Who Regulates Fiscal Agents Products and Services?

Fiscal Agents acts as your agent for the purchase of investment products with numerous Canadian financial institutions. Fiscal Agents Deposit Brokers is a one-stop shopping centre for purchasing investment products, with most members handling a full range of products such as GICs, mutual funds, annuities and life insurance, and including RRSPs, RRIFs, LIFs and pensions. RDBA members obtain daily information on current interest rates, helping you to achieve the highest possible return on your investments. Compare that convenience with the time required and the results if you contacted all the banks and trust companies in your local area to find the best available interest rate. Fiscal Agents conducts national and regional interest rate surveys for our media partners, such as the National Post, Toronto Star and websites like MSN.ca. We’re on the job researching the marketplace for you on a daily basis, contacting financial institutions from all across Canada. There is no fee for this service to you.

You can get the best rates and the widest selection of investment options at no cost to you by using the services of Fiscal Agents. When a financial institution wants to increase its deposit base it offers higher interest rates. Deposit brokers can deliver large volumes efficiently. Much like a travel agent, a deposit broker is paid by an institution for delivering its products to you.

• offers a wide variety of financial options to meet your needs
• surveys the market to achieve the best possible returns on your investment
• completes all the necessary paperwork
• deposits your funds immediately to the financial institution of your choice
• Offers personalized service
• Advises you of related tax implications
• Transfers existing RRSPs and other investments on more favorable terms
• Tracks your investments so you don’t miss maturity dates, contacting you upon renewal
• Guarantees confidentiality.

No. Minimum deposits as low as $500 can be invested in GICs or RRSP-eligible products. For short-term deposits from 30-364 days, the minimum amount is normally $5,000. The minimum deposit amounts are not unlike the minimums an institution would accept if approached directly. Regardless of the amount you have to invest, a deposit broker will provide you with the same professional service.

We offer a wide range of financial products such as term deposits, GICs paying either annual, semi-annual, monthly or compounding interest, short-term deposits, cashable certificates, RRSPs, RRIFs, LIFs and annuities.

Fiscal Agents through its affiliates also offers mutual funds and life insurance products. New products and services are continually being added to reflect changes in today’s financial marketplace.

Fiscal Agents receives daily information on the current interest rates of financial institutions from across the country. The demand for money varies by institution almost every day and an institution seeking deposit funds will offer better rates. Fiscal Agents is constantly reviewing the available investment products of all institutions represented to find the best rates and terms.

They can offer higher rates of interest because they don’t have to open and staff expensive branches of their own. Companies that use Fiscal Agents pay acquisition costs only when they require deposits, and they pass the savings on to you in the form of higher interest rates. Often smaller companies will offer premium rates or other advantages such as no fees on RRSP transfers to attract funds away from larger instructions.

When placing deposits through Fiscal Agents, you will in most instances make your cheque payable to the financial institution or in your own name. Those cheques are deposited into the institution to your credit.

Deposits are then made on a daily basis to the banks where each financial institution has its own account established to receive your funds.

Yes, providing the investment is made prior to normal banking deposit cut-off time, otherwise your investment will be effective on the next banking day. The only exception might be the case where the client is in a more remote location and courier, mail service or direct deposit is unavailable, but these cases should be rare.

Deposit insurance is available for qualifying deposits. Banks, trust companies and mortgage and loan companies must be members of the Canada Deposit Insurance Corporation or similar provincial deposit insurance corporations such as the Financial Services Regulatory Authority of Ontario (FSRA). Life and health insurance companies can be members of Assuris. Published listings of these member institutions may change from time to time due to corporate name changes, buy-outs or amalgamations. There are limits to insurance protection and not all deposits are insured. Certain terms and conditions may apply. Mutual funds are not covered by CDIC, while the life insurance companies’ guarantee applicable to segregated funds is covered by Assuris. For detailed information on CDIC or Assuris coverage, or any changes in an institution’s status, contact your Fiscal Agents advisor for brochures published by CDIC and Assuris. Toll-free numbers are also available for questions not covered by the brochures.

