Changes coming soon to client statements will tell Canadians more than ever before about their investments. After December 31, 2015, all securities firms are required to provide the following information if they are not already doing so:
1. The total amount you paid to purchase your investment, including any transaction charges related to your purchase.
2. The price at which your investment can be sold on the market at a point in time.
3. The total value of all cash and investments in your account at the beginning and the end of the statement period.
4. Whether your mutual fund is subject to a deferred sales charge – a fee that does not have to be paid until you sell your fund. After a certain number of years, these charges usually decline to zero.
5. Whether your mutual fund is covered by an investor protection fund and the name of that fund.
6. Information as to who is named as the owner of the investment, and a description of how it is held. (Some investments are held in the client's name and some are held in the firm's name. It's up to you.)
Ask your financial advisor to explain any terms or content included in your statement that you don't fully understand. Better conversations with your advisor lead to more informed decisions that help you reach your financial goals
