Special Handling Request

Learn about the various Special Handling Requests

You can submit a request for a client's Special Handling directly through the client's CRM Contact Record. First, search for client name in the search bar, then navigate to the Servicing (Service Request) extension in the middle panel of the contact record. Next, select Account Administration, and then Special Handling Request.

The Special Handling Request section has 24 Requests Types that you can choose from. Special Handling Requests include: 50% Unlocking (Alberta), 50% Unlocking (Non-Alberta), Add/Update POA, Book Value Adjustment, Cancel / Correct, Client Passed Away, Close Account, Credit Client Account, Estate Processing, Home Buyers' Plan, Lifelong Learning Plan, Marital Breakdown, Rollback Options, Tax Slip Corrections, Tax Slip Duplicates, Unlocking, Update Account Documentation, Update Account Legislation, Update Address, Update DOB, Update Email, Update Name, Update Phone Number, and Update SIN. 

50% Unlocking (Alberta) and (Non-Alberta)

 

Unlocking

Unlocking from locked-in plans due to financial hardship allows individuals facing unexpected financial burdens to access funds reserved for retirement. Small amounts may be released to simplify administration when the accumulated funds are relatively low. Shortened life expectancy provisions permit those with terminal illnesses to access their savings to improve their quality of life during their remaining time. There are two different Withdrawal Types:

• EFT to banking on file
• Withdraw to investment account

In order to submit this request, the documentation you will need is:

• Please provide the below details and attach the applicable unlocking form(s) signed by the client. Depending on the nature of the unlocking request, you may need to attach additional paperwork or documentation signed by the client.

 

Add/Update POA

This request lets you add or update a clients power of attorney (POA) on a client's account. Adding or Updating a POA allows the client to appoint someone you trust to manage your financial affairs if you’re unable to do so. This ensures your bills are paid and investments are managed in their absence or during incapacitation.

In order to submit this request, you will need:

• KYC and ID Verification for Authorized Individual 

To learn how to submit Add/Update POA Request

Book Value Adjustment 

Submitting a request for a Book Value Adjustment is to formally request changes to asset or liability values on the balance sheet. This process ensures proper documentation, approval, and accurate financial reporting in line with accounting practices. This can occur due to factors like depreciation, impairment, or changes in market value, reflecting a more accurate financial position. 

• To submit a Book Value Adjustment ticket, you will need to provide a statement reflecting the current book value and/or adjusted cost base of the position you are adjusting. This documentation is necessary to support the adjustment and ensure transparency in your financial records.

To learn how to submit a Book Value Adjustment

Cancel/Correct 

This requests allows you to cancel/correct contribution or withdrawals in client accounts. By submitting a cancelling request, you can cancel a contribution or withdrawal entirely. By submitting a correct request, you can correct the amount contributed or withdrawn. 

• Cancel: when cancelling a transaction, you will be promoted to provide the amount and the settlement date. 
• Correct: when correcting a transaction, you will be promoted to provide the original amount, correct amount, and settlement date. 

If the transaction was done in-kind, or as a mix of in-cash and in-kind, you will need to provide the total value of the cash and securities that were moved as part of the transaction. 

To learn how to submit Cancel/Correct Request

Client Passed Away 

This request allows you to indicate that a client has passed away before proceeding with the request to settle the estate. By submitting this ticket, you are informing the necessary parties within the organization of the client's passing. Once this notification is received, all correspondence related to the client's account will be ceased out of respect and to avoid any unnecessary communication.

Additionally, any current active systematic plans on the deceased client's account will be halted to ensure that no further transactions occur without proper authorization from the estate or designated beneficiaries. This process helps to manage the account appropriately during this sensitive time and ensures that the necessary steps are taken to settle the client's estate in accordance with legal requirements and the client's wishes.

Close Account 

When submitting a Close Account Request, you have the ability to choose the specific account that you wish to close on behalf of a client. This process is crucial for managing the client's portfolio effectively and ensuring that their financial affairs are in order. By selecting the account for closure, you are taking the necessary steps to streamline their investments and simplify their financial management. 

Learn how to submit a request to close an account

Credit Client Account

This Request can occur by adding funds or reducing charges to their account balance. This can occur for various reasons, such as correcting billing errors, compensating for service issues, or applying promotions. It helps maintain customer satisfaction and trust in the service.

