Accidents happen—whether it’s adding an extra zero to your one-time deposit or needing the funds you just deposited back sooner than expected.
However, in most cases, a deposit cannot be immediately reversed and will be subject to normal processing times before the funds become available for withdrawal or investment. You will generally need to treat the deposit as a standard contribution and wait for the funds to be processed before making any withdrawals.
For assistance, you can contact the OneVest support team. Below, we’ve outlined important information regarding deposit processing for different account types:
It happens: you accidentally add an extra zero to your one-time deposit amount, or unexpectedly need the funds you just deposited back.
Unfortunately, in most cases, a deposit cannot simply be reversed and is subject to normal processing times before funds are made available to withdraw or invest.
In other words, you'll generally need to treat the deposit as a normal contribution and withdraw once the funds are made available.
You can always contact our support team for help but, in the common case that the deposit needs to wait to process, we've included some important information below depending on the account type you deposited it into:
For all account types
- Invested Funds: Your deposited funds will be invested once they are released to OneVest following processing. Please note that if you withdraw these funds after they’ve been invested, they will be sold at the market rate at the time of processing, which may be higher or lower than the initial deposit amount.
- Account Closures: If the deposit is the only one made into your account, a full withdrawal will result in the account to close. To avoid this, consider withdrawing less than the minimum threshold required to maintain an open account.
- Management Fees: Funds held in your OneVest account will be subject to management fees until the withdrawal request is processed.
For RRSPs (Registered Retirement Savings Plans)
- Contribution Room: Any deposit made to your RRSP, will count towards your contribution limit, even if you withdraw the funds shortly afterward.
- Withdrawals: The withdrawal will be processed as a normal RRSP withdrawal. and may be subject to taxes. Please review your specific tax situation with a financial advisor.
- Account Closures: Closing an RRSP account may incur an administration fee.
For TFSAs (Tax-Free Savings Accounts)
- Contribution Room: Any deposit made to your TFSA will count towards your contribution room for the year, even if you withdraw it soon after depositing.
- Withdrawals: Withdrawals from your TFSA will be treated as a normal TFSA withdrawal and are tax-free, subject to applicable regulations.
- Account Closures: There are no administration fees charged upon the closure of a TFSA account.
For Non-Registered Accounts (Personal, Cash, or Taxable Accounts)
- Contribution Room: Non-registered accounts do not have contribution limits, so there’s no need to worry about contribution room.
- Capital Gains or Losses: Withdrawing funds from a non-registered account may trigger a capital gain or loss depending on the performance of the investment.
- Account Closures: Non-registered accounts are not subject to administration charges upon closure.
Disclaimers
*Information provided on this page is for your general information and is not intended to provide legal, investment, financial, accounting, or tax advice.
**OneVest Management Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Alberta, Ontario, Newfoundland and Labrador, and Quebec. Assets in your OneVest accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (“CIPF”). OneVest is a wholly-owned subsidiary of OneVest Technologies Inc. All trademarks are the property of their respective owners. Copyright @ 2024, OneVest Technologies Inc. All rights reserved.
***Manzil Invest is a strategic partnership between Manzil and OneVest Management Inc (“OneVest”). OneVest offers wealth management products and services to Manzil customers. OneVest Management Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Alberta, Ontario, Newfoundland and Labrador, and Quebec. Assets in your OneVest accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). OneVest is a wholly-owned subsidiary of OneVest Technologies Inc. All trademarks are the property of their respective owners. OneVest will determine what investments are suitable for you.