FAQ
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I can't make a withdrawal or a conversion when the cash is in my account. Why?
Here are two possible situations:
- When you make a sale in your TFSA, you must wait until the day following settlement to withdraw the proceeds from your account.
- When you make a sale in your non-registered account, you must wait until the settlement date to convert the proceeds (in another currency) or to transfer the amount out from your account.
How to open an NBDB account if I cannot reach an agent by phone?
It’s easy:
- Fill out the corresponding form for the account you want to open.
- The new account will be added to your profile within 2 to 5 business days. You will receive a notification email as soon as it is open.
How do I transfer my existing RRSP or TFSA to my NBDB account?
- Through the secure Message Centre: Initiate your transfer request by secure message and you will receive a DocuSign link to sign your documents.
- Via email: Send the transfer form (T2033) to directbrokerage@nbc.ca with a statement of the account you want to transfer.
- Via telephone: by contacting our team at 1-800-363-3511
- Via mail: Fill out the transfer form for your account type and send it to us by mail.
Expect a delay of approximately 10 business days upon receipt before your transfer is completed. It may take longer depending on the processing time of the delivering financial institution.
How do I make a withdrawal from my TFSA and transfer it to an external bank account?
There are two ways to do this:
- You must first deposit the amount into a Cash or Margin account before transferring the funds to the external bank account.
- You can also use an “Income Sweep” to automatically transfer the funds withdrawn to the bank account which is linked to it. If you don’t hold such an account, write to us via secured messaging on our transactional site to request that we open one for you.
What is the FHSA and when will it be available?
You can now open the Tax-Free First Home Savings Account at NBDB to invest for the purchase of your first home.
The FHSA is a type of registered account. It allows you to grow your savings tax-free, regardless of your annual income, and save for your first home purchase.
Withdrawals for first-time homebuyers are not taxable (non-eligible withdrawals will be included in the individual's income).
Contributions are capped at $8,000 per year and unused contributions can be carried forward to future years. The lifetime contribution maximum is $40,000.
Withdrawals for the purchase of a home do not have to be repaid (unlike an HBP - Home Buyers' Plan in an RRSP).
If the money is not withdrawn within the time limit set by the government, it can be transferred to the RRSP or withdrawn, subject to withholding tax.
Visit the FHSA page on the National Bank website to learn more.
If you prefer to speak to a consultant, the First Home Savings Account is now available at National Bank branches.
Book an appointment online with the National Bank team to obtain advice and solutions catered to your needs.
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Which documents can I find in the online brokerage platform?
The online brokerage platform gives you quick and easy access to: portfolio statements, trade confirmations, tax slips, fund overviews, and communications. Click on the Documents tab in your online brokerage account to find them.
Note: Your documents are archived and available online for seven years.
How come I no longer receive my brokerage documents in the mail?
Unless you chose to receive your documents by mail in your preferences, you'll find them online under the Documents tab in your brokerage account.
I prefer to receive my documents by mail. How do I do this?
You can change your preferences two ways:
1. Online
- Log in to your online brokerage account
- Click on your name
- Click on Documents
- Choose your preferences
2. With one of our agents
Please note: a fee may apply for receiving your documents by mail.
How can I stay up to date about new products and services?
Subscribe to our newsletter for the latest news on market trends, products, services, and promotions.
What are your fees and commissions rates?
Fees and commission rates vary by transaction type. You can find them in our pricing section.
How do I change my address?
If you have other National Bank accounts:
- Log in to your online banking
- Click on your profile
- Update your contact info
This update will apply to all your accounts.
If you do not have other accounts, or prefer a different method: chat with us in the Message Centre or call an agent so we can change your address for you.
When can I expect to receive my portfolio statements?
You'll receive your portfolio statement from National Bank Direct Brokerage according to securities regulations:
- Every month during which you made a transaction.
OR
- Quarterly in March, June, September, and December if you did not make a transaction.
When can I expect to receive my tax slips?
We invite you to consult the tax slip mailing schedule to find out when the tax slips will be mailed and posted on our platform.
Why did you change the 8-digit user ID for a single sign-on easy access and how can I change my ID?
