Systematic Plan Requests FAQs

Where can I view my client's systematic plans?

To view a client’s systematic plans, navigate to their contact card details page within the HubSpot CRM. On the right-hand side of the page, you’ll find a section labeled "Systematic Plans" containing the relevant information.

Alternatively, you can access all client plans by selecting the "Systematic Plans" option under the CRM tab in HubSpot.

What is the minimum amount I can set up on a Systematic Withdrawal Plan (SWP)?

The minimum amount for setting up a Systematic Withdrawal Plan (SWP) typically depends on the financial institution or investment platform. Generally, it ranges from $25 to $100 per withdrawal, but this may vary.

What is the maximum amount I can set up on a Systematic Withdrawal Plan (SWP)?

There is no maximum amount for a Systematic Withdrawal Plan (SWP).

What is the minimum amount I can set up on a Pre-Authorized Contribution (PAC)?

The minimum amount for a Pre-Authorized Contribution (PAC) also varies by financial institution or platform. In most cases, it ranges from $25 to $100 per contribution.

What is the maximum amount I can set up on a Pre-Authorized Contribution (PAC)?

There is no maximum amount for a Pre-Authorized Contribution (PAC).

Can I specify withholding tax when modifying a RIF or LIF plan?

Yes, when modifying a Registered Retirement Income Fund (RIF) or Life Income Fund (LIF), you have the option to adjust the withholding tax under the banking details section.

What happens when funds are depleted in an account with a Systematic Withdrawal Plan (SWP)?

When the funds in an account with a Systematic Withdrawal Plan (SWP) are fully depleted, the scheduled withdrawals will automatically stop. Once the account balance reaches zero, no further withdrawals can be processed. It’s important to regularly monitor the account to ensure sufficient funds are available to support ongoing withdrawals. If the balance is exhausted, alternative funding options may need to be considered.

What does it mean when a Pre-Authorized Contribution (PAC) shows as Non-Sufficient Funds (NSF)?

When a contribution shows Non-Sufficient Funds (NSF) on a Pre-Authorized Contribution (PAC) plan, it means that there were not enough funds available in the account to cover the scheduled contribution. In this case, the contribution will not be processed and the amount that was supposed to be contributed will not be deducted from the account.

It is important to monitor your account balance regularly to ensure that there are sufficient funds available for the PAC contributions. If a contribution NSF occurs, you may need to make arrangements to deposit enough funds into the account to cover the missed contribution.

Can I choose which security is used to fund a SWP, RIF, or LIF plan?

No, you can not specify individual securities for funding these plans. Systematic Withdrawal Plans (SWP), as well as RIF and LIF payments, can only be set up on an Optimize Model Portfolio.

How do I set up a weekly Pre-Authorized Contribution (PAC)?

When setting up a PAC, you will have the option to adjust the Frequency toggle. Once enabled, this allows you to select the desired contribution frequency—such as weekly, bi-weekly, or monthly—based on the client’s preference.

Does Optimize charge clients NSF fees?

No, Optimize does not charge clients for Non-Sufficient Funds (NSF).

What types of accounts can I set up a Systematic Withdrawal Plan (SWP) on?

A Systematic Withdrawal Plan (SWP) can be set up on Cash Accounts (non-registered investment accounts).

What types of accounts can I set up a Pre-Authorized Contribution (PAC) plan on?

Pre-Authorized Contribution (PAC) plans can be set up on a variety of registered accounts, including Tax-Free Savings Accounts (TFSAs), Registered Retirement Savings Plans (RRSPs), Registered Disability Savings Plans (RDSPs), First Home Savings Accounts (FHSAs), and Registered Education Savings Plans (RESPs).

Why does a withdrawal from a RIF, Spousal RIF, or LIF account stop payments for systematic plans?

A withdrawal from a RIF, Spousal RIF, or LIF account may interrupt systematic plan payments because it reduces the available balance in the account. Systematic plans require sufficient funds to process scheduled payments. If a manual withdrawal significantly lowers the account balance, the remaining funds may be insufficient to support ongoing systematic withdrawals, causing them to stop automatically.

Payments were stopped on a RIF, Spousal RIF, or LIF account after I submitted a withdrawal request. How do I restart the payments?

If payments have stopped on a RIF, Spousal RIF, or LIF account following a withdrawal request, you can resume them by submitting a plan modification request. Within the request, select the specific plan you wish to reactivate to ensure payments resume as scheduled.

What is required to set up a PAC on an account?

To set up a Pre-Authorized Contribution (PAC) on an account, banking details must first be established for the account. You can learn how to set up banking by referring to this article. Additionally, the PAC request must be submitted at least 7 days prior to the desired first contribution date to ensure proper processing. For more detailed information on setting up PACs, please refer to this article.

Why can't I select a minimum amount for my RIF or LIF plan?

If the funds were transferred into Optimize during the current calendar year, the minimum withdrawal amount can not be selected. This is because the minimum is calculated based on the year-end market value, which is not yet available for accounts opened or transferred in during the year. As a result, the minimum amount will only become available in the following calendar year.

Please select "Tax according to the rate indicated on the total amount chosen" when setting up the plan.

Why was my request rejected for "Elected amount less than minimum"?

This rejection occurs when the total elected payment amount is less than the required annual minimum for the account. To comply with withdrawal rules for accounts like RIFs or LIFs, the sum of all scheduled payments must meet or exceed the yearly minimum.

For example, if the annual minimum is $12,000, the monthly withdrawal amount must be at least $1,000 to satisfy the requirement.

Can I modify a plan one payment in advance?

Modifications to RIF/LIF plans can not be submitted for future scheduled payments until the most recent payment has been processed. For example, if payments are scheduled for the 1st of each month (e.g., October 1st, November 1st, December 1st), you must wait until the October 1st payment has been completed before submitting a modification for the November 1st payment. In this case, the earliest you can submit the request would be October 2nd.

How far in advance does my systematic plan start date have to be?

The required lead time for setting up or modifying a systematic plan depends on the type of plan. For a Systematic Withdrawal Plan (SWP), the start date must be set at least 14 calendar days in advance. For a Pre-Authorized Contribution (PAC) plan, the start date must be at least 7 calendar days in advance. Similarly, for RIF and LIF plans, the start date must also be at least 14 calendar days in advance. These lead times ensure that the plan is processed accurately and on schedule.