Category: insight
2 Min read | September 22, 2026

Total Cost Reporting: Transparency you can stand behind

  • Total Cost Reporting
  • Commentary
Total Cost Reporting: Transparency you can stand behind

At NEI, transparency is not a new idea. It is how we have always done business. For years, we have helped advisors and clients clearly understand what they own, why they own it, and the value it can deliver. Total Cost Reporting (TCR) extends that same principle by making investment costs easier to see and easier to discuss. 

 

What is TCR?

Total Cost Reporting, also known as CRM3, is a regulatory initiative led by the Canadian Securities Administrators and the Canadian Investment Regulatory Organization to expand cost disclosure for investment funds. It expands fee transparency by ensuring clients get a complete, dollar-based view of the costs they incur, including the embedded fees inside their investment funds.

 

What’s coming and when?

  • Jan. 1, 2026 - TCR took effect
    • Regulatory rules came into effect. Daily fund cost data collection began for all in-scope products.
  • Dec. 31, 2026 - Year-end close
    • The first full TCR reporting year will close. Full-year cost data will be aggregated.
  • Early 2027 - Client statements
    • Clients will receive their first TCR-enhanced statement with dollar-based fund costs.

 

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This material is for informational and educational purposes, and it is not intended to provide specific advice including, without limitation, investment, financial, tax or similar matters. The views expressed herein are subject to change without notice as markets change over time. Information herein is believed to be reliable, but NEI does not warrant its completeness or accuracy. Views expressed regarding a particular security, industry or market sector should not be considered an indication of trading intent of any funds managed by NEI Investments. Forward-looking statements are not guaranteed of future performance and risks and uncertainties often cause actual results to differ materially from forward-looking information or expectations. Do not place undue reliance on forward-looking information.

 

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus and/or Fund Facts before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

 

NEI Investments is a registered trademark of Northwest & Ethical Investments L.P. (“NEI LP”). Northwest & Ethical Investments Inc. is the general partner of NEI LP and a wholly-owned subsidiary of Aviso Wealth Inc. (“Aviso”). Aviso is the sole limited partner of the NEI LP. Aviso Correspondent Partners operates as a separate business unit of Aviso Financial Inc., which is a wholly owned subsidiary of Aviso Wealth Inc. ("Aviso"). Aviso is a wholly owned subsidiary of Aviso Wealth LP, which in turn is owned 50% by Desjardins Financial Holding Inc. and 50% by a limited partnership owned by the five provincial Credit Union Centrals and The CUMIS Group Limited. Aviso is a registered mark owned by Aviso Wealth Inc.