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1. [pdf] The Right Time To Buy And Sell
2. EZcomplete enhancements for segregated fund applications

   When we launched EZcomplete^® for segregated funds back in January we heard a lot of positive comments from our advisors. We also heard that we could do better. So that's just what we did.

    

   1. FUNDSERV CODE 

   Advisors with an active FundSERV code no longer need to remember to select the FundSERV code when starting a new segregated fund application. EZcomplete will now default to the FundSERV code.

   
   2. LOAN DEPOSIT OPTION
   Under the Contributions section of the segregated fund application for Non-registered, TFSA, RSP or Spousal RSP, Loan is now a deposit option under Deposit Types. If Loan is selected, EZcomplete will ask for amount and Lending Company name. Equitable Life® has partnered with B2B Bank to provide investment and RSP loans at competitive rates. Details can be found on EquiNet® under "Loans".

   
   3. LIMITING SUCCESSOR ANNUITANT
   Applicable to TFSA, RIF and Spousal RIF applications only, EZcomplete will now use validation to prevent advisors from accidentally naming the same person as both successor annuitant and beneficiary, reducing the instances of "not in good order" applications.

   
   4. ONGOING PAD FUND SELECTION
   If Ongoing PAD is selected as a Deposit Type, an advisor can allocate the Ongoing PAD to a fund allocation that is different than the rest of the deposit options.

   
   5. TRANSFER FORM NOTIFICATION
   The MGA and advisor confirmation emails now include text to confirm that a Transfer Form has been uploaded and submitted as part of the segregated fund application. This additional information will act as a reminder to the Advisor/MGA to send the Transfer Form to the relinquishing institution.

    

   6. POPULATING FIELDS
   Advisors will no longer need to keep entering the same advisor and MGA information on new segregated fund applications. The first time an advisor code is used on an EZcomplete segregated fund application, the advisor will populate all the required fields. Each subsequent time a new segregated fund application is created with the same advisor code, the following fields will pre-populate with the values that were last entered.

   a) Advisor Email
   b) Dealer/MGA Name
   c) Branch Number
   d) MGA Email

3. Short-term disability coverage for plan members in quarantine or self-isolation*

   Please note: This announcement applies only to groups with short-term disability coverage through Equitable Life

   With the spread of COVID-19, many people have been instructed to self-isolate or quarantine themselves or are doing so voluntarily. We realize this is a stressful situation for people and they may be wondering if they are eligible for disability benefits. Short-term disability is designed to replace a plan member’s earnings if they are unable to work due to illness and injury.  As a result, only plan members who meet the following criteria are eligible for benefits:

   • Plan members who have tested positive for COVID-19 and are unable to work from home are eligible for coverage from Day 1 of their self-isolation period.
   • Plan members who have not been tested but have symptoms consistent with COVID-19 and are unable to work from home, are eligible for coverage. Claims will be assessed according to the terms of the plan.

   Plan members who are in quarantine for any other reason, but do not have symptoms consistent with COVID-19, are not eligible for coverage. These plan members should consider applying for Employment Insurance (EI) benefits, if they do not have an option to work from home.

   Submitting COVID-19-related STD claims

   To make things easier for plan members who need to submit claims related to COVID-19, we will not require a physician’s statement. Instead plan members should submit our simplified Short Term Disability Plan Member COVID-19 Claim Form.

   Plan Administrators need to complete their portion of the regular Short Term Disability Form (Form #421).

   This is a temporary process that will remain in effect through the current coronavirus situation. We will update on changes and share them on EquitableHealth.ca.

   Applying for the Employment Insurance sickness benefit

   Canadians quarantined due to COVID-19, who are not receiving Short Term Disability benefits, can apply for Employment Insurance (EI) sickness benefits. The one-week waiting period for EI sickness benefits has been waived. Service Canada’s dedicated toll-free support number is 1-833-381-2725 or (TTY) 1-800-529-3742.

   *Indicates content that will be shared with your clients

4. Homewood Health COVID-19 Resources

   As the COVID-19 situation continues to rapidly evolve, you may need  information from a trusted source to support your clients, their organizations and their employees.

   Through our partnership with Homewood Health, the Canadian leader in mental health and addiction services, all of our clients and their plan members have access  to a number of tools and resources designed to provide guidance and support.

