branch ADMINISTRATION Manual

GIC Redemption

Nominee, Open and Registered Plans

DefinitionA Guaranteed Investment Certificate (or GIC) is a Canadian investment that offers a guaranteed rate of return over a fixed period of time. They are most commonly issued by trust companies or banks. Redemption occurs when investors sell part or all of a Redeemable GIC principal amount from an account.

Order Entry Type Process:Redemption

Process Owner: Branch/HO Admin

Follow Up: HO Admin

With Whom: HO Advisor Services

Forms, Paperwork Flow

Form / Branch / HO Admin / Issuer
FIP Redeemable Request / Original / Copy / Copy faxed by HO Admin

Location:

Advisor can take orders over phone or in person. FIP Redeemable Request is not required to be signed by the client.

Advisor signs FIP Redeemable Request.

The FIP Redemption Request MUST be faxed to HO Admin 1-866-746-4705 to request proceeds from the FIP Supplier

Branch MUST enter the Redemption order on EWMS.

Copy of FIP Redeemable Request is given to client as well as placed in the client file at the branch.

EWMS Process

Enter the client name or ID to search for client

Orders > Redemption

Select the Plan from which the redemption is being placed

Select Payee and Delivery - options are dependent on the plan type selected, example:

Normal client payment - defaults to “Cheque to clients address”

EFT to client’s bank account – EFT info MUST be completed in Bank Accounts under the CLIENT menu, not plan menu (the menu under plans is for FYI only)

No Payment Applicable - Leave as available cash

Ensure the ‘Client Signature Received’ box is checked

‘Detail’ must be selected when processing redemptions within a Registered Plan (appropriate shelter type)

Select the investment from the drop down list of current investments

Enter the amount of the redemption, along the Net/Gross indicator

Click, Add and the validate button to verify if the trade is compliant for processing.

Process the transaction.

A successfully completed transaction will provide the order number, a successfully placed message and a summary of trade details.

Branch MUST fax the FIP Redeemable Request to HO Admin

Redemption Form

Example Below

Important Information

BranchMUST fax the FIP Redeemable Request to HO Admin

Branch MUST enter the Redemption order on EWMS

Advisor must input notes in EWMS and client file if no redemption form was used/signed.

Redemptions for Transfers out of DFS InvestmentsMUST be processed by Head Office only

Confidential, for internal use only- 1 -last revised: 20-Oct-2018 | Volume 1