Transfers between Questrade accounts

Learn how to move fund and investments between Questade accounts.

Looking to move funds, or investments between your accounts at Questrade?

No problem, we make internal transfers as easy as possible. You can move both your Canadian and U.S. cash, plus your investments between accounts at any time. There are however a few small limitations to be aware of depending on the originating and destination account types.

Looking to transfer cash or investments to Questrade from another bank or broker? Check out this article instead.

Self-directed accounts

If transferring out of, or into certain account types (TFSA, RRSP, Margin etc..) there may be potential tax, or contribution-related implications to be aware of. We’ll explore these concerns in more detail below the transfer instructions.

Questwealth Portfolios accounts

If transferring out of, or into a managed Questwealth account, there are some special considerations to be aware of. Please see the section below the transfer instructions for more details.

Settlement

In addition, if you’re transferring investments like Stocks or ETFs between Questrade accounts, please be aware of settlement time which is the date of the trade plus two business days (T+2). Settlement is a holdover from the time when stocks were traded as paper certificates in-person, and allows for the buyer/seller to exchange funds and shares within a certain timeframe. Although trading is now 99% electronic and online, settlement still exists, and has come down from T+5 in the 80s, to T+2 today.

When you request a transfer of a recently purchased investment, you will have to wait 2 business days before we are able to process your request due to this settlement time.

Expected processing time

Most internal transfers are processed within 1-3 business days. However if your transfer results in the originating account being closed, this can take up to 4-5 business days to complete.

Follow these steps to request a transfer:

  1. Log in to Questrade
  2. Navigate to the “ACCOUNTS” side of the webpage if you’re on the trading platform
  3. Hover over the “REQUESTS” tab in the top navigation bar, and click “Transfer funds
Navigate to requests top navigation click transfer funds

On the Requests page, enter the details of your transfer

Transfer cash choose which accounts
  1. Choose the ‘From’ or originating account from the drop-down menu
  2. Select the ‘To’ or destination account below.
  3. Please note: If you are transferring from a Questwealth account to a self-directed trading account, (Or vice-versa) please see the section near the bottom of this article for more information. 

Transfer cash choose dollar amount and currency

Next, enter the dollar amount, and select the currency that you’re transferring.

If you need to convert funds, you can do so before, or after your transfer by using the ‘Exchange funds’ page found under the ‘REQUESTS’ tab on the main navigation bar

Lastly, click the green ‘SUBMIT’ button at the bottom right, and your request will be processed.

You can also follow up on your request by clicking the ‘Request history’ tab near the top of the page, feel free to check back here for updates regarding your transfer request.

Follow these steps to request a transfer:

  1. Log in to Questrade
  2. Navigate to the “ACCOUNTS” side of the webpage if you’re on the trading platform
  3. Hover over the “REQUESTS” tab in the top navigation bar, and click “Transfer investments
Navigate to requests transfer investments

On the Requests page, enter the details of your transfer

Transfer investments choose account
  1. Choose the ‘From’ or originating account from the drop-down menu
  2. Select the ‘To’ or destination account below.
  3. Please note: If you are transferring from a Questwealth account to a self-directed trading account, (Or vice-versa) please see the section near the bottom of this article for more information. 

On the bottom left, search for the ticker symbol or name of the investment you’re looking to transfer, and click the investment to add it to your request.

On the right side, enter the amount of shares you’re transferring.

Once you’re finished with the details, click the green ‘SUBMIT’ button to complete your request.

Transfer investments enter ticker symbol and quantity

You can also follow up on your request by clicking the ‘Request history’ tab near the top of the page, feel free to check back here for updates regarding your transfer request.

Because Questwealth accounts are held by Questrade Wealth Management, there are some small limitations on transferring cash or investments out of these accounts.

Questwealth Portfolios are made up of a basket of various ETFs with a small amount of cash leftover for re-balancing purposes. You’re not able to request a partial transfer of the ETFs out of the portfolio since this would affect the original asset allocation of your investments.

