CICC regulations

Question 1

What is required for Agent Registration?

Answer 1

Register before work, provide contact information, business information, website and social media, email, and pay $500 for the first year and $250 for ongoing years.

Registration must occur prior to commencing work.

Question 2

What must the RCIC notify CICC about an Agent within 15 calendar days?

Answer 2

Agent’s resignation or termination, change in Agent information, change in agreement.

Timely notification is crucial for compliance.

Question 3

What is the penalty for a first violation of regulations?

Answer 3

Written warning and direction for correction with 30 calendar days to rectify the issue.

Initial penalties aim to correct behavior rather than punish.

Question 4

What must be notified to CICC within 15 calendar days regarding information changes?

Answer 4

Legal name, address, phone, email, fax for individuals and businesses, client account.

Accurate and timely updates are essential for maintaining compliance.

Question 5

Who can a Client Account be under the name of?

Answer 5

• RCIC
• The Entity or Firm under which the RCIC conducts business or is a partner
• The partners of the Firm in which the RCIC is a partner

Client accounts must be properly designated to ensure compliance.

Question 6

What is the maximum time allowed to deposit money received on behalf of a client?

Answer 6

14 calendar days.

Timely deposits are critical for maintaining trust and compliance.

Question 7

What are the two deposit models available for client accounts?

Answer 7

• Model 1: Deposit all money into Client Account (earned and unearned)
• Model 2: Deposit only unearned and unbilled money into Client Account

The chosen model must be consistent throughout the audit year.

Question 8

What must not be deposited into client accounts?

Answer 8

Any money not related to immigration or citizenship services.

Strict adherence to this rule is necessary to avoid penalties.

Question 9

What are the reasons for withdrawing money from a client account?

Answer 9

• Written permission from the client
• Payment for disbursement
• Invoice issuance after service
• Transfer direction from the client
• Refund to the client
• Registrar authorization for other reasons

Withdrawals must adhere to strict regulatory guidelines.

Question 10

What is the maximum time allowed for monthly reconciliation of client accounts?

Answer 10

Less than 90 calendar days after the end of that month.

Regular reconciliation helps maintain accurate financial records.