Yes. Membership in CDIC, FSRA or Assuris should be a significant consideration when choosing to place your investments. Special attention should be paid to the maximum insurable amount. Small financial institutions are subject to the same regulation and scrutiny as the large corporations. Some financial institutions may argue that investment considerations should be based solely on the strength of the institution’s balance sheet, however, your investment is placed with that institution for a future term and the balance sheet reflects historical or at best current situations. Unforeseeable circumstances such as new ownership and different corporate philosophy or changing economic conditions may weaken financial stability. Deposit insurance is your best long-term protection, and it was for this reason that CDIC and Assuris were originally introduced.

Federally and provincially incorporated financial institutions are examined and regulated by the Office of the Superintendent of Financial Institutions on behalf of CDIC. Provincially incorporated members are examined by an agent of CDIC and are regulated by the responsible provincial authorities. Life insurance companies are regulated by provincial and federal Superintendents of Insurance. Fiscal Agents as a deposit broker is subject to the applicable provincial regulations. The RDBA has a code of ethics and standards to which members must adhere. Membership requires annual registration, compliance review, audits, regulatory oversight and guidance. The RDBA is a strong supporter of a regulated industry and is working closely with provincial governments and other regulators to ensure consumer safety.

Investments such as RRSPs and RRIFs can be very complex, depending on the individual situation, so proper planning is essential. Fiscal Agents advisors have the necessary qualifications and experience to explain your options, will help you determine your allowable contribution amount and provide the management systems to help look after your individual maturities. As a consumer you have the right to transfer your investment from one institution to another to obtain a better interest rate, stay within deposit insurance limits or avoid or remove service fees. Fiscal Agents will take the time to coordinate this for you, maximizing your returns through a diversified portfolio approach while protecting your investments within the security of CDIC, FSRA and Assuris limits. Tools such as the Fiscal Agents Money Manager Statement and Interest Income Planner provide a complete set of financial records designed to make your financial picture as clear to you as it is to your accountant, all in one customizable report.

It’s simple. After a consultation with your Fiscal Agents advisor the paperwork is completed for the financial institution of your choice. All investment purchases are made in your name. You then make a cheque payable to that institution and you’ll be provided with a receipt. Your funds are deposited directly with that company. Within two or three weeks, you will receive the certificate of confirmation issued by the institution and registered in your name.

Prior to maturity of the investment you will be contacted by your Fiscal Agents advisor to return the certificate if necessary. A post-dated cheque payable directly to you will be issued by the institution so that you receive your funds, with interest, on the maturity date. All principal and interest cheques are made out in the client’s name.

You should consult with your Fiscal Agents advisor just prior to maturity to discuss your reinvestment decisions. Our mandate is to provide the best possible services and products available to match your individual needs.

• to provide the best possible interest rates, selection and services to our clients, placing our client’s investment interest first
• to set a high standard of ethical and sound business practices
• to establish a liaison with the trust companies and chartered banks as well as other financial institutions that we represent and to resolve any areas of mutual consumer and corporate concern
• to make effective representations to both federal and provincial government departments involved in financial regulations in order to represent consumer concerns in the financial marketplace.

The financial markets operate on basic tenets, privacy being one of them. As such, Fiscal Agents will continue to be committed to maintaining the security of your personal information and its accuracy while maintaining confidentiality. This commitment is outlined and echoed in the following 10 RDBA principles. Each principle serves to guide and govern the values established by the Personal Information and Electronic Documents Act (PIPEDA).

Principle 1 – Accountability

Each RDBA member is responsible for maintaining and protecting the client’s information under its control. Each member firm is required to designate an individual who is accountable and responsible for the company’s compliance with PIPEDA.

Principle 2 – Identifying the Purposes

Broker members will develop methods that clearly identify which client information shall be required before or at the time information is collected.

Principle 3 – Obtaining Consent

Establishing consent from the client is a requirement of the collection and use or disclosure of personal information, except where required or permitted by law.

Principle 4 – Limiting Collection

Member firms will limit the collection of information to those details that are necessary for the purposes identified by the transaction and/or those of its associated companies and/or under any of the terms of its financial institutional agency agreements.

