If you’re transfering an existing registered account from another financial institution to Cannect, your current institution may charge you a transfer fee of up to $150, but there will be no fee from Cannect. When you request the transfer of a registered account to another financial institution, Cannect will charge a $150 fee to facilitate the transfer. There is no charge for making an EFT withdrawal to your linked chequing account.
Cannect Invest is designed to be a long-term investment. We urge you to not invest unless you’re planning to grow your wealth over the coming years and weather a housing market downturn with us. We’ve designed our fund to succeed when there is a market correction, but it becomes more difficult to do so if many investors choose to withdraw around the same time. That said, you may request a withdrawl of your investment at any time after 12 months, without penalty. It typically takes 30 days to complete a withdrawal. If you choose to withdraw your investment within 12 months, we’ll deduct 5% from your withdrawal.
We’re able to offer great investment rates while mitigating risk partly by leveraging the internet to automate and facilitate transactions. Ongoing financial statements, T5s, and other required correspondence will be provided online, and we encourage you to process transaction requests online. Should you wish to receive paper copies of any records or transactions, a per document fee of $25 will be charged to your account.
