Investments

Under Canon 39, the Investment Committee of Synod is responsible for managing the Consolidated Trust Fund (CTF) and the Cemetery Fund. It meets four times a year to review the results of the funds and to set policy directions.

See the Investment Policy Statement to learn more.

For more information, contact Patricia D’Souza, Senior Accountant, 416-363-6021 ext. 248 

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 Consolidated Trust fund is managed by the Investment Committee of Synod, which meets four times a year to review the results of the funds and to set policy direction.

The fund is managed 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 and Payne, 1832 Asset Management
Fixed income Mercer Global Investments Canada Limited, Manulife Investment Management
Infrastructure Northleaf Capital Partners
Custodian RBC Investor & Treasury services

As of Sept. 30, 2019, the investment portfolio mix is as follows:

Letko Brosseau 27.87%
Foyston Gordon and Payne 35.40%
1832 Asset Management 18.76%
Manulife Investment Management  7.28%
Mercer Global Investments Canada Limited  4.67%
Northleaf Capital Partners  6.02%

How is the CTF performing?

The five-year performance is as follows:

Year Unit value Yield % of return
2014 218.07 4.50% 9.07%
2015 216.42 4.50% 3.74%
2016 228.39 4.25% 9.78%
2017 239.30 4.25% 9.03%
2018 222.17 4.25% -2.91%

The 2020 CTF dividend rate is at 4.25% (4.25% in 2019).

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 the behalf of the parishes with cemeteries. It includes Care & Maintenance Funds, Monument Funds and Pre-need Funds.

Funeral, Burial and Cremation Services Act, 2002, S.O. 2002, c.33 (the FBCSA) 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 2019, the dividend rate is 2.8%, unit rate of $4.28, subject to adjustment at the end of the year for market value adjustment. For following years, the dividend rate will be in a range of 0-3%, as recommended by the Investment Committee.