Regulatory and Compliance Solutions
Legislative and regulatory compliance issues can change over time, or they can change at the drop of a hat, loudly so everyone knows they are coming or silently and have some scratching their heads as to when this change happened. At LTIMindtree Canada, we constantly track legislative and regulatory changes to meet your business needs, in line with the latest industry standards. We have subject-related working groups designed to discuss industry changes, impacts on clients and ways to meet the changes in the most effective ways possible.
We work closely with the Canada Revenue Agency (CRA) and Revenue Québec (RQ) to implement yearly updates to tax forms/XML submissions, tax calculations and rule changes in a streamlined manner. Although part of the Income Tax Act, Unitrax® has separate configurable functionality for Part XVIII (FATCA) and Part XIX (CRS) to enable the different filing rules between Client Name and Nominee as well as Insurance and Securities.
Canada has various Industry-specific “Federal” regulatory bodies governing the operations of Insurance companies/fund manufacturers and MGAs/dealers. These bodies issue guidelines and advisories, as well as recommend best practices within their industries. These recommendations and guidelines are reviewed with clients and Unitrax® is updated to ensure there are no compliance issues with as little business process impact as possible.
One highly talked about change in Wealth Management today is Total Cost Reporting (TCR). Although the outcome for both the Insurance and Securities sector should be similar, we are aware that the roles and responsibilities are quite different. Our subject matter experts continually work closely with clients and industry partners in both to build a TCR solution that will provide benefit to the end investor, while at the same time make it easier for the fund manufacturer to follow their day-to-day processes. Functionality for this initiative must be in place for January 1, 2026, and we believe early engagement will all parties is critical to smooth implementation of any change impacting our clients and their investors.
LTIMindtree Canada also interacts with industry thought leaders and think tanks such as the Investment Funds Institute of Canada (IFIC), Canadian Life and Health Insurance Association (CLHIA) on a regular basis. This helps us tailor our platform to meet the pressing needs of the industry, for instance, Federal and Provincial Budget changes.
Legislative and regulatory compliance issues can change over time, or they can change at the drop of a hat, loudly so everyone knows they are coming or silently and have some scratching their heads as to when this change happened. At LTIMindtree Canada, we constantly track legislative and regulatory changes to meet your business needs, in line with the latest industry standards. We have subject-related working groups designed to discuss industry changes, impacts on clients and ways to meet the changes in the most effective ways possible.
We work closely with the Canada Revenue Agency (CRA) and Revenue Québec (RQ) to implement yearly updates to tax forms/XML submissions, tax calculations and rule changes in a streamlined manner. Although part of the Income Tax Act, Unitrax® has separate configurable functionality for Part XVIII (FATCA) and Part XIX (CRS) to enable the different filing rules between Client Name and Nominee as well as Insurance and Securities.
Canada has various Industry-specific “Federal” regulatory bodies governing the operations of Insurance companies/fund manufacturers and MGAs/dealers. These bodies issue guidelines and advisories, as well as recommend best practices within their industries. These recommendations and guidelines are reviewed with clients and Unitrax® is updated to ensure there are no compliance issues with as little business process impact as possible.
LTIMindtree Canada also interacts with industry thought leaders and think tanks such as the Investment Funds Institute of Canada (IFIC), Canadian Life and Health Insurance Association (CLHIA) on a regular basis. This helps us tailor our platform to meet the pressing needs of the industry, for instance, Federal and Provincial Budget changes.
Details
Unitrax® has continuously been enhanced to ensure it complies on an annual basis with the timelines set out by the CRA. The platform automatically recognizes the line of business being administered and reports the correct information to the CRA through XML filing. Unitrax® has configurable due diligence reporting that allows each client to determine the information and types of reports they want to see and their frequency.
At LTIMindtree Canada we know that each company follows their own business processes and has streamlined their own efficiencies. To this end, the CRS module in Unitrax® is configurable by each client. Statuses, Due Diligence Reports, mapping to fundserv, how the information is filed – is all configurable to ensure that Unitrax® provides the information you need, when you need it.
Our compliance team actively participates in industry forums to discuss the changes added to the CRA Guidance and its impacts for best practices for superior compliance.
Unitrax® supports multiple investment vehicle types: Segregated Funds, Mutual Funds, Guaranteed Investment Certificates (GIC), Daily Interest Investments (DII), Payout Annuities, Guaranteed Withdrawal Benefits (GWB), Guaranteed Investment Accounts (GIA), Pooled Funds, Limited Partnership, Linked Notes, Daily Interest, as an example. Each of these investment vehicles have built in configuration rules to allow you to determine the types of funds and the guidelines to be configured.
The offering encompasses modules that strictly adhere to the different legislative, regulatory and business rules for each product while providing added flexibility that allows clients to issue customized plans for their market.
