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Individual:
An individual account is a personal investment account registered under one name.

Joint:
A joint account is a brokerage account that is owned by two or three account holders. If you want an account with 4 or more account holders, select investment club account or partnership account.

Informal Trust:
An informal trust is an account in the name of the account holder but is held for the benefit of another person, usually a minor. (A trust agreement is not required).

RRSP:
A Registered Retirement Savings Plan (RRSP) is a tax-deferral retirement plan that is subject to rules established by the federal government. The holder of an RRSP invests money in a variety of investment vehicles, which are held in trust under the plan. Income tax is deferred until the money (the amount originally deposited plus any interest, capital gains or dividends made on that money) is withdrawn at retirement. RRSPs can be converted into Retirement Income Funds (RIF).

Locked-In RRSP:
A locked-in retirement plan established by the transfer of locked-in funds from a RPP, another LRSP, LIRA, LIF (Life Income Fund) or LRIF (Locked-in Retirement Income Fund).

LIRA:
An employer-created Registered Pension Plan (RPP) to provide a pension when an employee retires or is terminated. Fully vested RPP proceeds are considered locked-in, and can only be transferred into certain locked-in plans including RSP pre-retirement plans, such (LIRA or LRSP) or RIF plans (LIF, LRIF and life annuities).

RIF:
A continuation of a RRSP providing similar tax deferral of principal and income earned except contributions are no longer permitted. Instead, CRA dictates that a minimum amount must be withdrawn annually. Retirement income payments are taxed each year as received, thus spreading the taxation over your retirement. As with RRSPs, such plans are available to individuals and spouses. A PRIF is identical to a RIF except it is only available to those with funds governed under Manitoba or Saskatchewan pension legislation.

Locked-in RIF:
Similar to a RRIF; however funds are locked-in permanently to ensure lifetime income. The plan enables the holder to make lifetime investment decisions while providing some flexibility in determining an income schedule. A RIF that has been created from a locked-in RRSP.

LIF:
A LIF is established by the transfer of locked-in funds from a RPP, LRSP, LIRA and some instances a LRIF. It is similar to a RIF in that it provides a flexible payout option for RRSP or RRIF holders.

PRIF:
Identical to a RIF, except it is only available to those with funds governed under Manitoba or Saskatchewan pension legislation that are seeking a choice of investments and income.

Individual RESP:
A Registered Education Savings Plan is a government-approved, tax-sheltered savings plan for a single beneficiary. Contribution limit per year is $4,000 to a lifetime contribution of $42,000 per beneficiary. The contributions to an RESP are not tax-deductible, however tax on the income earned on investments within the plan is deferred until the intended beneficiary withdraws the funds.

Family RESP:
A Family RESP can have one or more beneficiaries however each beneficiary must be connected by blood or adoption to each living subscriber or have been connected to a deceased original subscriber, and be under 21 when named. Contributions to this plan can only be made until a beneficiary turns 21.

Corporation:
An account registered in the name of a corporation with at least one person having full trading authorization. A corporation is a legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses; that is, a corporation has the right to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes.

Investment club:
A group of people who pool their money to make investments. Usually, investment clubs are organized as partnerships and after the members study different investments, the group decides to buy or sell based on a majority vote of the members.

Formal trust:
A legal entity established under a trust agreement, containing assets administered by a trustee for the benefit of another person or persons. A formal trust must have a trustee and at least one beneficiary.

Partnership:
An association of two or more persons to carry on, as co-owners, a business for profit. There is a proportionate sharing of the profits or losses between the partners.

Sole Proprietorship:
A business organization that is unincorporated and has only one owner.

Standard:
1. Individual
2. Joint
3. Informal trust

Registered:
4. RRSP
5. LIRA
6. RIF
7. LIF
8. Individual RESP
9. Family RESP

Organization:
10. Corporation
11. Investment club
12. Formal trust
13. Partnership
14. Sole proprietorship

Note: International accounts can only be opened for institutional clients or individuals with a minimum deposit of $100,000. Please contact our institutional desk for details on proper ID verification in your area at institutional@questrade.com or 416.227.9876 x 382.


	The quickest way to open an account is with our online application. Complete applications are usually approved in 1 business day.


	If you want to complete an application started earlier or you are a Questrade client who wants to open another account, please login to myQuestrade.


	We've made it easy to move to Questrade. After you've opened an account, fill out the one-page transfer form, and we'll take care of the rest. In the majority of cases, we will be able to transfer your holdings in-kind, meaning you retain ownership of any investments. Open your account online or offline now.

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