Total Cost Reporting in Canada: What’s Changing in 2027?

What is Total Cost Reporting (TCR or CRM3)?

Total Cost Reporting, often referred to as CRM3, is an enhancement to Canada’s investment cost disclosure requirements. The new rules took effect on January 1, 2026. They require applicable investment fund expenses to be reported in dollars on annual reports of charges and compensation, together with dealer and advisor charges already subject to reporting.

When will I receive the new report?

The first enhanced annual reports generally cover the 2026 calendar year and are expected to be delivered in 2027. The timing and applicability of an individual report depend on the firm, account and relevant reporting requirements.

What information will the report include?

For investment funds covered by the rules, the report generally includes:

• Total fund expenses during the reporting period, expressed in dollars.
• Direct investment fund charges, where applicable, expressed in dollars.
• A fund expense ratio, expressed as a percentage for each applicable fund class or series.
• A combined total of reported investment fund costs and the dealer’s charges.

Fund expenses can include management, operating and trading expenses. These are generally reflected in a fund’s value and returns rather than billed as a separate invoice.

Will the new reporting mean I’m paying more?

No new investment fees are created by the reporting change itself. The purpose is to make applicable existing costs more visible. The actual costs on your account can still change over time.

Does Total Cost Reporting apply to corporate investment accounts?

Generally, yes. Corporate accounts can receive the enhanced reporting, subject to the applicable rules and exemptions. Certain non-individual permitted clients may qualify for exemptions from annual reporting. If you’re unsure whether a particular corporate account will receive the report, ask the account provider.

Does the report include every possible investment cost?

Not necessarily. The rules do not cover every investment product or expense. Some investment funds are excluded from particular disclosure requirements, and costs charged directly by third parties may not appear in the report. Other types of financial products may follow different disclosure regimes. Your account provider can explain what is, and is not, included for your account.

How should I use the information?

Read the total reported costs in dollars and the breakdown of applicable charges. Ask questions about anything you don’t recognize. Understanding cost is important, but so is understanding the advice and services you receive for what you pay.

What should accountants and lawyers know?

Clients with corporate accounts may ask about new cost figures when they receive their reports in 2027. Encourage them to review the annual cost report, clarify questions with their account provider and consider the information alongside the broader financial and tax context. Reporting requirements and exemptions may differ for some corporate accounts.

Where can I see Insight Planning’s advisory fees?

We publish our Private Wealth and corporate advisory fee schedules openly. These show our advisory fees, not a representation of every possible cost associated with investing. View our published advisory fees.