated arrangements between the client and the firm.
- Book Value Adjustments: This request corrects misstated book values in client accounts. It is essential for ensuring accurate capital gain/loss reporting and maintaining integrity in portfolio records.
- Cancel/Correct Contributions & Withdrawals: Used to cancel or correct contribution or withdrawal transactions in client accounts. This may include reversing incorrect entries or reprocessing transactions with accurate details.
- Recalculate LIF Maximum: This request recalculates the annual LIF (Life Income Fund) maximum for the current calendar year. It ensures client withdrawals are aligned with applicable pension regulations and accurate income planning.
- RESP Account Breakdown Requests: Allows Advisors to request a detailed breakdown of RESP (Registered Education Savings Plan) components. This includes separating contributions, grants, and income to support client education planning and accurate reporting.
- Rollback Options (RIF/LIF → RRSP/LIRA): Used to request the transfer of funds back from a Registered Retirement Income Fund (RRIF) or Life Income Fund (LIF) into a Registered Retirement Savings Plan (RRSP) or Locked-In Retirement Account (LIRA), where applicable. This is typically used in specific tax or estate planning scenarios.
- Tax Slip Corrections & Duplicates: This request allows you to correct a previously issued tax slip or cancel a duplicate tax slip issued to a client. It is important for accurate tax reporting and client satisfaction during tax season.
- VALNIL Security Write-Offs: Used to request the write-off of a security that is no longer tradable or has been deemed to have no value. This helps keep account holdings current and reflective of true portfolio value.
- Crediting Client Accounts: Allows for the crediting of a client’s account, usually to correct a service issue or apply a goodwill credit. It supports client relationship management and operational accuracy.
Why Are These Requests Important?
Special transaction and correction requests play a critical role in maintaining accurate account records, correcting errors, and supporting regulatory compliance. Timely and accurate submissions help avoid downstream issues for clients and ensure high-quality service.
Key Benefits of Managing Special Transactions & Corrections:
Accuracy in Records: Ensures client portfolios and transaction histories reflect accurate and up-to-date information.
Compliance and Reporting: Helps maintain alignment with tax and pension rules, reducing risk of penalties or audit issues.
Improved Client Service: Supports a responsive client experience by addressing issues proactively and professionally.
Operational Integrity: Reinforces internal standards for quality control and error resolution across client accounts.