Dealer Relations spring 2024 newsletter

A message from Jackie Laser

2024 has been a busy year so far, with the recent transition to T+1 settlement and more regulatory changes still to come. We’d like to thank you for working with us to ensure a seamless transition, as well as your support and partnership during this past RRSP and tax season.

We’ve continued to review and enhance our product shelf to ensure it offers the investment solutions your clients need, launching innovative funds like the Mackenzie Emerging Markets ex-China Equity Fund and the Mackenzie Shariah Global Equity Fund. We’re also focused on driving change toward a more sustainable future and providing resources that help investors understand sustainable investing  and support meaningful client conversations.

Another area of focus is improving the dealer and advisor experience for Not in Good Order (NIGO) transactions. We know that rejected transactions can be a pain point and we’re hoping to implement an automated solution that provides more timely notifications to advisors and results in a better client experience.

As always, we remain committed to working with dealers, Fundserv and other industry groups to champion the issues that directly impact your business. As the regulatory environment continues to shift and evolve, we’re focused on solutions that make it easier for you to do business with us.

Thank you for your support as we create a more invested world, together.

Wishing you and your families a relaxing and enjoyable summer!

Jackie Laser

Vice President, Dealer Relations & Operations

IGM Financial named one of Canada’s Greenest Employers

We’re excited to share that that IGM Financial has been named one of Canada’s Greenest Employers!

The award for Canada’s Greenest Employers recognizes companies that are national leaders in creating environmental awareness within their organizations and pioneers in developing sustainable initiatives.

Financial services companies are vital in addressing climate change, and at Mackenzie and IGM, we understand that we have a role to play in the transition to a low-carbon economy through our business and investment practices.

We’re proud of this award, and we’ll continue to look for ways to create positive environmental impacts. If you’re interested in learning more about automated solutions and reducing your paper submissions, please speak with your Dealer Relations Account Manager.

Get ready for RESP season!

Summer and fall can be a busy time for RESP transactions, as students get ready to head back to school. We wanted to remind you and your advisors about the resources Mackenzie has created to support you and ensure a smooth and trouble-free RESP season.

RESP guides and videos are available in the Dealer Relations section of the Mackenzie Investments website. And our Proof of Enrollments one-pager is a great tool to ensure successful and timely withdrawal requests.

Please share these links with advisors and their teams, so they can take advantage of these helpful resources. If you have suggestions about additional content that could help to support advisors, just let us know.

Mackenzie’s continuing commitment to sustainable investing

We’re excited to announce that Mackenzie Investments has been awarded lead sponsor for the Principles for Responsible Investment (UNPRI or PRI) 2024 conference, which takes place in Toronto from October 8 -10. PRI is a United Nations-supported international network of investors working together to implement its six principles.

Mackenzie became a PRI signatory in 2014 and has consistently worked to drive change toward a more sustainable future.

In April, Mackenzie released the results of its fifth annual Earth Day Study, which shows that Canadians’ interest in sustainable investments is on the rise.  However, a significant number of investors still harbour concerns about this category of investments.

Fate Saghir, Mackenzie’s SVP of Sustainability, is encouraged to see the growing interest in and adoption of sustainable investing, but thinks our industry still has work to do to address concerns and misconceptions around greenwashing, transparency, and performance.

Improving your service experience with a new AI-powered search engine 

At Mackenzie, we understand the importance of having accurate and easily accessible information, and we’ve been working to improve the search experience so our contact centre can better support dealers, advisors, and investors.

This spring, we introduced a new search engine on our internal contact centre platform. Coveo is an innovative search engine backed by AI-driven algorithms that leverage user analytics data to provide relevant search results. In other words, the more you use the tool, the more it learns and the better it gets!

Coveo is the latest innovation in our multi-year initiative to modernize our technologies across the contact centre. We’re excited to have more information at our fingertips to support you and deliver a better client experience.

We’ll keep you updated as we continue to expand our digital capabilities and enhance our service offering.

Extension of credit monitoring and identity theft protection services

Advisors will be receiving a message from Mackenzie Investments in the coming days with an update on several investments we’re making to enhance our client experience. No action is required by advisors at this time. This update will include information about an extension of the credit monitoring and identity theft protection services we offered to all potentially affected investors who enrolled with either TransUnion or Equifax since April 2023, as a result of the 2023 InvestorCOM GoAnywhere Cybersecurity incident.

To provide additional peace of mind, we’re extending the comprehensive credit monitoring period for a further 3 years (a total of 5 years from the date of enrollment), at no cost to investors. This service will be automatically extended; no action is required on the part of advisors or clients.  Mackenzie is committed to its investors and recognizes the impact this situation has had on you and your clients.  The extension is to provide additional peace of mind.  There is no evidence of any publication or misuse of anybody's personal information as a result of the incident.

Increase to Home Buyers’ Plan limit

In accordance with the 2024 Federal Budget proposal to increase the Home Buyers’ Plan (HBP) limit from $35,000 to $60,000, Mackenzie is now accepting eligible HBP requests for up to $60,000. CRA’s T1036 Form, Home Buyers’ Plan (HBP) Request to Withdraw Funds from an RRSP, still refers to the $35,000 limit, but it will be updated shortly to reflect the increased amount.

With the new FHSA already helping many Canadians, and now the increased HBP limits, Canadians will have more opportunity to access funds for the purchase of their first home.

The budget also proposes to allow Canadians who withdrew from their Home Buyers’ Plan between January 1, 2022, and December 31, 2025, to have their repayment grace period extended by three years. 

Fundserv testing with Mackenzie

Testing with Mackenzie is a great way to ensure that new programs, systems, and functionality are working as expected before implementing projects.

However, it’s important to remember that testing should always be done with mock data, and never with real production client data. You can review Fundserv’s testing overview page for full details on standards and best practices. 

Fundserv standards version 34

Fundserv v34 will be implemented on June 10, 2024. For detailed information on this year’s enhancements, please refer to the Fundserv website.

Mackenzie will support the following changes:

Regulatory changes

T+1 settlement cycle

On May 27, 2024, Mackenzie moved to T+1 settlement for all mutual funds, exchange traded funds, and segregated funds, in alignment with an industry-wide shift in both Canada and the US.

Mackenzie opted for a consistent settlement cycle across our product offering, including products that are priced monthly, to avoid confusion and make it easier for dealers and advisors to navigate our shelf. Shortening the settlement cycle aims to create more efficient markets that serve investors better.

As a reminder, there’s no change to the way we do business together.

Total cost reporting (TCR) enhancements

In February 2024, IFIC provided an implementation framework for TCR enhancements, which aim to improve the transparency of total fees and costs for holders of investment funds and segregated funds.

Fundserv’s industry working group has been meeting over the last few months to define data standards and processing rules for the flow of data.

Here’s an overview of the changes:

The TCR enhancements take effect January 1, 2026, with the first reporting to clients expected on year-end 2026 statements.

Reminder: Inclusive changes to RESP and RDSP applications and forms

As we communicated in April, Mackenzie has updated its applications for RESPs and RDSPs to align with Employment and Social Development Canada (ESDC) data collection practices. ESDC now collects gender instead of sex and has added a non‑binary gender option, as part of the federal government’s commitment to inclusivity and recognizing diverse gender identities in official forms and processes.

Updated applications, including ESDC grant applications, are available on the Mackenzie Investments website.

As a reminder, Mackenzie will continue to accept previous versions of its applications until June 28, 2024. Updated ESDC forms and grant applications for RESP became mandatory on May 1, 2024.

Dealer Relations team