If you are eligible, your NBDB user ID will soon change to a sign sign-on easy access, your email address. This single sign-on will increase security and facilitate navigation between National Bank platforms.
This change process will progressively roll-out throughout the year. Eligible clients will be notified when the time comes.
For more information, visit nbdb.ca/new-user-id
You do not have the purchasing power to make this transaction.
The account selected for your purchase did not have the cash or purchasing power to make this transaction.
Firstly, make sure you selected the right account. Then if necessary, you can sell another title or transfer funds to pay for your purchase.
Also note that open purchase orders reduce your buying power, even if they have not been executed. If you wish to free up purchasing power, you can cancel an open purchase order.
Several orders are in progress and their sum exceeds the buying power of your account.
The account selected for your purchase did not have the cash or purchasing power to make this transaction.
Firstly, make sure you selected the right account. Then if necessary, you can sell another title or transfer funds to pay for your purchase.
Also note that open purchase orders reduce your buying power, even if they have not been executed. If you wish to free up purchasing power, you can cancel an open purchase order.
The quantity held is insufficient to permit this order.
These messages mean that the amount of units offered for sale is greater than the amount of units held.
Check that the account in which you are selling from is the account in which you hold the securities.
You may also have an open sell order for the quantity you wish to sell. If this is the case, simply change the original order rather than placing a new one.
The security you wish to sell is not held in the selected account.
These messages mean that the amount of units offered for sale is greater than the amount of units held.
Check that the account in which you are selling from is the account in which you hold the securities.
You may also have an open sell order for the quantity you wish to sell. If this is the case, simply change the original order rather than placing a new one.
Restrictions apply to your account. Please contact Investor Services.
This message usually means that we are missing documentation related to your account opening. If you did not provide all the required documentation when you opened your account, please send it to us so that we can remove the restrictions.
If necessary, contact us so that we can inform you on what's missing, and send you the required documents. We may be able to have you sign the documents electronically and give you quick access to your account.
A share certificate was recently deposited in your account, so we cannot accept the transaction.
When you deposit a share certificate, it is necessary to wait a few days for it to be cleared by the transfer agent.
The clearing period may vary depending on a number of factors, including the market on which the deposited security trades.
We invite you to try again later or contact us for more information.
A similar order has already been issued for this security.
This message means that you have already submitted an order for the security you are trying to trade. A second order cannot be accepted, either because your buying power does not allow it, or because you do not have enough shares for a sale.
We invite you to modify the original order to reflect the changes you wish to make.
A short sale cannot be made on this security.
In order to be able to sell a security short, we must first be able to borrow it for you. If it is not possible to borrow it, it will not be possible for you to sell it short.
The possibility of borrowing a security can vary from day to day.
A market event is in progress on this stock.
Please note that during market events, we have to wait for the transfer agent to send us the securities before crediting them to our clients' accounts.
In such a situation, it is possible that the quantity of shares indicated in your account does not reflect the quantity you actually hold.
We invite you to check the news for the security you are trying to trade for details of the event, and return your order for the correct quantity.
Why are we changing our Privacy Policy?
We have evolved our Privacy Policy based on the best available practices from the security industry.
Do you have the right to share my personal information?
Yes, but rest assured that the Privacy Policy and settings follow the best practices available for protecting personal information.
Are the changes to the Privacy Policy related to an information leak?
No. Our Privacy Policy and settings are based off industry best practices which are constantly evolving to better protect you.
How will you use my personal information?
We use your personal information to:
- Identify you
- Evaluate your financial situation and borrowing capacity
- Ensure that we’re recommending products and services that fit your needs
- Collect information held by our affiliates to better serve you
- Prevent, detect and control fraud
- Contact you with promotional offers and other news
- Conduct analysis and improve our products and services
Are you collecting my biometric data?
As explained in our new privacy policy:
- You’ll have to give your consent for us to collect your biometric data.
- Biometric data is only ever collected on a voluntary basis.
Our new privacy policy aims to provide you with more transparency about the collection and use of your personal information.
How does the consent work?
Your consent to these changes, will be applied to all products you hold with us.
Will my personal information be available to all bank employees?
We protect your information at all times through security and access management procedures.
Only those employees who absolutely need access to your personal information in order to perform their duties will be able to access it in order to serve you or to prevent fraud.
