CRM3 resource hub

• Master the new disclosure
  Be ready to break down the enhanced cost information simply and intuitive.
• Sharpen your narrative
  Use the added transparency to highlight the full value clients receive - beyond products alone.
• Build a proactive engagement plan
  Prioritize clients who will benefit from early touchpoints and integrate CRM3 into upcoming reviews to reduce confusion before the first TCR reports arrive.

• Start early to lead the conversation
  Let clients know they’ll receive their first TCR statements in early January 2027.
• Set the context
  CRM3 does not introduce new fees; it simply lays out existing costs more clearly.
• Use a streamlined value message
  Reassure clients that your role is to help them interpret the new data and stay aligned with long-term goals — a strong moment to deepen engagement and uncover new planning needs.
• Clarify what will look different
  Point out the key additions and what each fee supports.
• Invite questions early
  Early conversations reduce uncertainty and open doors for deeper planning.

These changes were announced by the Canadian Securities Administrators (CSA) with the goal of increasing transparency about the costs paid by clients and disclosing the total expenses associated with regulated investment funds and Guaranteed Investment Funds.

The following information will have to be included in the annual Report on charges and other forms of compensation dated December 31, 2026, for clients who hold Guaranteed Investment Funds:

• The total amount of a fund’s expenses in dollars, for all investment funds. This includes management fees, operating expenses and trading costs.
• The total amount of direct fees charged by the fund company (such as guarantee fees or short-term trading fees).
• Personalized performance data has been added, along with a complete Report on charges.
• Expressed as a percentage, the fund expense ratio (FER) is equal to the sum of the management expense ratio (MER) and the trading expense ratio (TER).

An explanatory letter will be included with the customer's annual statement in January 2027.

The changes have a bearing only on the annual statement.

No, these changes apply to the entire industry.

It represents fund expenses as an annual percentage. It corresponds to the sum of the management expense ratio (MER) and the trading expense ratio (TER).

Fund expense ratio (FER = MER + TER).

Compensation payable to portfolio managers responsible for investment decisions, portfolio rebalancing and risk management, as well as the commercial development and marketing of the funds.

The fees include operating and administrative expenses, applicable sales taxes and other taxes, and fees related to the basic guarantee.

No, returns are not impacted by the fee disclosure requirements under CRM3. This means that previously reported returns will remain unchanged and unaffected.

The annual Report on charges and other forms of compensation is issued as of December 31 of every year and available in the first few months of the year.