Are your kids going to post secondary school?
It’s that time of year again! Time for RESP withdrawals.
Contact us & we will send an email response requesting all the information we need to process your withdrawal. We request this information for every withdrawal, since it could change at any time.
We also outline the requirements for the Proof of Enrollment document, which is only valid for 6 months following the end of the semester. If there is not enough cash available in your RESP account, we’ll reach out to you to place sell orders to free up cash.
We recommend you call us a full week ahead of when you want the money.
Here’s how it works:
You call us to advise us that you need to free up some money:
- Is there cash available in your account OR do we need to SELL something in your account to make cash available for you to withdraw?
If we need to SELL something in your account to free up the cash you want:
- If you call us before 1pm [Pacific Standard Time] (market close), then we can SELL right away. SELLS take 2 full business days after the trade date to settle (i.e.: until the cash from the SELL is in your account).
- For example, if a SELL is done on Monday BEFORE market close at 1pm, cash would be available in your account on Wednesday.
- If you call us after 1pm [Pacific Standard Time] (market close), then we must perform the SELL the next business day before 1pm (when the market is open). SELLS take 2 full days to settle after the trade date.
- For example, if a SELL is done Monday AFTER market close at 1pm, the cash would be available in your account on Thursday.
If we have cash in your account:
- Once the cash is available in your account, we can send it to you via EFT (Electronic Fund Transfer) to the bank account you have on file.
- An EFT can take anywhere from 1-2 business days to a major bank or up to 3 business days to a Credit Union.
Have questions? Please email us at firstname.lastname@example.org to assist you with your requests.
This information has been prepared by Luft Financial. Opinions expressed in this article are those of Luft Financial only and do not necessarily reflect those of iA Private Wealth. Furthermore, this does not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors.
How do we elevate your wealth?
It begins with understanding your needs and creating a comprehensive and tailored financial plan to help reduce tax, manage risk and grow your portfolio over the long term. Learn more about how we help you achieve financial security and peace of mind.
News & commentary
February 2023 Portfolio Management Team Update
February 2023 Portfolio Management Team Update By Elvis Picardo, CFA®, CIM, Portfolio Manager, iA Private Wealth February 21, 2023 Market Review Global equities rebounded in January from the December selloff, getting 2023 off to a strong start, as investors grew increasingly confident that central banks would ease up on their interest-rate hikes. The TSX surged […]Read more
January 2023 Portfolio Management Team Update
January 2023 Portfolio Management Team Update By Elvis Picardo, CFA®, CIM®, Portfolio Manager, iA Private Wealth January 26, 2023 Market Review Global equities finished 2022 on a dismal note, capping an exceptionally challenging year as central banks around the world boosted interest rates sharply to combat the threat posed by surging inflation. The spike in […]Read more
2022 IAPW Tax Document Distribution Dates
2022 IAPW Tax Document Distribution Dates There are different mailing dates for different account types. Please click on the link below to view the expected delivery for both mail and online tax slips and reports. 2022 Important Yearend Information – Tax Document Distribution DatesRead more