Author Topic: Noob Questrade Question  (Read 1174 times)

K-Dogg

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Noob Questrade Question
« on: May 13, 2016, 03:53:37 PM »
Hey everyone,

I'm just going through the sign-up procedures for opening a margin, tfsa, and rrsp account at Questrade. I have to sign documents and verify my identity for each account, and I noticed each account has their own "Fund my account" button.

When I'm ready to transfer in funds, do I have to fund each account seperatly? Thus being charged 3x for moving my money out of Tangerine?

Or can I transfer all the money at once and just buy-in to each account from one main Questrade account?

All advice appreciated.

RichMoose

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Re: Noob Questrade Question
« Reply #1 on: May 13, 2016, 09:25:35 PM »
Generally your existing RRSP with go to the new RRSP, TFSA to new TFSA, etc. Questrade generally runs promos that will refund transfer costs (up to $150 for asset value over $25k). But yes, to have each type of account be active, you will need to fund each account with something. The account annual fee waiver is based on the value of all your accounts though. This was $15k for all account fees to be waived, not sure if that's changed though.

Normally Tangerine and other brokerages will charge a fee to transfer out for each account type as well.

K-Dogg

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Re: Noob Questrade Question
« Reply #2 on: May 14, 2016, 05:11:19 PM »
Okay thanks Tuxedo!

I'll just transfer each to their corresponding account when it's time. :)

nobodyspecial

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Re: Noob Questrade Question
« Reply #3 on: May 14, 2016, 05:36:49 PM »
Remember the transfer is a "pull", you fill in a transfer request on Questrade's site and they get the money from your bank.
It will go into the TFSA/RRSP as cash and you then pick the funds to buy.
 
It takes a random time, few days to a few weeks, depending on your bank - annoyingly QT don't tell you when it arrives so you have to keep checking.
 

PharmaStache

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Re: Noob Questrade Question
« Reply #4 on: May 15, 2016, 08:34:27 AM »
Can anyone here comment on how long it takes Tangerine to transfer to Questrade? 

Where does the "proof" of the transfer fee come from?  Will it show up somewhere on our Tangerine accounts, and I can send a screenshot to Questrade?