Frequently asked questions

The last day to make an RRSP contribution for the 2023 tax year is Thursday, February 29th, 2024.

Due to processing times at other institutions that are often out of our control, we recommend making your contribution a few business days ahead of the deadline. (i.e. Friday, February 23, 2024.)

These are the approximate processing times for each funding method.

Deposits received by 11:59 pm ET on March 4, 2024 are automatically back-dated for the 2023 tax year, to allow for processing delays from other institutions.

Any deposits received after this cutoff date are considered contributions for the 2024 tax year.

To avoid any potential issues with the deadline, we recommend you send your contribution electronically by 5:00 pm ET, Friday, February 23, 2024.

If mailing a contribution cheque or bank draft, please ensure this is sent and stamped as received by the post office or courier before the contribution deadline of February 29, 2024.

We have a number of different deposit/contribution options available.

For more information, please visit our funding page on this topic.

If you wish to make an RRSP contribution by setting up a pre-authorized deposit (PAD) , please note the following:

• The last day for a PAD to be set up for making an RRSP contribution for the 2023 tax year is February 23, 2024 as long as the deposit date is February 29, 2024
  • If the deposit is for more than $10,000 and there is a hold on it, the deposit will be automatically backdated
• If the PAD is set up on or after February 29, 2024, you cannot select the processing date as February 29, which means the deposit will not qualify for the 2023 tax year. (We require at least two business days to process the PAD.) Alternatively, you can do a online bill payment on February 29

If you have created a Questrade Profile, you will have an account number to make a deposit by bill payment. (For more information, see Online bill payments.)

You must make the bill payment with your bank before the RRSP contribution deadline of 11:59 pm ET, February 29, 2024.

Bill payments initiated before the February 29, 2024 deadline and received by 11:59 pm ET on March 4, 2024 are automatically back-dated by us for the 2023 tax year, to allow for processing delays from other institutions.

You can also open an account and make a deposit by instant deposit; however, you won't be able to see the funds in your account until it is fully opened.

For each contribution made to your RRSP from January 1–February 29, 2024, you will receive a contribution receipt approximately 3 weeks after the contribution is deposited to your account.

You will be able to access and download your contribution receipts online. To do so:

1. Log in to Questrade from any web browser.
2. Go to ACCOUNTS > REPORTS > Tax Slips in the top navigation bar.
3. Select the appropriate account at the top of the page from the drop-down menu.
4. Click the relevant year.
5. View or download your contribution receipts and other tax slips.

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).

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

• CRA form T1028 or your most recent ‘Notice of Assessment or Reassessment’
• CRA myAccount online
• Tax information Phone Service (TIPS)

Certainly! You can transfer funds, or even securities directly into your RRSP from a different Questrade account type.

Internal transfers can take 2-3 business days to process. Due to this, we recommend setting up your transfer a few business days before the RRSP contribution deadline on February 29, 2024.

The last date and time to request such a transfer is 11:59 pm ET on February 29, 2024.

Depending on the outgoing account type, this transfer may have additional tax implications, so we strongly recommend chatting with a tax professional if you’re interested in this option. 

For example: a transfer of shares out of a Margin account may trigger a capital gain in the eyes of the CRA.

Learn more about internal transfers here.

You can easily request an internal transfer online:

1. Log in to Questrade from any web browser.
2. Go to ACCOUNTS > REQUESTS in the top navigation bar.
3. Click “Transfer funds” or “Transfer investments”
4. Select the originating account and the destination accounts from the drop-down menus.
5. Enter the dollar amount and currency, or if transferring shares, the symbol and quantity.

If you’ve over-contributed more than $2,000 CAD (or CAD equivalent) to your RRSP, no need to worry!

We can help “reverse” or cancel your contribution if needed, but only under the following circumstances:

• You have not traded or invested the funds.
• You contact us within 60 days of the over-contribution.

We can issue an amended tax slip in the case of an over-contribution. Please allow 2-3 weeks for this to be processed once you have contacted us.

You will not receive a contribution receipt for your Tax-Free Savings Account (TFSA).

This is because contributions to a TFSA are not tax-deductible, and any withdrawals are completely tax-free. Therefore, deposits into a TFSA cannot be claimed as a tax credit the same way RRSP contributions can, and no tax slip or contribution receipt is generated.

If you’d like to track your Questrade TFSA contributions:

1. Log in to Questrade from any web browser.
2. Go to ACCOUNTS > REPORTS in the top navigation bar.
3. Select “Account activity”.

On this page you can filter by activity type, and if you select deposits only, you can easily track your total contributions into your TFSA.

Note: The information in this blog is for information purposes only and should not be used or construed as financial, investment, or tax 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.