Consolidated Trust Fund
Churches are free to set their own investment policies and make their own decisions. Many choose to use the diocesan Consolidate Trust Fund (CTF). It provides a convenient and low-cost investment vehicle for the investment, endowment and trust funds of the Diocese and its parishes.
How it’s managed
The CTF is managed by the Investment Committee of Synod based on investment principles and guidelines contained in the Investment Policy Statement, established by the committee and approved by Diocesan Council. The investment policy for the fund is governed by the Ontario Trustee Act.
The fund uses a number of managers:
|Balanced fund||Letko Brosseau|
|Equity fund||Foyston, Gordon & Payne, 1832 Asset Management|
|Fixed income||Manulife Investment Management|
|Infrastructure||Northleaf Capital Partners|
|Custodian||RBC Investor & Treasury Services|
As of Dec. 31, 2020, the investment portfolio mix is as follows:
|Foyston, Gordon & Payne||32.17%|
|1832 Asset Management||20.28%|
|Manulife Investment Management||11.71%|
|Northleaf Capital Partners||9.51%|
How is the CTF performing?
Here’s the five-year performance:
|Year||Unit value||Yield||% of return|
The 2021 CTF dividend rate is at 4.25% (4.25% in 2020).
The dollar value of dividend per unit is computed as a 3-Year rolling average taking Sept as the base period for the past three years. For example, for the year 2020, the average of unit values of the 3 periods – Sept 2019 , Sept 2018 , Sept 2017 is multiplied by the yield rate (4.25%) to determine the dividend per unit
How it works
Please send the amount to be invested in CTF as a cheque payable to “The Incorporated Synod of the Diocese of Toronto”, and the memo line should read “CTF investment ” and the parish name or by direct deposit onto our bank account, details are as following:
Bank name: CIBC, Institution number: 010, Transit #: 00002, Account #: 8146713.
Please also provide a letter of direction with your investment stating the fund name where the money should be invested.
In case of new funds please provide the following details:
- Fund Name– The name you wish to give your investment.
- Fund type– Rectory Fund/ Glebe Fund/ Cemetery Investment/ Cemetery Bequest/ Church Bequest Restricted/Church Bequest Unrestricted/ Church Investment Restricted/ Church Investment Unrestricted/ Endowment
- Restrictions to withdrawals if any – Please give a detailed explanation of the conditions to be met to be able to withdraw.
- Dividend payment term- Paid out in full, partially capitalized, capitalization %.
- Signatures– Please provide signatures of the authorized churchwardens who can request withdrawals from the fund.
If dividends should be paid out (partially or in full) we require bank details. Please download and submit an EFT Permission form. Please also provide us with email address(es) for receiving your investment fund statements.
Timing of dividend Payments:
Please be advised that dividends are based on the unit balance at the end of the previous calendar quarter. For example, if you invest in a fund on Oct 01st of the year, you will receive your first dividend payment on March 31st of the following year based on the units in the fund as of Dec 31st of the year of investment.
Accordingly, it is advisable that you post-date your cheque to a quarter end date or send us funds close to the end of a quarter as it will not earn any money until the investment is unitized.
Withdrawal of funds:
There is no minimum balance restriction on the withdrawal of funds. However, if the entire fund balance is requested to be withdrawn, we usually require 20% withheld till the quarterly unitization process is complete. This is necessary to determine the updated value of the units and then make any adjustment to pay out the remaining balance.
For more information, contact Patricia D’Souza.
Consolidated Cemetery Fund
The Consolidated Cemetery Fund is managed by Scotia Asset Management, which invests on behalf of the parishes with cemeteries. It includes Care & Maintenance Funds, Monument Funds and Pre-need Funds.
The Funeral, Burial and Cremation Services Act, 2002, S.O. 2002, c.33 requires that the funds be managed by a trustee. The trustee for the Consolidated Cemetery Fund is Scotia Wealth Management.
The fund will distribute income earned in the form of interest and dividend. In compliance with Bereavement Authority of Ontario’s requirement, the dividend distribution is limited to the investment income earned during the year. As a result, the income distribution for the year 2020 was set at the rate of $4.28 per unit, representing a 2.5% return on investments as at December 31, 2020.