Author Topic: Sending in T1213 for Questrade PAD (Canada)  (Read 1523 times)

sieben

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Sending in T1213 for Questrade PAD (Canada)
« on: December 04, 2014, 06:29:14 PM »
Hi everyone,

I'm planning on sending in a T1213 to CRA right away to decrease my deductions at source.

My question is what do I need to send in along with the T1213 to the CRA. According to what I read I need to send in supporting documentation. One my Questrade account I have a copy of the agreement I signed to allow Questrade to take money out of my account, but I can't find anything that I can download that actually shows the amount or frequency of the PAD I set up.
I'm not sure if I take a screenshot of my Questrade account or just write up to explain my PAD information?

Anyone who's done this before and has some experience to offer I would really appreciate it!

Thanks!

RichMoose

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Re: Sending in T1213 for Questrade PAD (Canada)
« Reply #1 on: December 06, 2014, 06:38:22 AM »
I've done several this year, it's really quite easy. Just fill out the applicable sections of the form and make sure you include your employer information with a contact person in Payroll. As you're mentioning Questrade, I'm assuming you are investing that sum into an RRSP. Simply choose whether the deduction will be on salary or lump sum, then enter the amount you're investing in RRSP. Sign and date the bottom. I include a short letter with mine explaining that I will be depositing the money in a self-directed RRSP account with Questrade and invite them to call me with any questions. Mail it to your local tax office... done. No extra forms needed.

You will get a response in the form of a letter in roughly a month. They've always approved my requests and they list some conditions like needed sufficient RRSP room, you agree to pay tax in April if you owe it, and the usual stuff. Basically take this approval letter to your payroll dept and they need to get a copy for their records. My employer makes the adjustment on the very next pay period.

sieben

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Re: Sending in T1213 for Questrade PAD (Canada)
« Reply #2 on: December 06, 2014, 04:47:34 PM »
Hi TuxedoEagle,

Great that was exactly the information I was hoping for. I figured that my best bet was to include a letter outlining my situation but I wasn't sure if that would be adequate.

Thanks again!