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(Nathan Denette/Canadian Press) CIBC investment dealers will pay more than million to compensate clients who were inadvertently overcharged fees, Ontario's securities regulator says.
Under the terms of a no-contest settlement approved Friday, the Ontario Securities Commission said it has found no evidence of dishonest conduct by CIBC World Markets Inc., CIBC Investor Services Inc. "We will begin reaching out to affected current and former clients to compensate them," CIBC spokesperson Caroline Van Hasselt said in an email statement.
That number stood at 4,056,060 recipients, representing just over 7.1 million Canadian children.
Of those eligible recipients, 3,579,250 — or 88 per cent — were getting monthly cheques at some point in the CCB’s inaugural year.
But the agency needs to be much more specific about exactly what documents are needed, Benson said.
It’s one of the most common complaints her constituents bring into her office, she said, usually after trying to deal directly with the Canada Revenue Agency.“It’s not an affluent riding, and people don’t have a lot of money,” Benson said Friday.“They have to provide birth certificates, notes from their landlord, sometimes notes from their doctor saying that these in fact are their children and they’re in their custody.
They don’t hear back sometimes for up to ten weeks, two-and-a-half months.
Finally, immigration status can also create a barrier for some families.
Permanent and temporary residents who have been in Canada for at least 18 months can receive the benefit, but not so for some sponsored spouses. According to Benson, there are many people in her riding of Saskatoon West who have struggled mightily when trying to get their paperwork in order.
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