Lesson Transfers between Questrade accounts

Transfers into an RRSP

Explore the potential tax implications of transferring cash or investments into your RRSP.

Because Registered retirement savings plans (RRSPs) are registered with the CRA and come with tax benefits & limitations, internal transfers of either cash or investments into these types of accounts have special considerations. This does not apply for transfers from an RRSP to another RRSP however.

Any transfers of cash or investments into an RRSP account are considered contributions by the CRA, and Questrade will issue a contribution slip for tax season. Generally speaking, contributions into an RRSP account decrease your overall taxable income for the year by the amount of the contribution.

RRSP contribution limits

RRSP contribution limits are based on your gross income, and any unused, previously accumulated contribution room from previous years. You can contribute up to 18% of your gross income for the previous year, up to the maximum of $30,780 (for 2023).

Please note: If you have a company sponsored pension plan, or RRSP matching program, these may impact your RRSP contribution room.

If you’d like an accurate figure for your contribution limit, please check out the following resources:

Transferring cash into an RRSP

Transfers of cash into an RRSP account can be made in either Canadian or U.S. dollars since all Questrade accounts support dual-currencies. However, the contribution will be treated as “CAD-equivalent” if it’s in USD for tax-reporting purposes. 

Before you request a transfer of USD cash into an RRSP, please double check that you are not over-contributing by multiplying the dollar amount with the exchange rate on the date of the request.

Transferring investments into an RRSP

You can also directly transfer investments into an RRSP account, however these transfers are also considered contributions.

The contribution amount is represented by the market value of the investment on the date of the transfer request, and you have different options as to which price is considered the “market value” depending on the type of investment.

Type of investment

Available prices

Stocks, Options and ETFs

High of the day, low of the day, or closing price on date of request

Mutual Funds

Closing price on date of request

Bonds

Closing price on date of request

Physical Gold/Silver

End of day price from the previous business day (Approximately 5:15 pm ET)

Note: for Available prices, the closing price will reflect the day in which the funds settle, and not always the day in which the request is made.

To indicate which price you’d like Questrade to use for determining your transfer amount, you can leave a comment on the request after it has been placed.

Simply click the “Request history” tab, and click “Add comment” for the request indicating which price you’re using.

Please note: If your investments have grown in value at the time of the transfer, depending on the outgoing account type, there may be additional tax implications to be aware of.

Explore the related articles in this lesson for more information on asset transfers.

Note: The information in this blog is for educational purposes only and should not be used or construed as financial or investment advice by any individual. Information obtained from third parties is believed to be reliable, but no representations or warranty, expressed or implied, is made by Questrade, Inc., its affiliates or any other person to its accuracy.

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