in si de ha lto n. co m O ak vi lle B ea ve r | T hu rs da y, O ct ob er 11 ,2 01 8 | 18 Let us at R icarda 's ! In need of a place to host your employees, coworkers, or extended family?! We've got a private dining space, custom menu options, and a variety of bar set ups to suit your parties needs! Get in touch to plan your celebration at Ricarda's reservations.oakville@ricardas.com 312 Lakeshore Rd. E., Oakville, ON L6J 1J2 (905) 844-7401 | @ricardas.ov When you need healthcare fast: HealthSense Medical Walk-In Clinic Short wait times Convenient location at WestOak Trails Plaza Great hours - weekdays 8:30am to 8:30pm Pharmacy onsite 0pm Short wait times! 905-825-DOCS (3627) 2983 Westoak Trails Blvd South of Dundas, at Bronte Rd info@healthsensemedical.ca www.healthsensemedical.ca HOURS Mon - Fri 8:30am to 8:00pm Saturday 9:00am to 2:00pm Family Doctors • Walk-In Clinic Chiropractic • Pharmacy • Travel Clinic 8:30p The momentum to change the way mutual funds are purchased hit anfunds are purchased hit anf unexpected roadblock. Ontario Finance Minis- ter Vic Fedeli recently an- nounced that the new Con- servative government did not agree with reforms pro- posed by the Canadian Secu- rities Administrators (CSA). The CSA is the umbrella group for all provincial secu- rities commissions. Six years ago, they started an ex- haustive process that identi- fied potential investor pro-fied potential investor pro-f tection concerns. Finally, in September, it published its final proposed changes. final proposed changes. f One way for investors to purchase mutual funds re- mains the deferred sales charges (DSC) option. When an investor pur- chases a DSC mutual fund, the selling investment deal- er earns an upfront sales commission of up to five per cent, paid by the mutual fund company. In exchangefund company. In exchangef for the investor not paying afor the investor not paying af commission to buy the fund, they agree to a hold period of up to seven years. If the in- vestor were to sell in the first seven years after the pur- chase date, the investor would be charged an early redemption fee by the mutu- al fund company. The CSA claims that in many instances, investors are not completely aware of the upfront commission or redemption fees, which start at approximately six per cent in the first year and de- cline yearly until reaching zero. The response to Fedeli's sudden and surprising an- nouncement was strong. Or- ganizations involved in the sale of mutual funds were supportive, while many re- presenting investors' inter- ests were opposed. With respect to the CSA'sWith respect to the CSA'sW proposed reforms, the Onta- rio Conservative govern- ment's stand will now cause a further delay in their ini- tiative. If DSCs are here to stay, my recommendation if you are buying DSC mutual funds, is to be sure your ad-funds, is to be sure your ad-f viser discloses what they are paid upfront and as a trailer, and the possible penalties should you need to sell those mutual funds. Peter Watson is an agent of, and securities products are provided by, Aligned Capital Partners Inc. (AC- PI). ACPI is a member of the Investment Industry Reg- ulatory Organization of Canada (IIROC) and the Canadian Investor Protec- tion Fund (CIPF). The opin- ions expressed are those of the author and not necessari- ly those of ACPI. Peter Wat- son provides wealth man- agement services through Peter Watson Investments. ONTARIO DOES NOT SUPPORT BANNING DSC FEES OPINION RESPONSE TO FINANCE MINISTER'S ANNOUNCEMENT STRONG, WRITES WATSON PETER WATSON Column