   Online Cognitive Behavioural Therapy

   For plan members dealing with increased anxiety during these uncertain times, Homewood’s Online Cognitive Behavioural Therapy tool, i-Volve, can help. Through self-paced, web-based therapy, i-Volve can help plan members identify, challenge and overcome anxious thoughts, behaviours and emotions.

   All Equitable Life clients and their plan members have access to i-Volve. It’s available 24 hours a day, seven days a week, wherever you choose to access it.

   Learn more about Online CBT or access i-Volve at Homeweb.ca/Equitable.

   COVID-19 Support Resources

   Drawing on their expertise in mental health, as well as guidance from trusted sources including Health Canada, the Public Health Agency of Canada and the World Health Organization, Homewood has created a number of resources to help support your clients and their plan members.

   • Self-isolation and quarantine: What you need to know
   • Quelling COVID-19 Anxiety
   • Managing stress and anxiety
   • How to speak to children
   • How to stay productive and motivated when working from home
   • The COVID-19 Pandemic: Managing the Impact
   • Support for First Responders, Front Line Workers and Public Facing Employees
   • Financial tips for your financial health
   • Increases in Domestic Violence
   • Those with family members in long-term care facilities
   • Parenting during a pandemic
   • COVID-19: Employee Fatigue, Isolation and Loneliness
   • COVID-19 Back to School - Considerations and tips for parents and caregivers
   • COVID-19: Back to School Support for Kids
   ​​If you have any questions, or wish to discuss the tools, please reach out directly to Homewood. They are here to help support you, your clients and their employees through these unprecedented times. Contact your Homewood Health Account Manager or Homewood’s Customer Experience Team by phone at 1.833.375.0270 or email customersupport@homewoodhealth.com
5. Important Information Regarding FHSA Contributions Many clients have already taken advantage of Equitable’s First Home Savings Account (FHSA), available on Pivotal Select™ Investment Class (75/75) and Pivotal Select Estate Class (75/100).
    
   Below, we answer questions we have received regarding cut-off dates for 2023 FHSA contribution tax receipts.
   
   1. The client submitted an application with a deposit before 11:59 p.m. ET on December 29, 2023. Will they get a 2023 FHSA contribution tax receipt?
   Yes, the client will receive a 2023 FHSA contribution tax receipt.
   
   2. The client submitted an application with a deposit on December 30 or 31, 2023. Will they get a 2023 FHSA contribution tax receipt?
   No, the client will not receive a 2023 FHSA contribution receipt. The client’s deposit will be made effective the next business day, January 2, 2024. The client will receive a FHSA contribution tax receipt for the 2024 tax year.
   
   However, since the client signed the application on or before December 31, 2023, they are eligible to take advantage of the 2023 contribution room in 2024 (up to $16,000 total*).
   
   
   
   3. The client submitted an application with a deposit after January 1, 2024, but it was signed on or before December 31, 2023. Will they be eligible for the 2023 contribution room?
   Yes. Any FHSA application received on or before 4:00 p.m. ET on January 12, 2024 that was signed on or before December 31, 2023 will be eligible to take advantage of the 2023 contribution room in 2024*.
   
   4. The client received a confirmation letter stating their deposit was effective in January, but the application and contribution was submitted on or before December 29, 2023, will they receive a 2023 tax receipt for their contribution?
   Yes, if the client received a confirmation letter stating their deposit was effective in January but the application and deposit was received at Equitable® on or before December 29, 2023, they will receive a 2023 tax receipt for their contribution. We are currently updating any impacted FHSA policies to reflect a December trade date. The client will receive a revised confirmation letter reflecting the December trade date.
   
   5. When will 2023 FHSA contribution tax receipts be issued?
   FHSA contribution receipts for the 2023 tax year will be mailed to clients by February 29, 2024.
   
   If you have further questions,  please contact your Regional Investment Sales Manager or one of our Client Services Representatives at 1.866.884.7427.  
    
   *Clients must consider all eligible FHSAs with any other institutions to determine their remaining contribution room.
    
   ^® or ™ denotes a trademark of The Equitable Life Insurance Company of Canada.
   
   Posted January 2, 2024
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