CORONAVIRUS NOTICE #14

We ask those who have not completed the survey to do so as soon as possible. The information gathered will allow us to collect timely and useful information and to further improve how we can serve you during these trying times.

There are several noteworthy observations in the survey results.

First, there is a significant concern on the part of many advisors regarding cyber security. More than 65% have expressed the need to compare your actions in this regard with some best practices. For this purpose, you will find below a checklist of the most common ways to raise your level of cyber security.

Several of you have also indicated that you do not have an elaborate, written crisis management plan. Others have one and wonder if it is adequate. We recommend everyone identify and document the key risks that could harm your business or your clients. We have taken note of your business continuity needs and we will address this in our upcoming communications.

We noted that there are still many advisors who are sending most of their client statements by mail rather than using online statements.

For a variety of reasons including environmental impact, cost, security, and recently, the health and safety of all concerned, we strongly encourage everyone to ask their clients to move to online statements. If you need our help to achieve this goal, please let us know.

A final note on the survey: we are very happy with the satisfaction rating you gave us regarding PEAK services in general (81% very satisfied), our daily COVID-19 communications (80% said they were very satisfied) and the overall management of the crisis (88% said they were very satisfied).

We are very grateful for your confidence and support. This encourages us to keep providing the best service we can.

Sincerely,

Robert Frances
President and CEO

CYBERSECURITY

10 BEST PRACTICES

1. Ensure that your operating systems (ex. Microsoft Windows, IOS) are updated with the latest security patches.
2. Enable your device encryption (ex. Bitlocker).
3. Ensure that your Anti-Virus systems are up to date.
4. Replace any low strength password with a more secure one (letters, numbers, symbols, etc.).
5. Adopt a policy to separate your personal and professional devices (ex. you should not have Netflix on your work device).
6. Ensure that backups are done and tested on a regular basis.
7. Whenever possible use a secure VPN connection.
8. Refrain from opening up emails from unknown sources.
9. When in doubt ask an IT professional before clicking on a link that you are uncertain about.
10. Always log out of your session before walking away from your devices in order to reduce the possibility of unauthorized access.

RRIF MINIMUM AMOUNT

75% OF THE MINIMUM PREVIOUSLY CALCULATED FOR 2020

We would like to inform you that Bill C-13, An Act respecting certain measures in response to COVID-19, was passed by Parliament on March 25, 2020.

This Act confirms that the 2020 RRIF minimum amount is 75% of the previously calculated minimum.

We are working closely with our providers to determine how to implement these new measures in our various platforms. We will continue to keep you informed on this matter.

In the meantime, we would like to share with you the questions and answers provided by the Government of Canada to help you understand the changes.

In particular, we would like to draw attention to question 3 of the FAQs.

• Will individuals who have already withdrawn more than the reduced 2020 minimum amount be permitted to re-contribute to their RRIFs an amount up to the 25% proposed reduction?
  • No. Individuals who have already withdrawn more than the reduced 2020 minimum amount will not be permitted to re-contribute to their RRIFs an amount up to the 25% proposed reductions.

Read the FAQ

TOMORROW, APRIL 1, 2020, BETWEEN 5 AM AND 7 AM (ET)

MAINTENANCE OF THE PUBLIC WEBSITE

We wish to advise you that the PEAK’s public website will be temporarily unavailable tomorrow, April 1, 2020, between 5 AM and 7 AM (ET), for maintenance and update.

Thank you for your understanding and your collaboration.

CORONAVIRUS SUMMARY PAGE

In order to consolidate all PEAK information regarding the Coronavirus, we have created a temporary Web page.

COVID-19 page