How does a tax-free savings account (TFSA) work?
Here are few information about the TFSA:
For more information, consult the National Bank's page on TFSAs.
I'm turning 71 this year. Do I need to convert my RRSP to a RRIF?
Why do I need to enter my spouse's age to calculate my RRIF withdrawals?
You can calculate your minimum required withdrawals using your age or your spouse's age. Making the minimum withdrawals allows you to grow your RRIF while spreading out your payments over a longer period. Your mandatory minimum withdrawals will be smaller if you use the age of the younger spouse for the calculations. Under Canada Revenue Agency regulations, this choice is irrevocable, even in the event of divorce or death. This option is only available when you open the RRIF.
How do I calculate the minimum withdrawal amount for my RRIF or LIF? Is there a maximum withdrawal amount?
NBDB calculates your minimum RRIF or LIF withdrawals at the start of each year. It is based on the fair market value of your plan as at December 31 and your age (or the age of your spouse, depending on your decision when you opened the account).
The minimum and maximum (if applicable), as well as the frequency, are indicated on your portfolio statement and in your online brokerage account under Accounts > Registered Accounts.
N.B.: Make sure you have enough cash in your RRIF or LIF to make the withdrawals. If the cash held at the time of the withdrawal is insufficient, you will be charged interest on the debit balance and the equivalent of a telephone commission if we have to sell a product to cover the debit. See the commission and General fee schedule.
What are the differences between the various federal locked-in plans?
|Type of plan||Jurisdiction||Withdrawal options||Transfers|
||Amounts transferred into this type of plan must originate from a pension fund, another LRSP or a LIF.
||Amounts transferred into this type of plan must originate from another RLSP or a RLIF.
||Amounts transferred into this type of plan must originate from an LRSP or a LIF under federal jurisdiction
||Amounts transferred into this type of plan must originate from an LRSP, an RLSP, a LIF or another RLIF.|
|Type of plan|
|Amounts transferred into this type of plan must originate from a pension fund, another LRSP or a LIF.
|Amounts transferred into this type of plan must originate from another RLSP or a RLIF.
|Amounts transferred into this type of plan must originate from an LRSP or a LIF under federal jurisdiction
|Amounts transferred into this type of plan must originate from an LRSP, an RLSP, a LIF or another RLIF.|
How can I get additional grants or Canada Learning Bonds?
Complete the appropriate form available on our website and mail it to us. Please use the following forms:
SDE0093 – Canada Education Savings Grant and Canada Learning Bond application
ANNEX B – Primary caregiver* or their spouse and/or custodial parent/legal guardian
ANNEX A – Additional beneficiaries
Once your file is up to date, we will communicate all the information to the government.
*The primary caregiver is the person who receives the Canada Child Benefit (CCB).
For an RESP, who is the beneficiary's primary caregiver?
The primary caregiver is the person or organization primarily responsible for the care and upbringing of the child. A primary caregiver can be an individual or a public entity.
An individual primary caregiver is the person eligible to receive the Canada Child Benefit (CCB) for the child, as defined in the Income Tax Act. This can be the mother, father, grandparent, or a guardian.
A public primary caregiver is a department, agency, institution or organization eligible to receive payments under the Children's Special Allowances Act for a child in its care.
Does the same process apply for a family RESP?
Yes, the process is the same for individual and family RESPs. You will have to complete one form per child (beneficiary).
What's the maximum RESP contribution?
The maximum contribution is $50,000 per beneficiary for the duration of the plan.
I'm not the child's primary caregiver. How do I determine net family income?
Always use the net family income of the child's primary caregiver.
When will the Canadian Education Savings Grant (CESG) be deposited into my account?
Grants are paid at the end of the month for the previous month's contribution. For example, if you make a contribution in June, the corresponding CESG payment will be deposited into your account at the end of July.
The government will use your latest income tax return to determine if you are eligible for additional grants.
To receive the Canada Learning Bond (CLB), am I required to make additional RESP contributions?
No. Even if you do not contribute to the RESP, the government of Canada will deposit an initial CLB payment of $500 and subsequent CLB payments of $100 a year as long as you remain eligible (until the child reaches age 15).
The lifetime maximum CESG contribution for each child is $7,200. Does the CLB count towards that amount?
No. The CLB is not included in the $7,200 maximum. The child is entitled to $7,200 in CESG payments, plus an initial CLB payment of $500 and subsequent CLB payments of $100 a year for 15 years, as long as he or she remains eligible. The child can also receive up to $2,000 in additional grants over the duration of the plan.
