Systematic Plans | Frequently asked questions (FAQs)

Common FAQs for Systematic Plans

Where do I see systematic plans for my clients?

To access the systematic plans details for a client, navigate to the client's contact card details page within the HubSpot (CRM) system. On the right-hand side of the page, you will find a section labelled systematic plans where you can find the necessary information.

You can also find your client's plan by heading to the CRM tab in HubSpot and clicking on Systematic Plans. 

For assistance in locating this report, refer to the Plans Report article. Disregard step 5 in the article as it pertains to a different type of plan report.

Where do I see which systematic plans are set up for a particular client

To access the systematic plans details for a client, navigate to the client's contact card details page within the CRM system. On the right-hand side of the page, you will find a section labeled systematic plans where you can find the necessary information.

What is the minimum amount I can set up on a SWP?

The minimum amount that can be set up on a Systematic Withdrawal Plan (SWP) typically varies depending on the financial institution or investment platform. In general, the minimum amount for a SWP can range from as low as $25 to $100 per withdrawal, but this may vary. 

What is the maximum amount I can set up on a SWP?

There is no maximum amount for a SWP.

What is the minimum amount I can set up on a PAC?

The minimum amount that can be set up on a Pre-Authorized Contribution (PAC) plan typically varies depending on the financial institution or investment platform. In general, the minimum amount for a PAC can range from as low as $25 to $100 per contribution.

What is the maximum amount I can set up on a PAC?

There is no maximum amount for a PAC.

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

Yes. When you modify a Registered Retirement Income Fund (RIF) or Life Income Fund (LIF), under the banking details you are able to modify the withholding tax. Learn how to modify a RIF or LIF here.

How many systematic plans can be set up on a single account?

There is no restriction on the number of plans that can be created.

What happens when the funds are depleted in an account with a SWP set up on it?

When the funds are depleted in an account with a Systematic Withdrawal Plan (SWP), the withdrawals will cease automatically. This means that once the account balance reaches zero, there will no longer be any funds available for withdrawal through the SWP. It is important to monitor the account balance regularly to ensure that there are sufficient funds to support the scheduled withdrawals. If the account balance is depleted, you may need to consider alternative sources of income or funding to meet your financial needs.

Learn about the depleting plans report

What happens when a contribution shows NSF on a PAC?

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. 

If a NSF occurs you may need to submit a crediting client account request. Learn more about crediting client accounts

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

No you can not. You can only set up the plan on a model. 

How do I set up a weekly PAC?

When creating a plan, you will be given an option to change a Frequency toggle, which then unlocks the feature to choose the frequency of the plan (Weekly, Bi-Weekly, Monthly, etc.). Learn more about how to create a PAC here.

Does Optimize charge client's NSF fees?

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

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

You can set up a SWP for:

• Cash Accounts 

Learn how to create a SWP

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

You can set up a PAC for:

• TFSA
• RRSP
• RDSP
• FHSA
• RESP 

Learn more about how to create a PAC

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

When a withdrawal is made from a RIF, Spousal RIF, or LIF account, it can stop payments for systematic plans because the withdrawal reduces the available funds in the account. Systematic plans rely on a sufficient balance to process scheduled withdrawals or contributions. Therefore, if a significant withdrawal is made, there may not be enough funds left in the account to continue with the systematic plan payments.

Payments were stopped on a RIF / Spousal RIF / LIF account after I submitted a withdrawal request. How do I re-start the payments?

If payments were stopped on a RIF / Spousal RIF / LIF account after submitting a withdrawal request. To resume the payments, you can submit a request to modify the plan and select the specific plan you wish to re-start the payments for.

Learn how to modify a RIF or LIF

How do I amend a systematic plan

Please refer to this article 

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

To set up a pre authorized contribution

• Have banking set up on the account, learn how to set up banking here.
• The PAC request must be created no less than 7 days prior to the first run date.

For more information on PACs, refer to this article

How do I cancel a request?

To cancel a request on the CRM, you can follow these steps:

1. Navigate to the ticket where you submitted the request.
2. Look for the action button on the ticket. 
3. Click on the action button and then click on cancel. 
4. Follow any additional prompts or confirmation steps, if required.
5. Once the cancellation process is complete, ensure to verify that the banking request has been successfully cancelled.

By following these steps, you can easily cancel a banking request on the CRM system, providing you with control and flexibility in managing banking activities for your clients effectively.

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

If the funds have been transferred into Optimize during the current calendar year, it is not possible to select a minimum amount. This is because the minimum amount is calculated using the year-end market value. Therefore, if funds have been transferred in this year, the minimum amount will not be available until the next calendar year.

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

When selecting an elected amount, the cumulative payments must be equal to, or greater than the yearly minimum of the account.

Can I modify a plan one payment in advance?

Please be aware that RIF/LIF modifications cannot be submitted for future scheduled payments until the most recent payment has been processed. For example, if you have scheduled monthly payments for the 1st of each month (e.g., October 1st, November 1st, December 1st), and you wish to modify the November 1st payment, you must wait for the October 1st payment to be processed. The earliest you can submit a modification request for the November 1st payment is October 2nd, after the October payment has been completed.

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

• Systematic Withdrawal Plan: The start date for a modified or new SWP cannot be less than 14 calendar days in advance.
• Preauthorized Contribution Plan: The start date for a modified or new PAC cannot be less than 7 calendar days in advance.
• RIF/LIF Plans: The start date for a modified or new RIF/LIF plan cannot be less than 14 calendar days in advance.