What privacy settings are part of this new Privacy Policy?
Here are two new privacy settings that are in line with our new Privacy Policy:
- A personalized experience for every key moment in your life. You'll benefit from customized offers and advice tailored to your needs.
- National Bank will share your financial data with its subsidiaries to provide you with an optimized client experience.
These settings require your consent so that we can use and share your personal information.
Can I edit who has access to my personal information?
Yes, you can change your privacy settings at any time through your online bank or by contacting one of our experts.
Where can I consult the new Privacy Policy?
For more information, consult our new Privacy Policy.
How can I make a transaction on the new platform?
Making a transaction is simple:
- Log in to the brokerage platform.
- Choose the account from which you want to make the transaction.
- Click on Buy or Sell at the top of the page.
- Enter the symbol and the quantity in the order form that appears.
Note: a market order is shown by default, but you can change it to set a limit price, and change the expiry date.
Visit our YouTube channel for a tutorial.
How do I transfer funds?
- Log in to the brokerage platform.
- Click on Transfer at the top of the page.
- Transfer funds between the selected accounts.
Visit our YouTube channel for a tutorial.
How do I sign up for the brokerage platform?
- Click on Client Access at the top of the nbdb.ca page.
- Click on Trade online on the platform
- Follow the steps provided.
How do I sign an agreement online?
To sign an agreement online, simply type out your full name. This has the same legal effect as a handwritten signature.
Where can I find the conventions in French?
Click on the link under each introductory paragraph to access a translation of the conventions.
How do I select my username and password?
- Your username is an 8-digit code that our system provides and cannot be changed.
- Your password must not contain your name.
- Your pasword must contain letters and numbers and be a minimum of 12 characters, including one lowercase letter.
What should I do if I forgot my password?
Go to the brokerage platform login page and click on "Forgot your password?". Follow the instructions provided.
If you don't have a brokerage account, or haven't answered the security questions beforehand, call us at 1-800-363-3511 and choose option 4.
Nothing happens when I enter my username and password. What should I do?
Try closing your browser and restarting it. If the problem persists, call us at 1-800-363-3511 and choose option 4 so an agent can assist you.
Can I access all of my brokerage accounts with the same usename?
Yes, you can access all of your brokerage accounts using the same username (joint, company, trust accounts, etc.)
To add an account, contact an agent via our secure messaging system, or call us at 1-800-363-3511.
How can I see all of the accounts associated with my username?
When logged into the brokerage platform, go to the Summary and Assets section.
Here you'll find a drop-down menu where you can choose the account you wish to view.
If you don't see the drop-down menu, contact an agent via our secure messaging system, or call us at 1-800-363-3511.
How can I make sure I ended my session securely?
When you end your session securely, you will see the following confirmation message:
How do I create alerts?
You can create alerts from your online brokerage platform. Here's how:
- Choose your brokerage account.
- Click on the Tools tab, then on Alerts.
What criteria are required to qualify as a securities professional?
You are considered a securities professional if:
1. You are registered or licensed with the following organizations:
- Provincial Securities Commission
- Securities Exchange Commission
- Commodities Futures Trading Commission
- any government, state or provincial securities agency
- any association or scholarship
- any commodity trading market or futures market
2. You are an "investment advisor" as defined under the securities laws of a province or state (regardless of whether you are registered or certified).
3. You are employed by a bank or financial institution that is exempt from registration under federal and/or provincial securities laws, and perform duties that would have required certification or registration had you been employed by another non-exempt organization.
What is the Morning Brief newsletter and how can I subscribe?
The Morning Brief is an analysis sent by email before the markets open and contains information on Canadian and U.S. companies, earnings reports, technical market analysis and trading ideas based on various technical events. You can subscribe to it via the brokerage platform by clicking on Markets, then on Trading Central, then on Morning Briefing.
How do I make transactions in my brokerage account?
There are two ways to make transactions:
- Online via your computer or mobile device.
- By phone with an agent.
Discover our various analysis tools.
Save on commissions by trading on our online brokerage platform.
Follow our tutorial on our YouTube channel.
What investment products can I trade online without having to call you?