You can however request to partially transfer the cash out of a Questwealth account to any other account type (Self-directed, or Questwealth).

Transferring cash out of Questwealth

You are free to transfer cash in either CAD, or USD out of your Questwealth account at any time using the ‘Transfer funds’ page under the ‘REQUESTS’ tab. This transfer can be to another Questwealth account, or to a self-directed account.

Please note: If you request a transfer of more cash than what is available, some of the investments may be sold, and the remaining ETFs are re-balanced to fit the original asset allocation. Since this also involves selling the ETFs, please allow for settlement time in addition to the regular processing timeframe of 1-2 business days.

Transferring investments out of Questwealth

When you’re looking to transfer the investments out of your Questwealth account, this can only be done if you’re closing the account through a ‘full in-kind transfer request’. All of the investments can be transferred as-is (also known as in-kind) to either a self-directed Questrade account, or even another Questwealth account.

If the investments are transferred into another Questwealth portfolio with a different account type (I.e. when ‘rolling over’ an RRSP to a RIF) please be aware that the investments may be re-balanced to fit the new portfolio.

For example: In the calendar year that you turn 71, you will need to ‘roll over’ your RRSP to a new Questwealth RIF account. Your original Questwealth RRSP had a ‘balanced’ risk level and asset allocation, and for your new RIF, you have selected a ‘conservative’ risk level and asset allocation. In this scenario, some of the ETFs would be sold, and the asset allocation of your ‘original’ portfolio/account would change to the new risk  level and asset allocation. If both accounts are set to the same risk level and asset allocation, the only changes to the portfolio would be for minor re-balancing.

To request a full transfer of investments out of a Questwealth account into a self-directed account, please contact us at support@questrade.com, chat, or at 1.888.783.7866.

Please be aware that this request will close the Questwealth account. If you’re emailing instructions, please include both the originating & destination account numbers, as well as specific instructions for the transfer.

Because Questwealth accounts are held by Questrade Wealth Management, there are some small limitations on transferring cash or investments into these accounts.

Transferring cash into Questwealth accounts

You are free to transfer any amount of cash, at any time, in either CAD or USD to a Questwealth account. Please be aware that this cash will be invested according to the asset allocation of your selected portfolio within 1-2 business days of the transfer finalizing.

To request this transfer, please see the visual instructions in the section above.

Transferring investments into Questwealth accounts

Unfortunately investments cannot be transferred as-is into Questwealth accounts, regardless of the type of investment (Stock, ETF or other). This is because we need to properly allocate your funds into a pre-built portfolio, and cannot have other assets included. You are however free to sell the investments, and transfer the cash proceeds to Questwealth.

Because Registered retirement savings plans (RRSPs) are registered with the CRA and come with tax benefits & limitations, internal transfers of either cash or investments out of these types of accounts have special considerations. (Unless the transfer is going to another RRSP for the same individual.)

Any transfers of cash or investments out of an RRSP are treated the same way as a regular withdrawal to your bank account in the eyes of the CRA, and may incur additional taxes.

You are taxed a ‘withholding amount’ when transferring funds or investments out of your RRSP to help cover any income taxes owing as a result of the transfer. The withholding amount may or may not completely cover any potential future taxes, this depends on your total overall income and other factors like deductions and etc.

For example: You have a yearly income of $45,000 and live in Ontario paying a base tax rate of approximately ~20% (Combined federal & provincial). If you transfer $5,000 out of your RRSP, the withholding taxes may not completely cover potential future income taxes. If you transfer $16,000 however, you may be entitled to a tax refund, as the withholding amount is slightly higher than your base tax bracket.

Please double check with a tax professional if you have doubts about the tax implications of a transfer out of an RRSP.

Review the chart below to determine how the gross amount of your transfer will be taxed.

