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.