Applies To:
- All Portfolio Managers, Advisors, Wealth Planners, and support staff.
- Eligible account types: Cash, Margin, RRSP, Spousal RRSP, TFSA, FHSA, RRIF, LIRA, LRSP and LIF.
You can submit a cash or security transfer (Third Party) request from a client’s CRM Contact Record to Transfer funds to a client’s Optimize investment account. Use the instructions below to ensure the account is eligible, the correct banking details are on file, and that you’ve accounted for any contribution /withdrawal limits or special account-type requirements.
When to Submit a Cash Transfer to a Third Party
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The originating account has sufficient cash to cover the transfer, or the trading team can sell securities to generate the required amount.
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The third-party receiving account follows a different investment model than the originating account, ensuring that transferred funds are reinvested according to the appropriate model.
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A contribution is being made from a non-registered account to a registered third-party account, and the system determines that an In-Cash contribution is the most suitable option.
When to Submit a Security Transfer to a Third Party
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Between Non-Registered Accounts – A transfer between two non-registered accounts is not a taxable event and does not trigger a deemed disposition. This option is suitable when avoiding immediate tax consequences is a priority.
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From a Non-Registered Account to a Registered Third-Party Account – The system determines whether an In-Kind contribution is optimal:
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Assets in a Gain Position – The client will realize a capital gain that must be reported in the year of the transfer.
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Assets in a Loss Position – The capital loss will generally be denied and cannot be used to offset other gains.
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From a Registered Account to a Third-Party Non-Registered Account – At Optimize, this type of transfer is only permitted for TFSA withdrawals, which are considered a deemed disposition.
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To a Third-Party Beneficiary or Institution – If the transfer is to a third party, such as an estate, a trust, or another financial institution, additional documentation and approvals may be required to ensure compliance with regulations.
How to Transfer Cash or Securities to a Third Party
To initiate a transfer of cash or securities to a third party, use the Service Extension on the client’s CRM Contact Record. The general instructions outlined below apply to most account types.
Although both methods are valid, we strongly recommend using Straight Through Processing whenever possible for real-time tracking, reduced errors, and faster turnaround times.
Learn more about Straight-Through Processing.
How to Transfer Cash or Securities to a Third Party manually (General)
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Search for the client contact in the HubSpot Search bar, open the client contact card, and navigate to the client’s CRM Contact Record page.
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Go to the Servicing (Service Request) tab in the middle panel of the contact record.
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Select Cash and Security Management → Third Party Transfer
- Select the request type either 'Cash Transfer (Third Party)' or 'Security Transfer (Third Party)'
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Select the "From" and "To" accounts for initiating the cash/security transfer.
- Select Manual Submission
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Enter the transfer details:
- Select the Amount Type (Partial or Full).
- Select the Source of Funds (Model or All).
- Enter and confirm the transfer amount.
- Attach the Letter of Direction - Internal Transfer to Third Party Account.
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Click Submit once all files are uploaded or all required information is correctly entered. You can now track your ticket.
How to Transfer Cash or Securities to a Third Party through Straight-Through Processing (General)
With STP, Optimize automatically generates and sends the necessary forms to the client for electronic signing through DocuSign.
- Search for the client contact in the HubSpot Search bar, open the client contact card, and navigate to the client’s CRM Contact Record page.
- Go to the Servicing (Service Request) tab in the middle panel of the contact record.
- Select Cash and Security Management → Third Party Transfer
- Select the request type either 'Cash Transfer (Third Party)' or 'Security Transfer (Third Party)'.
- Select the "From" and "To" accounts for initiating the cash/security transfer.
- Select Straight Through Processing
- Enter the transfer details:
- Select the Amount Type (Partial or Full).
- Select the Source of Funds (Model or All).
- Enter and confirm the transfer amount.
- Review & Submit
- Once all required information is correctly entered. You can now track your ticket.
After Submitting the Request
A new service request ticket will be created. You can locate it:
- In the Right-Side Panel of the client's CRM Contact Record under Tickets.
- In the Transfer Pipeline, where you can track the progress and confirm when the request is completed.
Processing Timelines
- In-Kind Transfers: Typically 4 business days after the ticket has been submitted and completed any applicable review.
- In-Cash Transfers: Typically 4-8 weeks after the ticket has been submitted and completed any applicable review.