The following products are available online:
- Stocks and exchange-traded funds
- Options
- Federal, provincial, municipal and corporate bonds
- Investment funds
- Exchange-traded debentures
To trade the following products, you will have to call a representative:
- Fixed-and variable-rate GICs
- Linked notes
- Savings bonds (federal and provincial)
What investment products can I trade with NBDB?
You can trade a wide range of investment products directly online to diversify your portfolio: stocks, options, exchange-traded funds (ETFs), investment funds and some fixed-income securities.
All these products can be traded online. Learn more about our different investment products.
How can I check the status of an order on the brokerage platform?
Once you've logged into your account in the brokerage platform, you can check the status of your orders under the Activities tab, then under Current orders.
How do I add options trading to my account if I get an error message?
Simply fill out a Request for Options form and mail it to our office.
Please note: the approval process for the trading of options in your account can only begin once we have received an original, duly completed and signed copy of the form. If your application is approved, you will receive a letter confirming your approval. At that time, you will be able to begin trading options.
What does the message "We do not accept 'market' orders on the Pink Sheet" mean?
Since the over-the-counter markets (also known as Pink Sheets) are regulated differently from traditional stock markets, it is only possible to place limit orders. You must therefore specify the maximum (for a buy) and minimum (for a sell) price at which you want your trade to be executed.
What are the trading hours for North American markets?
Normal trading hours for North American exchanges (such as TSX, TSX Venture, NYSE, NASDAQ) are from 9:30 a.m. to 4:00 p.m. (ET). For trades made by phone, we offer extended trading hours that differ depending on the type of investment.
Are there any fees for making transactions?
Yes, fees may apply depending on the type of transaction made. Fees may also be charged for transactions in stocks, exchange-traded funds, options, and certain investment funds. Visit our Pricing section for more details on applicable fees.
I don't have access to a computer. How do I place an order?
There are two ways to place an order without a computer:
- Online, using your smartphone or tablet: Simply use the mobile version of our brokerage platform. The same commissions as our computer-based platform will apply.
- By phone: Please note that the commission is higher when you trade by phone with an agent.
For full details, please refer to the Pricing section.
What can you do when you have positive buying power but negative cash in a registered account?
The purchasing power of registered accounts combines the cash in your Canadian and U.S. dollar accounts. However, when you place a purchase, you must ensure that you pay for that transaction in the corresponding currency on or before the settlement day.
Example: You have $5,000 CAD in your Canadian TFSA and $0 USD in your American TFSA. You buy $2,000 USD worth of ABC stock in your American TFSA. Since the share settlement period is 2 days, you have 2 days to convert part of your Canadian dollars into US dollars to pay for your purchase.
Can I trade a U.S. security in a Canadian account or vice versa?
It is perfectly possible to trade a U.S. security in a Canadian account or vice versa.
In this situation, an exchange rate is applied to your transaction. This will be disclosed in your order board, before you confirm the submission of the order.
Why are the exchange rates on my transaction and on my client site different?
The exchange rate displayed on our customer site is the average exchange rate. When you trade a security in a currency other than the one in which your account is denominated, NBDB acts as the counterparty on your currency conversion and will therefore take a differential on the rate applied to your transaction.
Be aware that it is possible to open U.S. dollar accounts that allow you to trade in U.S. securities without having to convert funds for each transaction.
Is it possible to trade cryptocurrencies (e.g. Bitcoin) on the brokerage platform?
No, our platform does not allow direct trading of cryptocurrencies. However, it is possible to trade exchange traded securities whose performance is correlated to that of the cryptosystems.
What do the different dividend dates mean?
The ex-dividend date is the date from which a security trades without entitlement to the next dividend. This means that in order to be eligible for the next dividend payment, an investor must acquire a security BEFORE the ex-dividend date.
The dividend payable date is the date on which an investor will receive the dividend. It will generally be visible in your brokerage account the day after the payment is made.
This information can be found in the "Dividends" section of a security's listing.
Example: A security has February 1 as the ex-dividend date and February 15 as the payable date. The dividend amount is $1 per share. An investor must therefore acquire his shares no later than January 31 to receive the dividend on February 15.
Similarly, an investor who already owns a security and sells it on February 1 will still receive the dividend on February 15.
