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FAQs: Opening accounts, funding & withdrawals


What do I require to open an account?

  •  you need to be at least 18 years of age, and 
  • a legal Canadian resident or citizen with a permanent address in a province in which Innovisor is registered (currently Ontario, British Columbia, Alberta, Quebec and Nova Scotia; if you live in another province please contact us as we plan on adding registration in all provinces soon)   

Can I withdraw my money at any time? How long does it take to withdraw my funds?

Yes, assuming you have the amount available in cash in your account, we will send the money once you have confirmed the withdrawal request. If the cash is not available, we will need to sell securities to raise the funds. This transaction usually takes two days to settle and then the funds can be transferred out. Generally, the funds should arrive in your account two to three days later. 

Will my asset allocation be affected if I withdraw funds?

Polaris uses investment products that allow for withdrawals without disrupting your overall asset allocation in a meaningful way. Therefore, withdrawals, small and large, will have minimal impact on your asset allocation. 

Will I be charged a fee to withdraw funds?

No, Polaris does not charge for withdrawals. 

How do I make a withdrawal from my account?

Please fill out the withdrawals request form available in you client dashboard, or contact us and we will help you.

How do I make RESP withdrawals?

To make a withdrawal from an RESP, please contact us and provide the following information:
– Name of student
– Name of school
– Status – full-time or part-time enrolment
– Session – fall or winter
– Proof of enrolment (e.g. student invoice)

Are there restrictions on RESP withdrawals?

If the beneficiary of an RESP is enrolled in full-time post-secondary studies, Educational Assistance Payments (EAP) are limited to $5,000 during the first 13 consecutive weeks of enrollment. 

After that, clients may request any available amount with no limit unless the student stops attending their studies and does not re-enroll in a qualifying educational program for 12 months. Once that happens, the initial $5,000 limit will apply again to the next EAP request.

How do I make a withdrawal from my RRIF account?

Contact us and we will help make arrangements for your withdrawal. Clients have to withdraw money from a RIF the year following its creation. The amount withdrawn must meet the minimum established by the federal government which is increased each year. If your spouse is younger than you, your spouse’s age may be used to calculate the minimum withdrawal amount. The withdrawals are fully taxable and can be made on a monthly, quarterly, semi-annually or annual basis.  

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