The GIF investment statements are now available online for advisors. Clients will receive their paper copy in mid-September.
Following our technological tools update, some information on the statement is displayed differently from what you were used to in the past. To help you ease through those changes, we prepared an explanatory list containing the differences:
-
Value of the Deposits less your withdrawals (Net Deposit Value)
Previously, the
Information about your guarantees section displayed the "Your deposits less your withdrawals" value, which reflected the total amount of your deposits minus the total amount of your withdrawals.
Now, the "Your deposits less your withdrawals" value displayed on your statement corresponds to the market value of your deposits minus the withdrawals, proportional to the market value of your contract at the time of each withdrawal.
For example:
When opening the contract, you made a $1,000 deposit. The market value of your contract is now of $1,100. Then, you withdraw $250 and make no additional deposits.
Previously, the statement would have shown, under the "Your deposits less your withdrawals" value, an amount of $750 ($1,000 – $250). The new statement, however, will now show $773 ($1,000 x (1 - $250 / $1,100)).
-
Value dates displayed in the statement
Exceptionally, some data will be dated August 18, 2022:
- Death benefit;
- Maturity benefit;
- Protected value;
- Net protected value;
- Current income.
This information takes into account transactions processed between July 1, 2022, and August 18, 2022. However, these values may not all appear on the statement as it depends on the type of contract held by the client.
The rest of the information shown on the statement is as of June 30, 2022.
-
Display of GLWB payments
In the
Your GLWB section, if you have not received your payment on June 30 and your payment is scheduled for later this year, the "You have chosen to receive payments" and the "Your payment amount" lines will either be blank or display zero.
-
GLWB, GMWB, GLWB2 projected income
Accounts with GLWB, GMWB and GLWB2 will not display any projected income if the client has not started their withdrawals on June 30.
-
Funds without any transactions
On the former statements, all funds appeared in the transaction history. If there had been no changes, the fund was labelled "No transactions". Now, if there was no activity, the fund will simply not appear in the transaction history.
It is important for us to provide clients with statements that meet the highest quality standards, and we invest a considerable amount of effort to improve the December 31st annual statement production.
We thank you for your understanding.
Any questions?
Please contact us.
1-877-647-5435
service@dfsinvestments.ca
Client Service, Savings