What is dividend reinvestment and how do I subscribe to it?
When one of your securities pays a dividend, it can be included in the dividend reinvestment program.
Dividends on securities registered in the program are paid in shares. You will therefore receive whole shares and a fraction in cash corresponding to the amount of each dividend.
Contact us via the message centre or call us to subscribe to the dividend reinvestment program on the securities of your choice.
Some securities may not be eligible for the program.
What do the different prices for a security mean?
There are several prices (also called quotes) for the same security, and these prices change constantly during a trading session.
The last price is the price at which the last trade in that security took place.
The bid price is the highest price at which buyers are willing to buy a security.
The bid price is the lowest price that sellers are willing to accept to dispose of a security.
The opening price is the price at which the first trade of the day took place in a security.
The closing price is the price at which the last trade of the day took place in a security.
A buyer wishing to buy a security at market price must therefore look at the ask price and, conversely, a seller must look at the bid price.
What is the difference between a limit order and a market order?
A limit order allows you to specify the maximum an investor is willing to pay (in the case of a purchase) or the minimum an investor is willing to receive for a security (in the case of a sale).
Such an order allows the investor to keep control over the price obtained, but it is possible that his order will never be executed if the price of the security does not reach the defined limit (or if the limit is reached and not exceeded and the order ranks too far in the queue in order of priority).
A market order allows the investor to buy or sell a security at the best price available at the time of sending.
Such an order is usually executed quickly, but the investor has less control over the price he or she will receive.
How does stop sale work?
Visit our YouTube channel to watch a video on this topic.
My stop order was cancelled. Why did this happen?
We are sorry that we had to cancel your stop order. Please be aware that some markets do not allow stop orders to be placed.
In addition, it is possible that the parameters of your order may make it non-compliant. To learn more about how stop orders work, we invite you to watch our video on this subject on our Youtube channel.
I want to transfer securities from my CAD account to my USD account. How do I do this?
Contact us via our secure message centre to request the transfer of your shares.
It is possible to transfer a share from one account to another the day after the purchase is settled. The settlement period for most transactions is two days.
What is the fully-paid securities lending program?
The fully-paid securities lending program gives eligible National Bank Direct Brokerage clients the opportunity to earn extra income by lending fully-paid securities held in their non-registered accounts. For more information, consult our Fully-paid securities lending program page.
What is the book value?
The book value is the amount you paid to acquire units or shares of a security, including commissions associated with the purchase of these securities. It is equal to the total quantity of units multiplied by their average unit cost.
Consult the book value of your securities on your portfolio statement or by logging on to the brokerage platform.
Is the commission included in my book value?
Yes, the commission paid for a purchase is included in the book value.
Example: You buy 100 shares of ABC at $10 and pay $6.95 in commission. Your book value for these 100 shares will be $1,006.95, or $10.0695 per share.
Can I use the book value for tax purposes?
The book value information that we provide to you is for information purposes only. You may use trade confirmations, portfolio statements, transaction summaries and the T5008 statement for tax purposes, but you must ensure that the information on these documents is accurate.
For more information on the T5008 statement, please refer to our FAQ and the section on tax slips.
What happens if the book value is unknown?
In this case, the book value could be established on the basis of market value. This may be the case, for example, when a transfer is made from another financial institution.
Where can I find the information needed to determine the book value?
This information can be found on your trade confirmations, your portfolio statement and the transaction summary provided at the beginning of the year for the previous fiscal year.
What if I don't have the information to determine the book value?
Contact our customer service department so they can conduct the research and send you the documents, subject to applicable administrative fees.
Complete the Book value adjustment form (27740) and return it to us by email or fax with supporting proof, if required.
Note: When transferring assets, we record in the account the value provided by the transferring institution and it is impossible for us to validate the accuracy of the book value transmitted.
When is proof required in order to change the book value?
- For changes in a registered account, proof is required to justify the adjustment of the book value of your securities.
- For changes in a non-registered account, proof is not required to be attached to the book value adjustment form.
I made a mistake in my book value form. Can I correct it?
If you noticed an error, please let us know as soon as possible.
