“LTI’s Unitrax® a Well-Designed Solution”: ESDC Audit
In a recent compliance audit conducted by Employment and Social Development Canada (ESDC), LTI’s Unitrax solution cleared the extensive and intense audit with flying colors. According to the auditors, “the Unitrax system is well designed and fully capable of administering RESPs and our incentives. The information reported by their system is compliant with the standards outlined by the CESP.”
The Unitrax RESP functionality has grown with the industry and as the demand for RESP’s continues to rise in the Canadian investment fund marketplace, so does the need by promoters to effectively administer them. The RESP capabilities in Unitrax were created to allow promoters to configure the solution to the plans they support, giving them full control over what is being processed. Our solution supports Federal and Provincial Interface Transaction Standards together with the associated processes required to administer active Federal grants as well as those specific to British Columbia (BCTESG) and Quebec (QESI). Unitrax also manages plans for Saskatchewan (SAGES) and Alberta (ACES) – where provincial grants have been put on hold/ terminated, allowing for future re-activation.
Kim Barrett, Product Manager, Regulatory, Legislative & Tax Compliance, LTI Canada, said: “LTI invests a significant amount of time and effort into ensuring that our education savings plan administration system meets the high expectations of the ESDC and their auditors. These results validate that LTIs ongoing focus on our processes and systems is enabling promoters, and ultimately investors, to achieve their education savings goals.”
Unitrax is LTI Canada’s industry-leading flagship product – a comprehensive and flexible SaaS-based investor record-keeping system. It is privately hosted on LTI’s infrastructure and is implemented in production by over 190 clients across Canada, representing CAD 815+ billion in assets under administration, making it a proven leader in the Canadian record-keeping solutions marketplace.