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 email@example.com 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.
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