Withholding Tax Thresholds

Amount Tax rate
$5,000 or less
10% (20% for Quebec residents)
$5,001 to $15,000
20% (25% for Quebec residents)
Over $15,000
30% (30% for Quebec residents)

For USD transfers: USD transfers are represented as the CAD equivalent to determine which ‘tier’ of withholding tax is applied.

For example: A transfer of $4,500 USD will actually be charged 20% withholding tax. This is because $4,500 USD x FX rate of 1.3 USD/CAD will be over $5,000 CAD and thus into the 20% tier.

Please note: Transfers out of an RRSP account will also incur deregistration fees.

  • $50+HST for a partial transfer request if the account is not closed and a cash balance or investments remain.
  • $100+HST for a “full” transfer request when the account is closed.

Transferring cash out of an RRSP

You can request a transfer of either Canadian or U.S. dollars out of your RRSP account using the ‘REQUESTS’ -> ‘Transfer funds’ page as shown above at any time. The withholding taxes will be applied to the gross amount of the transfer.

For example: You request to transfer $10,000 CAD out of your RRSP into your Margin account. You are charged a partial deregistration fee of $50, and at the time of the request, we withhold 20% of the gross amount of $9,950 equaling $1,990. The net amount of cash that is transferred to your Margin account equals $7,960.

Transferring investments out of an RRSP

You can request a transfer of investment out of your RRSP account using the ‘REQUESTS’ -> ‘Transfer investments’ page as shown above at any time. The withholding taxes are applied to the gross amount of the market value of the investments, and charged to your cash balance in the RRSP.

Because Questrade does not sell your investments during this type of request, you are required to have the cash balance available in your RRSP account to cover these withholding taxes.

When you transfer investments out of an RRSP, you have a few choices as to which market value is represented, depending on the type of investment. This will affect what price we are using, and how much withholding taxes will be applied.

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)

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 (shown above as visual instructions) and click “Add comment” for the request indicating which price you’re using.

For example: You request a transfer of 10 shares of AAPL out of your RRSP into a Margin account. On the date of the request AAPL’s closing price is $100, and you choose to use the closing price to represent the market value of $1,000 USD. When the transfer takes place, you need to have the cash available for the withholding taxes, and the deregistration fee. The withholding taxes are paid in the currency of the request, however if you don’t have the available cash in the currency of transfer, we can convert on your behalf.

In this example above, those would be $100 USD (For a non-QC resident) in withholding taxes, and $50 USD in deregistration fees. When the shares are transferred, they will be shown in the Margin account with a new adjusted cost basis that equals the market value of the investment, not your original purchase price.

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 $27,830 (for 2021).

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.

For example: Your RRSP contribution limit for 2021 is $15,000 CAD, and you make a contribution of $10,000 USD. When this is reported to the CRA & when your contribution ‘slip’ is created, this will be represented in the equivalent CAD amount on the day of the contribution.

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)

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 (shown above as visual instructions) 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. Please see the various sections in this article for more details.

Transfers into a Tax Free savings account (TFSA) of either cash or investments are also considered contributions. Although they’re not based on your income, and you cannot claim them the same way as RRSP contributions, you still need to be aware of your maximum contribution room.

TFSA contribution limits

You start earning TFSA contribution room when you turn 18 as a Canadian resident, and gain additional contribution room every calendar year. TFSA contribution room also accumulates or ‘stacks’, so if you’re unable to ‘max out’ your TFSA in any year, the extra room is not lost, but rather keeps adding up.

Please note: Not every province allows you to open a TFSA for investing on your 18th birthday, as they consider 19 to be the ‘age of majority’ to make investing decisions on your own. Although you start earning contribution room when you’re 18, you may be unable to invest with these funds until you turn 19. This is the case in BC, NB, NF, NS and all three territories.

