Tax Status of Financial Services to Change under GST Legislation

Impact on Advisors and Consumers as Commissions to be Taxable

On February 11, 2010, the Canada Revenue Agency (CRA) issued GST/HST Notice No.250 which effectively changes the tax status of some financial services under the Excise Tax Act from exempt status to fully taxable. A number of services including investment management services” are excluded from the definition of financial service and are therefore taxable.

Bulletin #032-03/10 - March 2010 [PDF - 59KB]

Proposed Legislation For Unsolicited Commercial Electronic Messages (Anti-Spam Law)

New Electronic Commerce Protection Act Will Have Serious Impact on Advisors

The federal government this past April introduced long-awaited legislation to deal with various forms of spam, including unsolicited commercial electronic messages. Advocis has been monitoring this issue closely, since the proposed legislation will have some serious impacts on the way advisors do business.

Bulletin #028-7/09 - July 2009 [PDF - 73KB]

Credit Unions in Alberta Seeking Expanded Powers to Sell Insurance in Branches

We have learned recently that the credit unions in Alberta are actively seeking expanded powers to sell insurance directly from their branches. This is also occurring in other provinces such as Newfoundland and Labrador and Saskatchewan. We have provided our views regarding any possible legislative change to allow credit unions to sell and market life and health insurance directly through their branches to the Government of Alberta.

Bulletin #23-11/08 - November 6, 2008 [PDF - 56KB]

Review of Newfoundland and Labrador’s Credit Union Act

Credit Unions Seeking Expanded Powers to Sell Insurance in Branches.

As part of the review of the Credit Union Act, the Department of Government Services was requested by the credit unions to consider an amendment that would allow credit unions to sell life insurance products (but not property and casualty insurance products) in their branches.

Bulletin #22-10/08 - October 6, 2008 [PDF - 56KB]

National Do Not Call List Commences September 30, 2008

New Rules for Unsolicited Telemarketing Calls and a National Do Not Call List Regulatory Guide to Advisor Obligations

This bulletin provides background information on recent changes to the Telecommunications Act and the introduction of the CRTC’s Unsolicited Telecommunications Rules and the establishment of the National Do Not Call List (DNCL).

Bulletin #020-08/08 - August 2008 [PDF - 77KB]

New Anti-Money Laundering and Anti-Terrorist Financing Regulations – Regulatory guide to advisor obligations

This bulletin provides background information on the recent sweeping changes to the federal  government’s anti-money laundering and anti-terrorist financing regime, and a guide to Advocis resources in the Best Practices Manual as well as a continuing education eligible training module to assist advisors in adhering to these mandatory regulatory requirements.

Bulletin #013-08/07 – August 2007 [PDF - 330KB]

Adhering to the Newfoundland and Labrador Principles for the Sale of Insurance – A Consumer Protection Document

As of July 1, 2007 insurance agents in Newfoundland and Labrador will be required to provide clients with a copy of the Consumer Protection Document – Principles for the Sale of Insurance on delivery of the policy contract and with any renewal of a policy or with a cancellation notice. In addition agents must provide insurance clients with the information outlined in the document. This bulletin provides guidelines to assist members in adhering to these requirements.

Bulletin #012-07/07 – July 10, 2007 [PDF - 226KB]

Reliance Model For Reciprocal Licensing – Making it Easier to be Licensed in Multiple Jurisdictions

On July 4, 2006 Canadian insurance regulators will adopt the Reliance Model for Reciprocal Licensing for insurance intermediaries seeking to become licensed in non-resident jurisdictions. The Model harmonizes application forms, continuing education standards, and errors and omissions insurance requirements for insurance agents and brokers. Jurisdictions are not required to introduce any additional licensing requirements where they do not currently exist. In short, regulators in other jurisdictions rely on the requirements of an agent’s or broker’s home jurisdiction, with the option to request that an agent or broker meet further requirements specific to the non-resident jurisdiction(s).

Bulletin #009-07/06 – July 4, 2006 [PDF - 136KB]

Launch of Emerging Regulatory Issues section of Advocis Best Practices Manual

Advocis has launched the new Emerging Regulatory Issues (ERI) section of the Advocis Best Practices Manual with the introduction of the Product Suitability Principle for Insurance Intermediaries section. The new feature, an industry first, will assist financial advisors to incorporate leading-edge practice standards into their practice without the need to wait until regulation, legislation or directives are issued.

Links to documents:

• Emerging Regulatory Issues [PDF - 112KB]
• Managing Conflicts of Interest - Product Suitability Principle for Insurance Intermediaries [PDF - 226KB]
• News release - June 16, 2006 - Advocis Launches New Emerging Regulatory Issues Feature