How do I open an account?
What types of accounts can I open?
We offer a variety of registered and non-registered accounts and a full range of investment products. Individual, joint and business accounts are available.
For more information, see our page Types of accounts.
Do I have to make a minimum deposit when I open an account?
No minimum deposit is required to open an account at NBDB.
Is there an account opening fee?
How do I transfer an account held at another financial institution to NBDB?
Is NBDB's online account opening form secure?
Yes. NBDB uses the same level of encryption as the National Bank. A closed lock will pop up in the lower right-hand corner of the screen to confirm that the form is secure.
Can I open more than one account by completing a single account opening form?
Yes. You can open several accounts by completing a single account opening form. However, they must be different types of account and the account category (individual or joint) must remain the same. For example, you could open an RRSP, a TFSA and a margin account by completing a single application.
I don't see the type of account I want to open. Why?
Do I have to be a National Bank client to open an NBDB account?
Do I have to be a resident of Canada to open an account?
Yes. NBDB is not registered as a securities broker outside Canada.
Why do you need to know how many dependents I have?
This information is required by Canadian securities regulators. It also helps us understand your personal situation and needs.
Why do I have to provide information about my job?
This information is required to assess your creditworthiness and determine if you are employed in the securities industry or a reporting insider.
We need to collect this information because specific regulations apply to transactions in accounts belonging to employees of securities firms and reporting insiders.
Why are you asking me for a banking reference?
The Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations require the broker (NBDB) to obtain a banking reference for each brokerage account holder. This information is required even if you have a National Bank account.
Why are you asking me how I plan to use my accounts?
The Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations require the broker (NBDB) to identify the intended use of every brokerage account.
The following options are available:
Why are you asking for my previous address?
When you state that you have lived at your current address for less than 12 months, we are required to verify your identity in accordance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations by obtaining your previous address.
Where can I find my banking information (bank account, transit and institution numbers)?
Your bank account information appears on your personal cheques.
Why do I have to print my account opening application?
Although you can submit the account opening application online, we still need your original signature on the form. Online applications do not comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.
Can I submit an application by fax?
No. We need your original signature, so you are required to mail us your account opening application or bring it to a National Bank branch. Applications received by fax do not comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.
How long will it take to open the account?
NBDB will open personal accounts within 24 hours of receiving your application. You can then obtain a username and password for the trading platform. We will email you a confirmation when your account has been opened.
If you are opening an account for a legal entity (company, trust, etc.) or a margin account, or adding options trading to an account, allow 72 hours following the reception of the original signed documents.
Please note that you won't be able to carry out trades or transfer funds to the account until we have verified your identity.
What happens if I don't consent to the disclosure of my personal information for solicitation purposes?
If you don't consent to disclosure for solicitation purposes, NBDB will not offer you other products and services that may be of interest and will not communicate your personal information to affiliated companies or to the National Bank so that they can offer you products and services.
Can I access my online account opening application at any time?
Once you've saved your application, you have 30 days to modify and complete it. Once the completed application is submitted, it can no longer be accessed.
What documents do I need to complete an account opening application?
You will need your portfolio statement from the delivering institution (the financial institution that currently manages your assets), which contains the following information:
We recommend including a recent copy of your portfolio statement from the delivering institution with the transfer form.
Which form should I use?
Is my transfer form properly completed?
Here are a few things to check:
If you need help, one of our representatives will be pleased to answer your questions.
How long will it take to transfer my account?
The timeframe for transfer can vary depending on the delivering institution and the type of investments transferred.
N.B.: Timeframes provided are for information only. In peak periods, transfers may take longer than expected. Missing or incomplete documents may also delay processing.
The ATON system, used by numerous brokers, allows for automated transfers. Contact a representative at 1-800-363-3511 (toll-free) or 514-866-6755 for a list of participating institutions. Estimated timeframe in business days (after a request is initiated).
||Options and Mutual Funds||Foreign and OTC securities
||Guaranteed investment certificates|
|4 days||7 days||7-12 days||20 days||20-30 days|
|Options and Mutual Funds|
|Foreign and OTC securities
|Guaranteed investment certificates|
Transfers from institutions that do not use the ATON system (around 60% of requests) require manual processing. Estimated time to transfer assets (after a transfer request is sent to the delivering institution or after a GIC matures).
||Mutual Fund Companies||Trust / Insurance Companies
||Employers / Pension Funds/
|4 days||7 days||7-12 days||20 days|
|Mutual Fund Companies|
|Trust / Insurance Companies
|Employers / Pension Funds/
How can I transfer my assets more quickly?
