You can transfer Canadian cash from your bank account to your Qtrade account through a bill payment. Payments can be set up quickly and easily online with any financial institution in Canada and many will allow you to automate a bill payment if you’d like to set up regular, recurring deposits.
How to set up a Bill Payment
- Log into your bank or credit union’s online banking page and navigate to the Bill Payments area.
- Add “Qtrade Direct Investing” as the new payee (be careful not to use Qtrade Guided Portfolios)
- Once you’ve added the payee, add your Qtrade account number (use your full 8-digit account number, found under Transfer Funds > Bill Payment on the Qtrade site).
Bill Payments are best if
- You want the fastest cash transfer available
- You want to trade quickly – as soon as the money is in your Qtrade account, you can trade
- You want the quickest and easiest transaction
How long does a Bill Payment take?
Usually, a Bill Payment takes 1-2 business days.
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IMPORTANT: Before making your first deposit, ensure that the first and last name listed in your Qtrade profile match the details on file with your bank or credit union. This step is essential to avoid any delays or issues with your deposit. If you have access to joint or business accounts, make sure you’re logged into your personal online banking account. This account must match the name on your Qtrade profile for transactions to proceed smoothly According to CRA guidelines, only the account holder can contribute funds to TFSA and FHSA accounts. However, you are allowed to gift money to your spouse, which they can then contribute to their own TFSA. The income earned in their TFSA remains theirs and won’t be attributed back to you. Similarly, only the FHSA account holder can claim tax benefits for contributions made to their account. To comply with anti-money laundering and fraud prevention regulations, Qtrade does not accept third-party deposits where the name on the bank account does not exactly match the name on your Qtrade profile. If there’s a mismatch, your access to funds may be delayed, or your deposit could be rejected altogether. |
What to watch out for
- Your bill payment could be delayed or rejected if:
- The name on your bank account is different from the name on your Qtrade account. We cannot accept third-party deposits.
- The Qtrade account number on your bill payment is incorrect.