CIBC Mellon now delivers fund expense data daily to industry repositories
More than 12,000 reporting line items move through CIBC Mellon's total cost reporting system every business day.
The company says the volume reflects how far Canada's new fee-transparency regime has reshaped fund operations since it took effect on January 1.
The custodian reported it delivered 100 percent on-time onboarding for every investment fund manager (IFM) client that subscribed to its service ahead of the rule change.
The service runs as a centralized hub that calculates the daily cost factor, or the fund expenses per security for a given day, and routes fund expense ratios to industry repositories.
Ronald Landry, head of segment solutions and Canadian ETF services at CIBC Mellon, said clients flagged early that they needed "a centralized solution to meet the new CSA requirements."
Building their own infrastructure, he added, was not an option they wanted to pursue.
The requirements, set under amendments to National Instrument 31-103 and often called CRM3, force IFMs to expose the embedded costs of owning mutual funds and ETFs.
According to Advisor.ca, dealers began collecting data on those costs on January 1 and must report them to clients in both dollar and percentage terms starting in 2027.
The rules build on CRM2, which since 2016 had disclosed advisor compensation but left product-level fees off client statements.
CIBC Mellon is not alone in the build-out.
State Street said its Canadian TCR service has run since the second half of 2025 and was ready for reporting on the January go-live.
Fundserv, meanwhile, built a centralized database of cost factors and opened a non-trading membership class so manufacturers of ETFs and other products can transmit data to more than 300 distributors, according to the network.
For advisors, the change moves the conversation from price to value.
Manulife's Jordy Chilcott described TCR as a standard built to help investors understand the total cost they pay for products and advice.
RBC Wealth Management's Chandra Smith told Advisor.ca that clients will react in both practical and emotional terms, and urged advisors to open those conversations early.
The added visibility may favour lower-cost products.
TD Securities reported an average management expense ratio of 0.97 percent for fee-based mutual funds against 0.67 percent for ETFs, a gap that grows harder to ignore once clients see it in dollars.