Here is the procedure to follow:
- Complete, sign, and return the new Book value adjustment form (27740) by mail or fax.
- Attach copies of proof of change, if required. Eligible proofs are trade confirmations, portfolio statements and transaction summaries.
Important:
- It is imperative that we obtain the completed and signed Book Value Form in order to proceed with the change.
- You should retain your original proofs and send us copies. If you send us original documents, they will not be returned to you
What is the book value if different prices were paid for the same security?
The book value is the average of all purchase prices paid for a security.
Why is the book value of my investment fund incorrect?
Data on each pooled fund is provided by the respective fund companies. You must submit a completed and signed Book Value Adjustment form to us so that we can make the required changes.
Why is the book value of my stock position unavailable?
When the book value is unknown, it is assessed on the basis of market value. For various reasons, it may not be possible to assess the market value. In this case, a ND (not available) value will be displayed.
Can I provide my book value when depositing a share certificate?
You may change the book value of your securities at any time. When depositing a share certificate at a National Bank branch, simply complete and sign the Book value adjustment form and attach it to your request.
Why does the book value of my recently transferred shares seem inaccurate?
We record in the account the value provided by the transferring institution and it is impossible for us to validate the accuracy of the acquisition value transmitted.
In order to rectify the situation, please complete, sign and return the Book value adjustment form and send it to us by email or fax, along with the copy(s) of the documents justifying the change, if necessary.
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What is the FHSA and when will it be available?
You can now open the Tax-Free First Home Savings Account at NBDB to invest for the purchase of your first home.
The FHSA is a type of registered account. It allows you to grow your savings tax-free, regardless of your annual income, and save for your first home purchase.
Withdrawals for first-time homebuyers are not taxable (non-eligible withdrawals will be included in the individual's income).
Contributions are capped at $8,000 per year and unused contributions can be carried forward to future years. The lifetime contribution maximum is $40,000.
Withdrawals for the purchase of a home do not have to be repaid (unlike an HBP - Home Buyers' Plan in an RRSP).
If the money is not withdrawn within the time limit set by the government, it can be transferred to the RRSP or withdrawn, subject to withholding tax.
Visit the FHSA page on the National Bank website to learn more.
If you prefer to speak to a consultant, the First Home Savings Account is now available at National Bank branches.
Book an appointment online with the National Bank team to obtain advice and solutions catered to your needs.
What is a Tax-Free Savings Account (TFSA) and how does it work?
Here is some useful information about TFSAs:
- The TFSA is a government-registered account. It allows you to grow your savings tax-free, regardless of your annual income.
- Withdrawals are tax-free.
- Unused contribution room can be carried forward to future years.
- You can withdraw money from your TFSA at any time and for any purpose.
- You can contribute amounts withdrawn from your TFSA in the year following the withdrawal without reducing your contribution room. For example, if you withdrew $3,000 from your TFSA in 2015, you will be able to re-contribute that amount in 2016, in addition to your annual contribution limit ($5,500 since January 2016).
- Neither income earned in a TFSA nor withdrawals from the account affect your entitlement to federal income-tested benefits or credits.
Visit the dedicated section of the National Bank website to learn more about the TFSAs.
What is the maximum amount that can be contributed to a TFSA in 2021?
The contribution amount for the year 2021 has been set at $6,000.
To know your contribution rights, we invite you to consult your file with the CRA.
I will turn 71 during the year, do I have to convert my RRSP to a RRIF?
The conversion of the plan must be completed by December 31 of the year in which you turn 71, not by your birthday.
Consult the dedicated section on the National Bank's website to learn more about converting RRSPs.
How does the age of my spouse affect my RRIF payment calculations?
The calculation of the minimum amount can be based on your age or the age of your spouse. This allows you to grow the funds in your RRIF while spreading out your payments over a longer period of time. In fact, the mandatory minimum withdrawals will be smaller if the age of the younger spouse is used in the calculations. Note that under Revenue Canada regulations, this choice is irrevocable, even after a divorce or the death of a spouse. In addition, this option is only available when the RRIF is opened.
How do I calculate the minimum withdrawal amount from a RRIF or LIF?
