Learn important information related to Withdraw Funds requests to get the most out of the feature.
EFT Out
- EFT Out requests can only be submitted for accounts with associated banking authorization. If the intended account is not on the list of available accounts, then a 'Banking' Service Request must be completed before the Withdraw Funds Request can be submitted.
Letters of Direction (LOD)
- If withdrawing funds to another investment account, the account holders must be the same. If the names are different, a letter of direction must be attached to the ticket. This is not required for withdrawals from/to a joint account where the account is one of the two joint holders.
Due Date
- The Due Date represents the date in which the instruction to move the monies to the client's bank account is processed by our trading department. Depending on the receiving institution of the client, the monies should be received within 1 to 2 business days directly into their bank account.
- The Due Date for a Withdraw Funds service request entered prior to 1pm on a Friday should be processed and specified as the following Thursday upon settlement. A Due Date can be selected prior to settlement and monies can be sent out; however, please know that any requests with Due Dates earlier than the following Thursday may incur debit interest which will be charged automatically to the client(s) account.
RIF/LIF Accounts
- When making an ad hoc payment from a RIF/LIF account that is outside of the regular payments, the regular payments will be automatically paused. To re-initiate the payment, a 'Modify Plan' request must be submitted to re-initiate the plan.
Offset Accounts
- EFT Out requests for Registered Accounts are processed through a Non-Registered Offset Account. The banking information options that can be selected for the EFT are associated with the Offset Account selected and not the Registered Account. If a different banking is intended to be used, a 'Banking' Service Request must be completed for the intended Offset Accounts.
Admin Fees
- For registered account withdrawals with Administrative Fees. If there is insufficient Managed Assets in the account to cover the Administrative Fee if the amount is excluded, then the fee will be automatically included with the Withdrawal Request. This is especially important for requests with Amount: 'Full' and Type: 'All' or 'Model'.
RESP Accounts
- RESP Account withdrawals have additional information required related to the proof of enrolment in an accredited academic institution for the Beneficiary. This information includes the Institution Type, Institution Name, Start Date, Length of the School Year, Program Length, and Year of Study in addition to proof of enrolment from the university or academic institution.
- Because available funds for EAP is variable, EAP withdrawals may be processed for less than the requested amount if it is unavailable at the time. To ensure the full amount of EAP and PSE requested is withdrawn, you can select the checkbox below to increase the amount of PSE taken if there is a shortfall in EAP.
Withholding Tax
- The minimum withholding tax will be calculated for each withdrawal from RSP and RIF/LIFs. However, an amount higher can be inputted if the client would like to have additional tax withheld on a particular withdrawal.