Here’s a table showing the TFSA contribution room. (TFSAs started in 2009)

Year

Contribution room ($CAD)

2009-2012

$5,000 / year

2013 & 2014

$5,500 / year

2015

$10,000 / year

2016-2018

$5,500 / year

2019-2021

$6,000 / year

Total room since ‘09

$75,500 total

Transferring cash into a TFSA

You can easily request a transfer of cash from another Questrade account using the “REQUESTS” -> “Transfer funds” page as shown above, but please keep your contribution room in mind. Excess TFSA contributions are penalized by the CRA at 1% per month.

If you make a contribution in U.S. Dollars, the CAD-equivalent is counted against your contribution room. This is based on the exchange rate at the time of the request.

Transferring investments into a TFSA

You can also request a transfer of investments into a TFSA from another Questrade account using the “REQUESTS” -> “Transfer investments” page as shown above. If the investments are originating from any account other than another TFSA, these also count as 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)

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 (shown above as visual instructions) 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. Please see the various sections in this article for more details.

You’re free to transfer cash or investments at any time out of your TFSA into another Questrade account with no additional tax penalty. Unlike RRSPs, TFSAs do not apply a withholding tax, nor are transfers out of a TFSA treated as income for tax purposes.

Please keep in mind however that any transfers of cash or investments out of your TFSA may temporarily decrease your available contribution room. When you withdraw or transfer cash/investments out of a TFSA, the amount withdrawn is added back to your contribution room the next calendar year.

For example: You have a TFSA with a balance of $50,000 CAD, and based on your age, you still have an ‘extra’ $5,000 of contribution room. If you transfer $10,000 out of the TFSA, you cannot re-contribute the whole amount, as you only have an ‘extra’ contribution room of $5,000. The amount you withdrew from the TFSA is added back to your contribution room on Jan 1st every year. The following year, you ‘gain back’ the contribution room from the withdrawal of $10,000 in addition to the unused room of $5,000 plus the new amount for the year of $6,000 (for ‘21) for a total of $21,000 in excess contribution room.

Generally, if you’re not close to the contribution limit, this is not a concern. However if you treat your TFSA like a ‘chequing’ account with many withdrawals, then re-contributions in the same calendar year, this can potentially cause issues if you exceed the overall contribution limit.

Because margin accounts are not registered, and do not come with any special tax benefits or limitations, you are free to transfer any amount of cash or investments into these accounts.

You can transfer both Canadian and U.S. dollars using the “REQUESTS” -> “Transfer funds” page, and can also transfer investments using the “Transfer investments” page. Please see the top section of this article for visual instructions.

Please note: A transfer of cash or investments into a margin account is not suitable for covering a Margin call when your buying power is negative. Please see this article for more information.

Since margin accounts are considered non-registered, certain types of transfers out of these accounts may trigger taxable events.

Transferring cash out of a Margin account

Although transfers of cash out of a margin account are not taxable themselves, if you sold an investment and ‘realized’ or locked-in your profit, this action of realizing the profit is taxed as a capital gain when it’s time to file your taxes. Therefore it’s not the transfer of cash out of a margin account that ‘triggers’ the taxes, but rather when you bought/sold the investments and at what prices.

You can request a transfer of either Canadian or U.S. Dollar cash out of your margin account at any time, provided that this does not drop your buying power to a negative balance. This is only a concern if you’re borrowing funds to trade with, and may result in a margin call if your buying power is below $0.

Transferring investments out of a Margin account

When you transfer any type of investment out of a Margin account, (excluding Margin to Margin) this is considered ‘realizing’ your gain or loss in the eyes of the CRA.

If you bought shares at $10 for example, and they’re now worth $15 each, if you transfer these into a registered account for example, this is treated the same way as if you had sold the shares for taxation purposes.

Please keep these tax implications in mind if you choose to transfer any investments out of your margin account, we also recommend speaking with a tax professional if you have any additional questions.

When you transfer investments out of a margin account, the dollar amount of the transfer is represented by the market value of the investment on the date of the transfer request. Therefore the amount of capital gain/loss is dependent on this market value.

You have a few 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)

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 (shown above as visual instructions) and click “Add comment” for the request indicating which price you’re using.

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