Your transfer could be delayed or interrupted for various reasons. Here are a few situations that could cause problems:
|The two accounts must be in the same name
||The names and social insurance numbers must match. For instance, assets cannot be transferred from a joint account or a business account to a personal account.
|An account in good standing||For instance, the transfer could be delayed if a margin call is triggered.
|The accounts must be of the same type
||For instance, you can't transfer assets from a non-registered account to a TFSA.
|A transfer in full cannot be carried out if the account contains a non-transferable product||The transfer will be rejected and you will have to submit another request.|
|Transfer of a RRIF
||RRIF: The delivering institution must make the minimum payout before the transfer can go through.
|Transfer of a LIF||LIF: The delivering institution must make the minimum annual payout before the transfer. We will not be able to make any further payouts for that year.
|Transfer of a locked-in plan
||Before submitting a transfer request, make sure the account is opened under the correct legislation.|
|Your mutual fund is held directly via the mutual fund company, not through a broker||You must submit a signed transfer form for each mutual fund company.|
|Transfer of a GIC||Some financial institutions require you to submit a request two weeks before the GIC matures.
|The two accounts must be in the same name
|The names and social insurance numbers must match. For instance, assets cannot be transferred from a joint account or a business account to a personal account.
|An account in good standing|
|For instance, the transfer could be delayed if a margin call is triggered.
|The accounts must be of the same type
|For instance, you can't transfer assets from a non-registered account to a TFSA.
|A transfer in full cannot be carried out if the account contains a non-transferable product|
|The transfer will be rejected and you will have to submit another request.|
|Transfer of a RRIF
|RRIF: The delivering institution must make the minimum payout before the transfer can go through.
|Transfer of a LIF|
|LIF: The delivering institution must make the minimum annual payout before the transfer. We will not be able to make any further payouts for that year.
|Transfer of a locked-in plan
|Before submitting a transfer request, make sure the account is opened under the correct legislation.|
|Your mutual fund is held directly via the mutual fund company, not through a broker|
|You must submit a signed transfer form for each mutual fund company.|
|Transfer of a GIC|
|Some financial institutions require you to submit a request two weeks before the GIC matures.
What products cannot be transferred to NBDB?
Certain products cannot be transferred to NBDB. Here are a few examples:
To check if a product can be transferred, call a representative au 1-800-363-3511
Will I have to pay a fee when I transfer my account to NBDB?
NBDB does not charge any fees for transferring an account. However, the delivering institution may charge a transfer out fee.
Will NBDB refund transfer fees?
If you transfer at least $10,000 into an InvestCube account or at least $20,000 into a brokerage account, we will refund your transfer fees up to $135. For more information, consult our page on transferring assets to NBDB.
How can I transfer funds to my brokerage account?
There are four ways to quickly and easily transfer funds:
Already a National Bank client?
Call us at 1 800 363-3511 to link your bank account to your brokerage account.
Not a National Bank client?
Make your first deposit by cheque so that we have your banking information on file.
Our representatives are available Monday to Friday from 8 a.m. to 8 p.m. ET at 1 800 363-3511.
Go to the Monetary Transfers section of your brokerage account.
How can I link a bank account to my brokerage account for deposits and withdrawals?
If you have a National Bank account, just call a representative and ask them to link the accounts. It will take 24 hours for the new bank account to appear in the online platform.
If you have an account at another financial institution, complete the form 27058 and submit it by email, by regular mail or by fax. Your bank account will be linked to your brokerage account within 72 hours of your banking information being verified.
How long will it take for money to be transferred to my account?
You have used the trading platform: if you made the request before 3 p.m. ET, and the funds come from the National Bank, funds will be deposited the same day. If the funds come from another financial institution, they will be available within 48 business hours.
You sent a cheque: if received before 3 p.m. ET the funds will be deposited the same day
You called a representative:
What types of transfer are available on the trading platform?
How do I deposit a stock certificate?
Bring your stock certificate to a National Bank branch. Sign the back of the certificate or complete the power of attorney form (F.11511). The branch will send us the certificate, and we will deposit the stocks into your brokerage account (for $100 fee).
Please note that physical certificates for stocks traded on the TSX Venture Exchange cannot be deposited. Only electronic certificates (DRS) can be accepted for such stocks.
Certificates for stocks traded on U.S. or Canadian over-the-counter markets will also be refused, as will restricted securities, warrants and rights.