How to Submit a Withdrawal Request
You can initiate a withdrawal directly from your ModernAdvisor dashboard:
Select the account you wish to withdraw from.
Choose the destination bank account.
Enter the amount and frequency (one-time or recurring).
Click Make Transfer, review the instructions, and confirm.
Timelines and Delivery
Standard Processing: Please submit your request at least 5 business days before you need the funds. It takes 2 business days for the sale of your ETFs to settle, and an additional 1–2 business days for the electronic fund transfer (EFT) to reach your bank.
Urgent Requests: We can arrange a wire payment for faster delivery, but please note that our custodians (Aviso Financial or CI Investment Services) charge additional fees for this service.
Review the transfer instructions and confirm.
Important Rules by Account Type
The process above applies to Non-Registered and TFSA accounts. Other account types have specific tax implications or paperwork requirements:
1. RRSP Withdrawals (Withholding Tax)
Unlike a TFSA, withdrawals from an RRSP are considered taxable income. The government requires us to withhold tax "at source" and remit it to the CRA on your behalf.
$0 – $5,000: 10% tax (5% federal + 14% provincial in Quebec)
$5,001 – $15,000: 20% tax (10% federal + 14% provincial in Quebec)
Over $15,000: 30% tax (15% federal + 14% provincial in Quebec)
2. RESP Withdrawals (Education Proof Required)
To withdraw from an RESP for post-secondary education, you cannot use the dashboard button alone. You must:
Contact support to receive the RESP Withdrawal Form.
Provide Proof of Enrollment (e.g., an official letter from the registrar or a tuition invoice) for the student.
Note: Withdrawals of your original contributions are tax-free, but government grants and growth (EAPs) are taxed in the student's hands.
3. RDSP Withdrawals (Complex Rules)
Registered Disability Savings Plan withdrawals are subject to the 10-year repayment rule. If you withdraw funds within 10 years of receiving government grants or bonds, some of those incentives may have to be returned to the government. Because of these complexities, RDSP withdrawals require a manual form and consultation with our support team.