Olivia Thompson met with her financial advisor on a Sunday afternoon during a long weekend.

Mutual funds use forward pricing , meaning a purchase order is executed using the next NAVPS calculated after the order is received and can be processed. IFC 8-0 explains that orders received during a business day before the valuation cutoff use that day ' s closing NAV, while orders received after the cutoff use the next business day ' s NAV. Olivia gives the instruction on Sunday, when markets are closed. Monday is Canada Day and therefore is not a normal trading business day. The first applicable valuation day is consequently Tuesday. Her purchase is therefore priced using Tuesday ' s NAVPS . Friday ' s NAVPS predates the order, while Saturday and Sunday are non-business days on which the mutual fund would not establish the applicable transaction NAVPS for this order.

================