Total cost
reporting (TCR)

Total cost reporting (TCR) introduces enhanced investment cost disclosures to help you better understand the total cost of owning investment funds. It builds on existing reporting requirements and reflects IG’s commitment to transparency and informed decision-making.

What is TCR?

On April 20, 2023, Canadian regulators announced enhancements to investment cost disclosure, designed to give investors clearer visibility into the total cost of owning investment funds.

TCR is a regulatory requirement introduced by the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO). Building on earlier Client Relationship Model (CRM2) reforms, TCR expands disclosure to include both embedded and direct costs associated with owning investment funds, such as management fees and trading expenses. These fees are not new; TCR simply makes them more transparent, helping investors better understand the full cost of their investments and make more informed decisions.

Investment firms are tracking the required information during 2026, and the first enhanced reports will reflect costs incurred up to December 31, 2026.

You will start seeing this enhanced cost information in your Annual Report on Charges and Other Compensation delivered in early 2027.

Why this change is being made

TCR helps you clearly see what you pay and why, so you can make more confident decisions about your investments. By showing how fund costs affect returns — and how those costs relate to advice and long-term outcomes — it supports better conversations with your advisor and greater confidence in your financial plan.

Understanding fees: what are the key data points that will appear on my statement?

These figures will appear in dollar terms, not just percentages, making it easier to understand the actual cost of investing.

Your statement will show fund expenses and charges in the following ways:

  • The aggregate dollar amount ($) of fund expenses for the investment funds held in your account.
  • The aggregate dollar amount ($) of any direct investment fund charges, such as short-term trading or liquidity fees, where applicable.
  • The fund expense ratio (FER), shown as a percentage, for each investment fund class or series.

Which investments are included?

TCR applies to most prospectus-based investment funds, including:

  • Mutual funds.
  • Exchange-traded funds (ETFs).
  • Liquid alternative funds.
  • Closed-end funds.
  • Segregated funds.
  • Scholarship plans.

Some investments, such as guaranteed investment certificates (GICs), direct stocks and bonds, and certain exempt products, are not included.

What this means for you

TCR provides a clearer picture of the cost of investing and helps you better understand the value of your investments.

If you have questions about your statement or what these changes mean for you, your IG Advisor is available to help.