If a planned withdrawal is not occurring as expected, there are several common reasons to check. In most cases, the withdrawal is being prevented by account settings, legislated withdrawal rules, or because there are no funds available to withdraw.
1. Check the account's withdrawal limit
Many account types allow you to restrict how much can be withdrawn each year.
To review the withdrawal settings:
- Open the asset.
- Select the Withdrawal Limit section.
- Verify the withdrawal limit.
If the withdrawal limit is preventing the planned withdrawal, change the setting to As Needed or Scheduled Only, depending on your planning objectives.
A restrictive withdrawal limit may prevent the account from supplying the amount required by the planned withdrawal.
2. The account follows legislated withdrawal rules
Some Canadian registered accounts are required to follow minimum and/or maximum withdrawal rules established under federal or provincial legislation.
Examples include:
- RRIFs
- LIFs
- LRIFs
- Other registered retirement income accounts
When modelling these accounts, Voyant applies the applicable withdrawal rules automatically. If a planned withdrawal conflicts with those rules, the software will follow the legislated requirements.
If you're using one of these account types, review whether the timing or amount of the withdrawal is permitted under the account's withdrawal rules.
3. The account no longer has sufficient funds
If the account balance has been depleted, there may not be enough assets remaining to fund the planned withdrawal.
To check this:
- Open Year View.
- Review the account balance in the year the withdrawal is expected.
- Confirm whether sufficient funds remain in the account.
If the account has been exhausted by previous withdrawals, investment performance, fees, or other transactions, any future planned withdrawals from that account will no longer occur.
Additional troubleshooting
If none of the above explains the issue, also consider checking:
- Whether the planned withdrawal starts in the expected year.
- Whether the withdrawal has an end date that has already passed.
- Whether another withdrawal strategy or liquidation order is using the account before the planned withdrawal occurs.
Still not working?
If you've reviewed these items and the withdrawal still isn't occurring as expected, contact Voyant Support by selecting the name of your client in the top right of the dashboard and selecting "request support" from the drop down menu.