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Question about funding Questrade Account

  • Last Updated:
  • Dec 7th, 2020 2:57 pm
[OP]
Newbie
Feb 4, 2017
88 posts
21 upvotes

Question about funding Questrade Account

A quick question about funding a questrade rrsp/tfsa/registered account.

Does the contribution room get affected right when the account gets funded/withdrawn from the account, or only after you make buys and sells within the account?

For example if I open a questrade TFSA today and fund it with the minimum $1k via online bill payment will my TFSA contribution room for the year go down immediately, or only after I make a buy?

Thanks
5 replies
Newbie
Oct 29, 2020
59 posts
84 upvotes
Once the money goes into the account.
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Deal Addict
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Sep 19, 2013
2440 posts
872 upvotes
Winnipeg
CRA doesnt care when you buy and sell or keep everything in cash. The only care when money goes in and comes out.
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Newbie
Oct 29, 2020
59 posts
84 upvotes
Mr Bean wrote: CRA doesnt care when you buy and sell or keep everything in cash. The only care when money goes in and comes out.
well I wouldn't go that far!
  • In terms of contribution, it's when the money goes into the account.
  • But when you sell or collect dividends (in a Cash account where you pay taxes), then once you sell or collect, the CRA does care regardless if you withdraw it or not.
Borrowing $65,000 to Invest - Investing with Leverage YouTube Video Series
I borrowed money to invest and wanted to document the steps and process. I hope others can learn from my experience.
Deal Addict
User avatar
Sep 19, 2013
2440 posts
872 upvotes
Winnipeg
MrMikeDD wrote: [*]But when you sell or collect dividends (in a Cash account where you pay taxes), ...
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OP is specifically asking about registered account as mentioned in the 1st statement itself.
In the beginning the Universe was created. This has made a lot of people very angry and been widely regarded as a bad move. -- Douglas Adams
Sr. Member
User avatar
Jun 27, 2007
578 posts
110 upvotes
Toronto
chumba wrote: A quick question about funding a questrade rrsp/tfsa/registered account.

Does the contribution room get affected right when the account gets funded/withdrawn from the account, or only after you make buys and sells within the account?

For example if I open a questrade TFSA today and fund it with the minimum $1k via online bill payment will my TFSA contribution room for the year go down immediately, or only after I make a buy?

Thanks
Hi there! As soon as the funds enter the account, and you can see it on the platform, it will be counted as a contribution to your TFSA or other accounts (now when you place a trade). Thanks.

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