There are four reasons crediting account may occur:

• Transfer out: This ensures that clients are not penalized for moving funds between accounts or financial institutions.
• Deferred sales charge (DSC) Fees: If there are discrepancies or overcharges in processing, crediting the account helps rectify any errors and maintain client satisfaction.
• Non-sufficient Funds (NSF) Fees: Crediting the account for NSF fees may be necessary to uphold customer loyalty and satisfaction in cases where charges were applied incorrectly.
• Fee Rebate: Issuing a credit for fee rebates can help retain clients by demonstrating goodwill and acknowledging any inconvenience caused.

Learn how to submit a request to credit a clients account

Estate Processing

Submitting an estate processing is important to ensure the proper legal handling of a deceased person's assets and debts. It facilitates the distribution of the estate according to the will or provincial laws, ensures compliance with tax obligations, and protects the rights of beneficiaries. Certain Account Types require different documentation. 

Referencing Estate Processing Requirements is essential when completing this request, as the Optimize Team needs the correct forms to proceed.

Learn how to submit an Estate Processing request

Home Buyers' Plan

Withdrawing from a Registered Retirement Savings Plan (RRSP) or Spousal RRSP under the Home Buyers' Plan (HBP) allows first-time homebuyers in Canada to take out up to $35,000 tax-free to purchase a home. This withdrawal must be repaid over 15 years, helping make homeownership more accessible while supporting retirement savings.

Certain conditions must be met in order to be eligible to participate in the HBP, including the following:

• you must be considered a first-time home buyer. If your participation is in respect of a specified disabled person, this condition does not have to be met
• you must have a written agreement to buy or build a qualifying home, either for yourself or for a specified disabled person
• you have to be a resident of Canada throughout the period that starts when you make your first eligible withdrawal from your RRSPs under the HBP and ends when you buy or build a qualifying home
• you must intend to occupy the qualifying home as your principal place of residence within one year after buying or building it. If you buy or build a qualifying home for a specified disabled person, or help a specified disabled person to buy or build a qualifying home, the specified disabled person must intend to occupy the qualifying home as their principal place of residence within one year after buying or building it

In order to submit this request, the documentation you will need is:

• T1036 Home Buyers' Plan (HBP) Request to Withdraw Funds from an RRSP form.

Please note that withdrawals of this nature require to be submitted by 1PM Wednesday in order to be reviewed and processed in time for the model trades for that particular week.

Learn how to submit HBP withdrawals

Lifelong Learning Plan

The Lifelong Learning Plan (LLP) is a program that allows individuals to withdraw funds from their RRSP to finance full-time training or education for themselves, their spouse, or common-law partner. This plan encourages continuous learning and professional development throughout one's life, supporting personal growth and career advancement.

In order to submit this request, the documentation you will need is:

• RC96 Lifelong Learning Plan (LLP) Request to Withdraw Funds from an RRSP form
• This form outlines the details of the withdrawal, including the amount requested and the purpose of the funds. It is important to note that withdrawals under the LLP must be repaid to your RRSP over a period of 10 years to ensure the funds are used for educational purposes and to maintain the tax-deferred status of your RRSP.

Please note that withdrawals of this nature require to be submitted by 1PM Wednesday in order to be reviewed and processed in time for the model trades for that particular week.

Learn more about Lifelong Learning Plan Request

Martial Breakdown 

A marital breakdown request is a specific type of request that involves the division of assets in the case of a client experiencing a marital breakdown. It allows for the transfer of funds from a Registered Retirement Income Fund (RIF) to an RRSP, or from a Life Income Fund (LIF) to a LIRA/LRSP, provided that the account holder is less than 71 years old. In situations where a marriage or common-law partnership dissolves, this request facilitates the equitable distribution of assets and ensures that financial accounts are adjusted accordingly. By utilizing the marital breakdown request option, clients can navigate the complexities of dividing assets during a challenging time, while maintaining accurate and transparent financial records. This process helps to uphold the integrity of financial management and aligns with the client's changing financial needs and objectives.

Rollback Options

This request is to rollback a Registered Retirement Income Fund (RIF) to RRSP, or Life Income Fund (LIF) to LIRA/LRSP. This can only be done if the account holder is less than 71 years old. Any minimum payments made must be returned to the RRSP.

A rollback option allows you to undo a previous transaction or action within a client's account. This feature is useful in cases where an error was made, or a change needs to be reverted to maintain the accuracy and integrity of the financial records.

You may use the rollback option to correct mistakes, reverse unauthorized transactions, or adjust account balances to reflect the correct information. By submitting a rollback request, you can ensure that the client's account is up to date and accurate, promoting transparency and consistency in financial management.

