Best practices suggest that the Record Date be set 35 days before the meeting provided you are not utilizing the Notice & Access procedure.
If utilizing the Notice & Access procedure you must set your Record Date no less than 40 days before the meeting.
While setting the meeting Record Date is different across various provincial and federal acts of incorporation, National Instrument 54-101 does specify a Record Date “shall be no fewer than 30 and no more than 60 days before the meeting date for non Notice & Access mailings and no fewer than 40 and no more than 60 days before the meeting date for Notice & Access mailings" (refer to NI 54-101, section 2.1 (b) and Section 2.7.8).
Best practices suggest setting your Record Date at least 5 days earlier than the minimum requirement..
PLEASE NOTE: For companies that have a large securityholder base, please discuss the timing of your Record Date with your Relationship Manager.