Self-Directed & Open Account FAQ

With a self-directed account (RRSP and RRIF), advisors can help their clients consolidate a wide range of assets from various financial institutions, making it both fast and easy to administer the account. One account, multiple assets, one place: B2B Trust.

The B2B Trust Open Account is a non-registered account that can hold Canadian dollar mutual funds (including segregated, hedge and pooled funds) and GICs from any financial institution.

Due to the special reporting requirements for securities and mortgages, B2B Trust does not presently support either asset in the Open Account.

B2B Trust requires original account applications. Please forward all documentation to: B2B Trust, Self-Directed Mutual Funds & Securities, 130 Adelaide Street West, Suite 200, Toronto, Ontario M5H 3P5. Once accounts are opened, we will fax you confirmations with your client’s account numbers.

Mutual fund trades generally settle on the trade date plus 3 business days (T+3). In the case of money market fund trades and switches, these transactions normally settle on the trade date plus 1 business day (T+1).

B2B Trust makes every reasonable effort to place trades within 24 hours of receipt of instructions, however we cannot guarantee same day trading.

Any PAC changes (such as payment amounts, fund changes, banking information or payment frequency) need to be submitted to B2B Trust within 6 business days of the PAC date. We will only process a PAC change if received on the sixth business day before 3:00 p.m. (ET).

Yes, a spousal or common-law partner designation can be removed if the 3 following conditions are met:

When these 3 conditions are met, we will close the existing plan and open a new one in the name of the annuitant.

Yes, your client can continue making contributions to their RRSPs until the end of the year in which they turn 71 years of age provided they have unused contribution room. Individuals should check their Notice of Assessment from the Canada Revenue Agency (CRA) or contact the CRA directly for more information.

The Transfer In Program is an easy way to move at least 25 of your clients’ registered or non-registered accounts to B2B Trust. Here’s how it works:

The Transfer In Program offers a win-win solution to advisors and their clients alike. In addition to the time advisors will save, B2B Trust will either waive the current year’s administration fee of $125 plus GST, or will deposit an amount to each account representing the relinquishing institution’s transfer out fee (up to $125 plus GST) upon receipt of the assets.

The annual administration fee is $125 plus GST. If a client has a self-directed RRSP or RRIF in addition to an Open Account, a single fee of $125 applies to both – it’s like getting two accounts for the price of one!

All fees are outlined in our Fee Schedule. Click here for more information.

Absolutely! Your client can pay the administration fee from the account of their choice. Should they choose to pay the fee from their Open Account, they may be eligible for tax deductions – a tax specialist should be consulted.

Annual administration fees are not prorated and therefore the full fee is charged regardless of the date of transfer.

For external transfers (from other financial institutions), complete and have your client sign a Transfer Authorization for Registered Investments form and a B2B Trust Self-Directed Registered Account Application. Forward a copy of the transfer form to us with the original Self-Directed Registered Account Application. Send the original transfer form to the relinquishing institution. For internal transfers (e.g., if the RRSP is held at B2B Trust), simply send us a letter of direction and a new Self-Directed Registered Account Application signed by your client.

Providing your client has not reached the age of 71, they may convert their RRIF back to an RRSP. A new Self-Directed Registered Account Application will be required to open the RRSP. Remember, the account must be converted back to a RRIF before the end of the year in which the client turns 71.

B2B Trust issues quarterly statements for self-directed RRSPs, RRIFs and Open Accounts – copies are always provided to advisors in advance. For accounts containing self-directed mortgage assets clients will receive monthly statements.