To submit a rollback request, you will typically need to provide details of the transaction to be rolled back:

• The date
• Amount
• The nature of the transaction 

This information helps the relevant parties understand the reason for the rollback and process the request efficiently. By following the appropriate procedures for submitting a rollback request, you can effectively manage and maintain the client's account in line with their financial goals and requirements.

Learn how to submit a Rollback Options Request

 

Tax Slip Corrections

Submitting a tax correction is essential to ensure that your tax return accurately reflects your income and deductions, preventing potential penalties. Correcting mistakes promptly can lead to potential refunds or adjustments that might benefit your financial situation. 

Different accounts will allow you to correct certain tax slips. These include:

• LIF: T4RIF, T4A, T4A-NR, T4A-RCA, NR4, or Other
• Cash or Registered Education Savings Plan (RESP): T5, T3, T5013, NR4, 1099-INT, 1099-DIV, 1099-B, 1042-S, Trading Summary or Other
• Tax-Free Savings Account (TFSA): No Tax slip option, just correction type (modify amount of contribution or cancel contribution) 
• RRSP: T4RSP, RRSP Contribution Receipt, T4A, T4A-NR, T4A-RCA, NR4, or Other
• RIF: T4RIF, T4A, T4A-NR, T4A-RCA, NR4, or Other

For this request you will need to attach a Tax Slip or proof of Transaction. 

Learn how to submit a Tax Slip correction

 

Tax Slip Duplicates

Different accounts will allow you to correct certain tax slips. These include:

• LIF: T4RIF, NR4, or Other
• Cash or RESP: T5, T3, T5013, NR4, 1099-INT, 1099-DIV, 1099-B, 1042-S, or Statement of Securities Transactions
• TFSA: T5, T3, T5013, NR4, 1099-INT, 1099-DIV, 1099-B, 1042-S, or Statement of Securities Transactions
• RRSP: T4RSP, RRSP Contribution Receipt, NR4, or Other
• RIF: T4RIF, NR4, or Other

For this request you will need to attach a Tax Slip or proof of Transaction. 

Learn how to submit a duplicate Tax Slip

 

Update Account Legislation

Updating a client's account legislation for their account is essential to ensure compliance with current financial regulations and laws. It helps protect the client's interests by aligning account features with legal requirements and regulatory changes. Additionally, having up-to-date legislation information ensures that the account can adapt to any changes in tax treatment or reporting obligations.

In order to submit this request, you will need:

• A signed Locked-in Legislation Addendum 

Learn how to submit a Account Legislation Update Request

 

Update Address

Updating a client's address for their account is essential to ensure they receive important documents, such as statements and tax forms, in a timely manner. It helps maintain accurate records and prevents potential issues with account security and communication.

In order to submit this request, you will need:

• A signed Letter of Direction - Address Change 

Learn how to submit a Address Change Request

 

Update DOB

Updating a client's date of birth (DOB) for their account is essential for compliance with regulatory requirements and anti-money laundering laws. It helps ensure accurate identification and verification processes, reducing the risk of fraud. Additionally, having the correct date of birth is important for account eligibility and age-specific benefits or services.

In order to submit this request, you will need:

• A signed Letter of Direction - Date of Birth 

Learn how to submit a Date of Birth Request

 

Update Email

Updating a client's email for their account is important to ensure they receive important notifications, account statements, and alerts promptly. Additionally, an updated email ensures the client stays informed about changes, promotions, or important updates related to their accounts.

In order to submit this request, you will need:

• A signed Letter of Direction - Update Email

Learn how to submit a Update Email Request

 

Update Name

Updating a client's name for their account is essential to maintain accurate records and ensure compliance with legal requirements. It helps prevent issues with account access, transactions, and identification during audits or inquiries.

In order to submit this request, you will need:

• A signed Letter of Direction - Name Change 

Learn how to submit a Name Change Request

 

Update Phone Number

Updating a client's phone number for their account is crucial for effective communication regarding account alerts, transactions, and important updates. Additionally, having the correct phone number ensures the client can easily access customer support when needed.

In order to submit this request, you will need:

• A signed Letter of Direction - Update Phone Number

Learn how to submit a Update Phone Number Request

 

Update SIN

Updating a client's Social Insurance Number (SIN) for their account is essential for accurate tax reporting and compliance with regulatory requirements. It helps prevent identity theft and ensures that all income and investment earnings are properly attributed to the correct individual.

In order to submit this request, you will need:

• A signed Letter of Direction - SIN Number Change 

Learn how to submit a SIN Update Request