Principle 5 – Limited Use, Disclosure and Retention

Client information may only be used or disclosed for the purpose for which it was collected unless the client has otherwise consented. Member firms will establish and retain the information for the period of time required to fulfill the purpose for which it was collected or required or permitted by law.

Principle 6 – Accuracy

Member firms must keep client information as up-to-date as is necessary for the purposes for which it was obtained and if required, maintain its accuracy and completeness.

Principle 7 – Keeping Secure

RDBA member clients’ information must be protected by security safeguards and procedures that are appropriate to the sensitivity level of the information.

Principle 8 – Safeguards and Procedures

RDBA members are required to make available information to clients concerning the policies and practices that apply to the management and safeguarding of their personal information.

Principle 9 – Client Access

Upon request, RDBA member clients shall be informed of the existence, use and disclosure of their information and be provided access to it. This allows clients to verify the accuracy and completeness of their information and, if appropriate, request that the information be amended.

Principle 10 – Client Concerns or Complaints

Clients of RDBA broker agents may direct any inquiries or questions with respect to the RDBA standard principles on privacy to the member firm’s designated privacy officer.

Providing personal information is your personal choice. However, in financial dealings, your decision to withhold particular details may limit or restrict the services that can be provided by an RDBA member and may make it difficult or impossible to render appropriate alternatives.

Consent may be obtained in various ways. Obtaining express consent could be in writing or it may be determined that consent has been implied by the circumstances (for example in a signed consent, email or application form or verbally in person or over the phone). When receiving personal information from you that enables the deposit broker/agent to provide you with the requested product or service, your consent to allow us to deal with that personal information in a reasonable manner would be implied. In doing so, you would be consenting to our collection, use and disclosure to appropriate third parties of such personal information for these purposes. You would also be authorizing the use and retention of such information for as long as it may be required. Your consent may remain valid even after the termination of the relationship with you, unless you provide written notice that such consent is withdrawn.

Each person opening any form of deposit account at a financial institution is subject to the same set of federal or provincial Anti-Money Laundering Procedures, due diligence and regulations.

Canadian Financial Institutions (“FIs”) are regulated by the Office of the Superintendent of Financial Institutions (“OSFI”). Under the terms of OSFI’s guideline B-8, Deterring and Detecting Money Laundering and Terrorist Financing Activities, the FIs are required to perform certain tasks to assist in both the prevention of money laundering and the investment of proceeds of criminal activities, in accordance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “Act”). The Act established the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) as the agency responsible for the collection, analysis and disclosure of information provided by reporting entities to assist in the detection, prevention and deterrence of money laundering and terrorist financing in Canada and abroad. FINTRAC works closely with OSFI and CDIC to ensure the FIs are in compliance with the Act.

Fiscal Agents Savings and Investments (FASI) acknowledges the importance of identifying clients for the purpose of opening new accounts and determining if a transaction is suspicious where money laundering is concerned. FASI also understands that as a broker for various FIs, we must assist the FIs in their reporting and anti-money laundering (“AML”) responsibilities.

To assist with the AML effort and reporting requirements of the FIs, FASI has laid out the following New Account Opening and Anti-Money Laundering Procedures and Due Diligence, which we require all representatives, employees and RDBA member broker/agents associated with FASI (the Broker) to follow at the very minimum. When placing a transaction with a particular Fl, the AML requirements laid out for the corresponding Fl must also be recognized and the representative must act in accordance with these requirements.

The procedures below were developed to coincide with current FI AML requirements and current industry standards, such as the RDBA AML standard.

As all accounts and transactions are different, each particular account and transaction should be reviewed by a compliance officer at the respective FI for whom the deposit account will be opened. Each FI’s written policies and procedures override the following, and as always, the FI reserves the right to reject and return any deposit or new account that they find non-compliant.

Acceptable: Client’s personal cheque made payable to the Fl (or coinciding with the names of the registration) and drawn from accounts with a Canadian deposit-taking institution. The name on the cheque must match the name of the applicant(s). Alternatively, Maturity Cheques issued by a Canadian Financial Institution must be made payable to the applicants in the same registration as the new GIC.

