NR Agreement

Team Notice of IFIC and IIAC Member Non-Resident Indemnification Agreement

The Canada Revenue Agency (CRA) revised its administrative policies related to how to determine the applicable tax withholding rates for non-residents, requiring manufacturers to know the beneficial ownership, tax jurisdiction and entitlement to treaty benefits for clients. This could lead to both manufacturers and fund managers approaching clients for such information, including through new CRA tax forms (e.g., NR301s).

Fundserv, IFIC and the IIAC have worked together on a solution for nominee name and/or intermediary accounts to prevent customer services issues that will arise if each manufacturer contacted each end client directly rather than accessing the information through the distributor. To this end, we have developed corresponding agreements for the manufacturers (the Manufacturer’s Agreement) and for the distributors (the Distributor’s Agreement).

The fundamental premise of the agreements is that the manufacturer will rely on the distributor to identify and advise the manufacturer of the client’s jurisdiction for tax purposes and to maintain appropriate supporting documentation. The manufacturer will rely on the tax code and withhold tax on any distributions at the rate appropriate to that country unless the disributor instructs that another rate be used. In return, the manufacturer will agree not to contact the end client for such information on the basis that the distributor indemnifies the manufacturer and fundserv against losses resulting from the information provided by the distributor in the event that the supporting documentation is inaccurate or not sufficient for CRA purposes.

These agreements will be housed at a centralized location at fundserv to allow each distributor to sign only one form that can be relied upon by all manufacturers that have signed a corresponding agreement. We anticipate full participation in this initiative from both distributors and manufacturers as it benefits all parties, most notably the client. The fundserv Standard Steering Committee has endorsed these agreements, and IFIC and IIAC members have asked each association to recommend that their members participate in this initiative.

To this end, please review, complete and sign the relevant agreement and forward the executed agreement to fundserv by or as soon after September 4, 2012 as possible. fundserv will make available the weblink that will show which manufacturers and which distributors have signed the agreements After September 4, 2012.

If you have any questions regarding the background or details of the agreements, please contact:


James Carman,

Manufacturer Agreement


Adrian Walrath,

Distributor Agreement
Letter of Direction for Application of Treaty or Non-Treaty Rates
NR Agreement FAQ

