Gathering paperwork for a new application

Understanding the differences between application types: Registered, Non-registered, TFSA and FHSA

Application differences:
The Canada Revenue Agency requires distinct application forms for Tax-Free Savings Accounts (TFSA) and First Home Savings Accounts (FHSA). Here's how they differ from registered and non-registered applications:

1. Registration Types:
Registered applications allow for various registration types such as:

• • Retirement Savings Plan (RSP)
• • Retirement Income Fund (RIF)
• • Locked-in Retirement Accounts (LIRA, LRSP)
• • Restricted Locked-in Savings Plan (RLSP)

TFSA and FHSA applications are specific to their respective account types and do not offer multiple registration options.

Annuitant requirements:

• • For TFSA, FHSA, and other registered contracts, the contractholder must also be the annuitant.
• • In contrast, non-registered applications may allow the annuitant to be different from the contractholder.

FATCA exemption:

• • TFSA, FHSA and registered contracts are exempt from the Foreign Account Tax Compliance Act (FATCA). TFSA and FHSA applications do not include FATCA-related questions, unlike non-registered applications.

2. Required forms by application type:
Registered and Non-Registered Applications:

• • Form #2244 – Guaranteed Investment Funds Application Registered
• • Form #2241 - Guaranteed Investment Funds Application Non-Registered
• • Form #2245 – Guaranteed Investments Funds Contract Provisions and Information Folder
• • Form #2246 – Guaranteed Investment Funds Fund Facts
• • Form #114 –Transfer Form (if transferring funds from another financial institution)

FHSA Applications:

• • Form #2243 – Guaranteed Investment Funds Application FHSA
• • Form #114 –Investments Transfer Form (if transferring funds)

TFSA applications:

• • Form #2242 – Guaranteed Investment Funds Application TFSA
• • Form #114 –Transfer Form (if transferring funds from another financial institution).

Consider going digital instead.

Equitable^® has electronic options that make doing business with us easy and seamless and will help to prevent delays in the event of a postal strike. Online tools for advisors through EquiNet^® 
● Use EZcomplete^® to submit your individual wealth, individual life and critical illness insurance applications electronically.
● Use Policy/New Business Inquiry and EZtransact™ to keep your business running. You will continue to receive your online correspondence so that you can keep clients up to date with lapses or premiums due.
● Use EZUpload to submit scanned applications through a secure online connection. Easily upload applications and related documents, all at the click of a button. EZ Upload saves you time and courier costs and can be used for your life insurance, critical illness and individual wealth business.