Can I cancel or reverse a deposit?

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

• Your funds will be invested as soon as they are released to Network Wealth following processing - a withdrawal of invested funds will cause them to sell at the market rate when they are processed - which can be higher or lower than what they were purchased for.
• If this is the only deposit you've made into the account, withdrawing the full amount will cause the account to close - this can be avoided by withdrawing less than the threshold amount for your account.
• Funds held in your Network Wealth account are subject to management fees until a withdrawal request has been processed

For RRSPs

If you've made a deposit into your Registered Retirement Savings Plan (RRSP), that deposit will count towards your contribution room, even if you withdraw it shortly after.

The withdrawal will be treated as a normal RRSP withdrawal.

Additionally, RRSP account closures are subject to an administration charge on closing.

For TFSAs

If you've made a deposit into your Tax-Free Savings Account (TFSA), that deposit will count towards your contribution room for the year, even if you withdraw it shortly after.

The withdrawal will be treated as a normal TFSA withdrawal.

TFSA account closures are not subject to administration charges on closing.

For non-registered accounts

If you've made a deposit into a non-registered account, often referred to as a Personal, Cash, or taxable account, you don't need to worry about contribution room limits.

However, withdrawing from a taxable account can trigger a capital gain or loss, depending on performance.

Non-registered accounts are not subject to administration charges on closing.

Disclaimer

Information provided on this page is for your general information and is not intended to provide legal, investment, financial, accounting, or tax advice.