In today’s economic climate where HISAs are increasingly popular, the ability to use a periodic income program (PIP) in this type of savings vehicle gives you an additional option for providing your clients access to their money.
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What is a PIP? The PIP is an option that allows clients to make automated scheduled withdrawals from their TFSA, RRSP or non-registered contract and which is mainly used to facilitate retirement income payments. Three automatic withdrawal (AWT) term options are now available:
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Forms and procedures
To allow you to choose the HISA as a source fund for the PIP, the following forms and procedures have been updated:
- F51-153A-4 | Payments and Instructions for AWT
- F17A | Investment Application - IAG SRP (dynamic PDF)
- F17A-1 | TFSA Application (dynamic PDF)
- Accepted Forms List
For direct deposit requests, submit a void personalized cheque in the client’s name.
Take this opportunity to tell your clients about this new possibility, especially those who are already using the PIP.