Not Acceptable: Cash, counter cheques, money orders, drafts, traveller’s cheques or other are permitted to be accepted in any value – no exceptions.

FASI requires that where possible all clients meet in person with the FASI broker prior to any GIC being purchased.

FASI also requires that a third-party determination be made in order to identify if someone other than the client or their authorized representative is instructing the client or their authorized representative in the transaction.

For all clients for whom personal contact is not possible, the Identity Verification Record (IVR) document is to be used. Each person to be registered on the investment must have the IVR completed by their bank.

• full name
• civic address of all registered owners
• phone number
• occupation (if self-employed state nature of business, if retired state previous occupation)
• employer’s name, address and phone number
• relationship of each joint owner to one another
• date of birth
• Social Insurance Number (SIN)
• third-party declaration (for each individual transaction)
• politically exposed foreign person determination
• signature of all registrants
• two pieces of valid (unexpired) Canadian government-issued identification
• completed and client-signed RDBA client information and consent form (CICF)
• copy of the cheque(s) used to purchase the investment.

• name of the estate / deceased
• registration number with CCRA (trust number)
• copy of the last will and testament with letters of probate
• copy of death certificate
• name, SIN, date of birth, address, occupation, two pieces of identification*, valid (unexpired) of the executors or trustees
• third-party declaration (for each transaction)
• politically exposed foreign person determination signature of all executors or trustees
• intended use of the account
• completed and client-signed RDBA client information and consent form
• copy of the cheque(s) used to purchase the investment.

• Same requirements as individual(s) (see above)
• Obtain relationship of “in trust” individuals to the registered owners.

• full name of the entity
• current operating address and phone number
• nature of the business/organization registration number used to identify the business with CCRA (BIN/BN)
• articles of incorporation, bylaws
• a list of persons authorized by the organization to bind the organization, or an incumbency certificate showing persons authorized to bind the entity
• list of corporate directors, owners or partners including their address and occupation
• two pieces of identification* for the authorized persons making the application
• any other documents used to identify the business; documents showing the authorized individuals with signing authority
• politically exposed foreign person determination
• beneficial ownership to be reported for each individual who directly or indirectly owns or controls at least 25 per cent
• indicate if the organization is a registered charity, and if not, whether or not the organization solicits donations from the public
• intended use of the account.

• full name of the nominee and beneficial owner(s)
• date of birth of the beneficial owner(s)
• current address of the beneficial owner(s)
• country of residence of the beneficial owner(s)
• SIN (or equivalent if foreign resident) for the beneficial owner(s)
• the FI will verify if the nominee name is in fact from an MFDA or IDA member
• nominee names that are not from MFDA or IDA members are not acceptable.

• certified true copy of the POA document
• application / membership application based on the applicant (applicant must satisfy the requirements for an individual) but signed by the POA
• name, civic address, date of birth, occupation and two pieces of identification* are required for the POA ** (POA must satisfy the requirements for an individual)

Also refer to requirements under individuals (see above).

Where a deposit is made by anyone under the legal age of majority, the identity of the person’s father, mother or guardian must be ascertained. The minor must also be able to sign the application/consent form. Minors must provide acceptable identification.

NOTE: Some Fls may require a photocopy of the front and back of identification; many FIs do not accept applications for minors.

• driver’s licence **
• current Canadian passport **
• certificate of Canadian citizenship **
• certificate of naturalization
• permanent resident card
• birth certificate issued in Canada
• Old Age Security card issued by the government of Canada
• Indian status card issued by the government of Canada
• SIN card (must be physically viewed by the broker).

Health cards issued by:

• British Columbia (signature only)
• Alberta (no picture or signature)
• Saskatchewan (no picture or signature)
• Quebec (may be used only if clients offers it as identification – broker must NOT ask to see a Quebec health card)
• Nova Scotia (signature only)
• Newfoundland and Labrador (no picture or signature).

If a foreign resident: a passport is mandatory.

** One piece must be identification that contains both a picture and a signature. The second piece may be any other in the list above.