Gathering paperwork for a new application
What is the difference between the registered/non-registered application and the TFSA application?
Canada Revenue Agency (CRA) requires that TFSAs have their own application form. The main difference is related to selecting the different registration types, for example Retirement Savings Plan (RSP), Retirement Income Fund (RIF), Non-registered or Locked-in Retirement Accounts (LIRA and LRSP) and Restricted Locked-in Savings Plan (RLSP). The other difference is associated to selecting an annuitant who is different than the contract owner of the policy. For TFSA and registered policies, the owner of the policy must be the annuitant. As well TFSA (and registered) policies are exempt from Foreign Account Tax Compliance Act (FATCA) and therefore, the TFSA application does not contain any questions related to FATCA.
What forms do I need with a registered and non-registered application?
The Pivotal Select Application Registered/Non-Registered (Form #1384) is required for registered and non-registered applications. The client must be provided with the Pivotal Select Contract and Information Folder (Form #1403) and Pivotal Select Fund Facts (Form #1366) when the application is completed. If transferring money from another financial institution a transfer form, Registered and Non-registered Transfer Form (Form #114), is required.
What forms do I need with a TFSA application?
A Pivotal Select Application TFSA (Form #1383) is required for a TFSA application. A transfer form, Registered and Non-registered Transfer Form (Form #114), is required if transferring money from another financial institution.