Canadian Western Trust

Mutual Funds 

Frequently asked questions

Q:  Why is CWT no longer offering self-directed account services to third party mutual fund dealers?

A:  The decision to discontinue self-directed account services to third-party mutual fund dealers is a strategic business decision made by CWB Financial Group, one that carefully contemplates a number of considerations. To ensure your continued service, we have arranged to transfer your accounts to B2B Financial Services Inc. on December 11, 2017. We thank you for your business and will do our best to ensure a smooth transition.

Q: Are all accounts holding mutual funds being transferred to B2B Bank Financial Services Inc.?

A: Certain accounts will not be included in this transfer, including any holding an exempt market security or mortgage. Non-personal or entity accounts are also excluded from this transfer.

Q:  Who is B2B Bank Financial Services Inc.?

A:  For more information on B2B Bank Financial Services Inc., please visit their website. 

Q:  What do I as a client need to do to facilitate the transfer of my accounts to B2B Bank Financial Services Inc.?

A:  There is no required action to be taken by you or your advisor to facilitate this transfer. CWT and B2B Bank Financial Services Inc. will handle all necessary arrangements to ensure your accounts are transitioned smoothly.

Q:  What do I as a client need to do to facilitate a transfer to another trustee?

A:  If you do not wish to have your accounts transferred to B2B Bank Financial Services Inc., you will need to provide CWT with a fully completed transfer request form from your trustee of choice by November 1, 2017. Please note that transfer requests must be received in good order by November 1; requests that are not in good order as of this date will not be processed. Clients are responsible to ensure their new trustee is able to hold all of the assets being transferred, and should confirm any costs that will be charged by their new trustee.  CWT’s standard exit fees will apply for transfers to trustees other than to B2B Bank Financial Services Inc.

Q:  Will I be charged any fees for this transfer to B2B Bank Financial Services Inc.? Will I be charged any fees to transfer my account to another trustee of my choosing?

A:  The transfer of accounts to B2B Bank Financial Services Inc. will not be subject to fees. For information on how the final CWT account administration fee will be charged, please refer to the question immediately below. If you wish to transfer your account to another trustee other than B2B Bank Financial Services Inc., CWT’s standard fees will apply.

Q: When will my CWT annual account administration fees be billed?

A: Your CWT annual account fee for 2017 will be pro-rated and charged to your plan on November 30, 2017. The final amount charged will reflect the period the account was serviced at CWT between January 1, 2017 and November 30, 2017. Accounts will be subject to B2B Bank Financial Services Inc. rates and fees beginning December 1, 2017, with your first fee being charged on a pro-rated basis on April 30, 2018. Please contact your mutual fund dealer or B2B Bank Financial Services Inc. for more information on how your annual fees will be applied.

Q:  Will the fee structure be different at B2B Bank Financial Services Inc.?

A:  For more information on B2B Bank Financial Services Inc. and its fees, please visit their website. 

B2B Bank Financial Services Inc. is excited to serve you, and more information will be sent to you in November. You will also receive a welcome kit from B2B Bank Financial Services Inc. in December.

Q:  I have completed the paperwork to purchase, contribute or transfer-in mutual funds to my CWT plan. Will the transaction be processed?

A:  CWT will continue to process new purchases for existing accounts up until December 8, 2017, provided that there is sufficient cash balance to cover both the transaction and any applicable transaction fees.

Q:  I have multiple accounts with CWT, however, only one account holds mutual funds. What will happen to my other accounts?

A:  The account with mutual funds will transfer to B2B Bank Financial Services Inc. The other accounts are not affected and will remain at CWT unless you have been notified otherwise.

Q:  I am holding exempt market securities (EMS) and/or investor mortgages along with mutual funds within my CWT account. Will my account be transferred?

A:  Accounts that have a combination of mutual funds, EMS and/or investor mortgages are not part of this transfer and will remain at CWT.

Q: Will I continue to have access to CWeb for statements and tax slips?

A:  Yes. CWeb access will continue to be available to allow transitioned clients to access to statements, transaction history and tax receipts.

Q: Who do I contact for a copy of my 2017 tax slips (i.e. contribution slip, T4, T4RIF, etc.)?

A:  CWT will issue tax slips including contribution slips, T4 and T4RIF for activity in your account from January 1, 2017 to November 30, 2017. For assistance with your account activity from December 1, 2017 to December 31, 2017, please contact B2B Bank Financial Services Inc.

Q: When can I expect a copy of my 2017 tax slips?

A: Tax slips issued by CWT will begin to be mailed per our usual schedule, between January and March, 2018.  Most tax slips will also be posted on CWeb between January and March, 2018. Please contact B2B Bank Financial Services Inc. for information on their tax slip process.

Q: I am expecting a dividend to be paid on my mutual funds. Will that be processed at CWT or B2B Bank Financial Services Inc.?

A: CWT will continue to process dividends received up until the date of transfer to B2B Bank Financial Services Inc.

Q:  I have a pre-authorized mutual fund purchase (PAC) set up on my account. Will this carry over to B2B Bank Financial Services Inc. or will I have to send instructions to set this up again?

A: PAC instructions will carry over to your account at B2B Bank Financial Services Inc.

 

Q:  I have automatic dollar cost averaging or switch instructions (DCA) set up on my account. Will this carry over to B2B Bank Financial Services Inc. or will I have to send instructions to set this up again?

A:  DCA instructions will carry over to your account at B2B Bank Financial Services Inc. Please consult with your mutual fund advisor for any other switch instructions that you have arranged.

Q:  How will my clients be advised of this news?

A:  Clients who are impacted will receive communication from CWT and B2B Bank Financial Services Inc. in early October.  A copy of this communication was emailed to dealers on September 26, 2017. If you have not received a copy, please email CWT at informationservices@cwt.ca to obtain a copy.

Q:  What if my client wants to move to a different institution?

A:  Clients will have the opportunity to opt out of this move by providing transfer instructions to another provider by November 1, 2017. Please note that transfer requests must be received in good order by November 1; requests that are not in good order as of this date will not be processed. Standard account exit fees will apply to those clients choosing to transfer their accounts to other institutions.

Q:  Will I have access to CWeb for statements and tax slips?

A:  Yes. Advisors who currently have access to CWeb will continue to have access even after the transfer date. Advisors can access client information in the Closed Accounts section of CWeb using the advanced search capabilities.

Q:  What do I as an advisor need to do to facilitate the transfer of my client’s accounts to B2B Bank Financial Services Inc.?

A:   No action is required to be taken by advisors on behalf of their clients. CWT and B2B Bank Financial Services Inc. will take care of all necessary arrangements to ensure your client’s accounts are transitioned smoothly.

Q:  What do I as an advisor need to do to facilitate a transfer of my client’s accounts to another trustee?

A:  If your clients do not wish to have their accounts transferred to B2B Bank Financial Services Inc., they will need to provide CWT with a fully completed transfer request form from their trustee of choice by November 1, 2017. Please note that transfer requests must be received in good order by November 1; requests that are not in good order as of this date will not be processed. Clients and their advisors are responsible for ensuring their new trustee is able to hold all of the assets being transferred, and should confirm any costs that will be charged by their new trustee. CWT’s standard exit fees will apply for transfers to trustees other than to B2B Bank Financial Services Inc.