Account opening
This takes 1 to 2 business days to generate an account number (from the time the client finishes the application). This applies to:
- Individual
- TFSA
- RRSP
- Spousal RRSP
- LIRA
Other accounts require additional information which we must reach out to their representative for. These accounts take 3 to 5 business days (once we receive the necessary information and signed forms). This applies to:
- RESP & Joint RESP
- Joint Individual
- Corporate
- RRIF & Spousal RRIF
- LIF & Spousal LIF
- In-Trust
Deposits
Once an account number is created, we can process deposits for your client and the funds will take 3 to 5 business days to arrive in their CI Direct Investing account.
Investing funds
Once the funds active in the account, they will typically be traded in 3 to 5 business days. This delay depends on what day the deposit is processed as Nicola Wealth funds can only be traded on Friday. Once the trades are placed, they will be reflected on the client’s dashboard in 1 to 3 business days.
The time from when funds are deposited until when clients can view their investments online ranges from 4 to 8 business days.
Withdrawals
Once a client requests a withdrawal, it takes 7 to 10 business days for the funds to arrive in their bank account. For Nicola Wealth funds, this timeline is affected by what day of the week the withdrawal is requested as they only trade on Fridays.
Account transfers
Once a client signs the transfer forms, it typically takes 3 to 5 weeks for the transfer to reach their CI Direct Investing account. Please note that this timeline is largely dictated by how quickly the relinquishing institution processes the transfer.
Some direct pension transfers require the original documents and will take roughly 4 to 6 weeks to be received.
Updating bank information
Once we receive the client's new bank information it will be updated with our back office in 1 to 2 business days.
If you have any questions, please contact your regional representative or [email protected].