Non Resident Indemnification Agreement – Participating Companies

7736Aligned Capital Partners Inc. C/O NBIN
7945Aligned Capital Partners Inc.
9721Assante Capital Management
7646Assante Financial Management Ltd.
9815Assante Financial Management Ltd.
7771ATB Securities Inc.
7696Banwell Financial Inc.
9323Beacon II Inc.
7950Belay Wealth Inc.
7951Belay Wealth Inc.
9502BLC Services Financiers Inc.
9025BMO Investments Inc.
9185BMO Nesbitt Burns Inc.
7555BMO Trust Co.
7923Burgeonvest Bick Securities Limited
9041Caldwell Securities Limited
9335Canaccord Genuity Corp.
9724Cormark Securities Inc.
7561Credential Asset Management Inc.
9962Credential Asset Management Inc.
7799Credential Securities Inc.
7723CWM Funds Inc.
7802Desjardins Cabinet de Services Financiers Inc
9697Desjardins Financial Security Investments Inc.
9220Desjardins Financial Security Investments Inc.
9039Desjardins Financial Security Investments Inc.
3391Desjardins Financial Security Investments Inc.
3363Desjardins Financial Security Investments Inc.
7886Dundee Securities Ltd.
7563E3M Investments Inc.
9844Edward Jones
7862Fidelity Clearing Canada ULC
9030Fidelity Clearing Canada ULC
7648FundEX Investments Inc.
3427FundEX Investments Inc.
3200Global Pacific Financial Services Ltd.
9177Global Securities Corporation
7673GMP Securities LP
9091Haywood Securities Inc.
9525HollisWealth Advisory Services Inc.
9212HollisWealth, a division of Scotia Capital Inc.
7759Investors Group Financial Services
9737Investors Group Securities Inc.
3426Kronish Financial Services
9582Leede Financial Markets Inc.
7769Les Fonds d’investissement FMOQ Inc.
9140MacDougall, MacDougall, MacTier Inc.
3490Mackie Research Capital Corp.
9010Mackie Research Capital Corp.
9285Macquarie Private Wealth Inc.
7585Manulife Securities Incorporated
7584Manulife Securities Investment Services Inc.
7869Matco Financial Inc.
9871MD Management Ltd.
7741Merici Services Financiers
7755Mica Capital Inc.
9463Miles Santos and Associates Inc.
7620Monarch Wealth Corp
9112Multi Courtage Capital Inc.
9855Networth Financial Corp.
9195Odlum Brown Limited
9060Open Access Limited
7636Peak Investment Services
7717Peak Investment Services
9620Peak Investment Services
7655Peak Investment Services
7659Peak Investment Services
7682Peak Securities Inc.
7653Penson Financial Services Canada
9210Peters & Co. Limited
9527PI Financial Corp.
7782Pinnacle Correspondent Services
9499Portfolio Strategies Corp.
3445Qtrade Asset Management Inc.
7753Qtrade Asset Management Inc.
7815Qtrade Securities Inc.
9917Quadrus Investment Services Ltd.
7900Questrade Inc.
9485Raymond James Ltd.
9190RBC Dominion Securities Inc.
7568Royal Mutual Funds Inc.
9155Scotia Capital Inc.
7689Scotia Securities Inc.
7624Services Financiers Eterna Inc
7557Sinclair-Cockburn Financial Services Inc.
7873Sora Group Wealth Advisors Inc.
9823Sterling Mutuals Inc.
7697Sun Life Finanical Investment Services (Canada) Inc.
7578TD Waterhouse Canada Inc.
7638TD Waterhouse Canada Inc.
7693TD Waterhouse Canada Inc.
7698TD Waterhouse Canada Inc.
7874TD Waterhouse Canada Inc.
7882TD Waterhouse Canada Inc.
9265TD Waterhouse Canada Inc.
9834TD Waterhouse Canada Inc.
9900TD Waterhouse Canada Inc.
9408Tradex Management Inc.
7841UBS Investment Management Canada Inc.
9306Valeurs Mobilieres Banque Laurentienne
9289Valeurs Mobilieres Banque Laurentienne
9356Valeurs Mobilieres Desjardins
9595W.H. Stuart Mutuals Ltd.
9564Wolverton Securities Ltd.
9181Worldsource Financial Management Inc.
Code Intermediary
MRSB2B Bank Financial Services Inc.
MRCCB2B Bank Intermediary Services Inc.
MSSIB2B Bank Securities Services Inc.
AETNCanadian Western Trust
CWTCCanadian Western Trust
MFDCCanadian Western Trust
CUBCCredit Union Central of BC
TEETEterna Trust
BLCELBC Financial Services
BLCRLBC Financial Services
LBOSLBC Financial Services
TDBITD Waterhouse Canada Inc.
AGFAGF Investments Inc.
AHPArrow Capital Management Inc.
ATBATB Investment Management Inc.
TWCBellwether Investment Management Inc.
BTGBeutel Goodman Managed Funds Inc.
BCCBluMont Capital Corporation
GGFBMO Investments Inc.
BIPBrandes Investment Partners
BMGBullion Management Group Inc.
CIMCaldwell Investment Management Ltd.
GOCCanoe Financial Limited Partnership
CIFCapital International Asset Management (Canada) Inc.
CHOChou Associates Management
CIGCI Financial Inc.
ATLCIBC Asset Management
CIBCIBC Mutual Funds
CGFCounsel Portfolio Services
COFCreststreet Asset Management
AAGCrystal Wealth Management System Ltd.
IMPDesjardins Financial Security
DJTDesjardins Trust Inc.
DYNDynamic Funds
EDGEdgePoint Wealth Management Inc.
EXLExcel Funds Management Inc.
EXPExemplar Portfolios Ltd.
FCOFiera Capital Corporation
FIDFidelity Investments Canada ULC
FPGFidelity Investments Canada ULC
FAFFirst Asset Investment Management Inc.
FTOFranklin Templeton Investment Funds
FTWFranklin Templeton Investments Corp.
TMLFranklin Templeton Investments Corp.
FSEFront Street Capital 2004
FTCFT Portfolios Canada Co.
FAMFulcra Asset Management Inc.
GOFGolden Opportunities Fund Inc.
WOFGrowth Works Capital Ltd.
WVNGrowthWorks WV Management Ltd.
HRVHarvest Portfolios Group Inc.
HKBHSBC Global Asset Management
IACIA Clarington GIF
CCMIA Clarington Investments Inc.
AIMInvesco Canada Ltd.
ATSInvesco Canada Ltd.
IGIInvestors Group Investment Management Ltd.
ICCInvico Capital Corporation
KJHK.J. Harrison & Partners Inc.
LWFLeith Wheeler Investment Counsel Ltd.
BLVMackenzie Financial Corporation
MFCMackenzie Financial Corporation
MGWMackenzie Financial Corporation
MMFManulife Asset Management Limited
MATMatco Financial Inc.
MAVMatrix Management
MAWMawer Investment Management Inc.
LIMMaxam Capital Management Ltd.
MIDMiddlefield Limited
MTGNational Bank Securities
NBCNational Bank Securities
NXGNexGen Financial L.P.
NPPNinepoint Partners LP.
NRPNorrep Funds
NRFNorthern Rivers Capital Management Inc.
NWTNorthwest and Ethical Investments L.P.
SRIOceanRock Investments Inc.
PALPalos Management Inc.
PHNPhillips Hager & North Investment Funds Ltd.
PICPicton Mahoney Asset Management Inc.
PMOPIMCO Canada Corp.
PFCPurpose Investments Inc.
QWEQwest Investment Fund Management Ltd
RMARBC Asset Management Inc.
RBCRBC Dominion Securities Inc.
RAMRedwood Asset Management Inc.
FRCRussell Investments Canada Inc.
RPMRussell Investments Canada Inc.
BNSScotia Asset Management LP
PCASEI Canada Investments Co.
NCESentry Select Investments Inc.
SSCSentry Select Investments Inc.
SSHSentry Select Investments Inc.
SPRSprott Asset Management LP
SLMStandard Life Mutual Funds Ltd.
SIFSteadyhand Investment Management
SCLStone & Co. Limited
SUNSunLife Global Investments (Canada) Inc.
TDBTD Asset Management
TDGTD Asset Management
TDMTD Asset Management
TMITradex Management Inc.
VPIValue Partners Investments Inc.
SBHYorkville Asset Management