The minimum amount to be withdrawn from a RRIF or LIF is calculated by NBDB at the beginning of each fiscal year. The calculation is based on the fair market value of the plan as of December 31, as well as your age (or your spouse's age, depending on what you decided when you opened your account).
Here's what you need to know about the maximum amounts:
- there are none for RRIFs
- the maximum amount that can be withdrawn from a LIF is calculated based on the same criteria as the minimum amount
Here's how to find your calculated minimum and maximum amounts: Go to your portfolio statement or to the Registered Accounts section (under the Activities menu) of your online brokerage account. You will also find the frequency of payments.
Note: You must ensure that you have the necessary cash on hand in your RRIF or LIF so that we can make the requested payments. If the amount is not available in cash at the time of payment, interest will be charged on the debit balance, in addition to commissions applicable to transactions made through an agent, if we have to sell a product to cover the debit to the account. See the Schedule of Commissions and fees.
What are the differences between the various federal locked-in plans?
| Type of plan | Jurisdiction | Withdrawal options | Transfers |
| LRSP |
Federal |
|
Amounts transferred into this type of plan must originate from a pension fund, another LRSP or a LIF. |
| RLSP |
Federal |
|
Amounts transferred into this type of plan must originate from another RLSP or a RLIF. |
| LIF |
Federal |
|
Amounts transferred into this type of plan must originate from an LRSP or a LIF under federal jurisdiction |
| RLIF |
Federal |
|
Amounts transferred into this type of plan must originate from an LRSP, an RLSP, a LIF or another RLIF. |
| Type of plan |
| Jurisdiction |
| Withdrawal options |
| Transfers |
| LRSP |
| Federal |
|
| Amounts transferred into this type of plan must originate from a pension fund, another LRSP or a LIF. |
| RLSP |
| Federal |
|
| Amounts transferred into this type of plan must originate from another RLSP or a RLIF. |
| LIF |
| Federal |
|
| Amounts transferred into this type of plan must originate from an LRSP or a LIF under federal jurisdiction |
| RLIF |
| Federal |
|
| Amounts transferred into this type of plan must originate from an LRSP, an RLSP, a LIF or another RLIF. |
How do I qualify for additional grants or the Canada Learning Bond?
You must fill out the appropriate form available on our website and send it to us by mail. 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 forward all information to the government.
*The primary caregiver of the child is the person receiving the Canada Child Benefit (CCB).
Who can act as the beneficiary's Primary Caregiver in an RESP?
The recipient's primary caregiver is a person or organization primarily responsible for the care and upbringing of a child. The custodian may be an individual or a public entity.An individual caregiver is a person who is eligible for the Canada Child Benefit (CCB) to support their dependent child under the Income Tax Act. This may be the mother, father, grandparent or legal guardian.
A public primary caregiver is a department, agency, institution or organization that has custody of a child and the right to receive payments under the Children's Special Allowances Act on behalf of the child.
Is this the same process that applies to the family RESP?
Yes, it is the same process as for an individual RESP. However, it is necessary to complete one form per beneficiary (child).
What is the maximum amount that can be contributed to an RESP?
The maximum contribution is $50,000 per beneficiary for the duration of the plan.
I am not the child's parent, how do I determine the family net income?
The net family income is always that of the parents who are responsible for the child.
When will the Canada Education Savings Grant (CESG) be paid into my account?
Grants are paid at the end of the month following the month of contribution. For example, if you make a contribution in June, the grant will be paid into your RESP account at the end of July.
Please note that the government will rely on the latest available income information to determine if you are eligible for additional grants.
Does the Canada Learning Bond (CLB) require me to contribute extra money to the RESP?
No, even if you don't put money into the RESP, the Government of Canada will deposit the CLB into the RESP at a rate of $500 for the first year and $100 for the following years in which you qualify (until the child turns 15 years old).
Is the CLB included in the maximum RESP grant?
No, the CLB is not included in this amount. The child is entitled to $7,200 in grant funding, plus a CLB down payment of $500, and for as long as the child is eligible, $100 per year for subsequent years for 15 years. Thus, the child can benefit from additional amounts of up to $2,000 over the duration of the plan.
How do I open an account?
You can open an account in three ways:
- online
- on the phone
- at a branch
Want to know more? Visit our Opening an account.