Add Funds - Important to Know

Learn important information related to Add Funds requests to get the most out of the feature.

EFT In

• EFT in requests can only be submitted for accounts with associated banking authorization. If the intended account is not on the list of available accounts, then a 'Banking' Service Request must be completed before the Add Funds Request can be submitted.

RESP Contributions

• The beneficiary for RESP Contributions must already be set up on the account before a contribution can be made to them. If the intended beneficiary is not available in the drop down list, then a 'Beneficiary' Service Request must be completed.
• Beneficiaries have a $2,500 maximum yearly contribution amount that will be matched with the 20% CESG, up to a lifetime limit of $7,200 in CESG payments. If the contribution is intended to be matched with CESG, please ensure that the beneficiary indicated on the request has available contribution room or the CESG will not be applied.

Account Contribution Limits

• Certain registered account types (TFSA, RRSP, FHSA, Etc.) have limits to contributions that can be made without facing tax penalties from the CRA as well as deadlines. Before submitting an Add Funds request for these account types it is recommended to confirm the client's available contribution room to ensure that they do not unintentionally over contribute to their registered plans.
• For 2024, the contribution limits for accounts are below:
  • TFSA: $7,000
  • FHSA: $8,000
  • RRSP: 18% of Earned Income in 2023 up to a maximum of $31,560

Letters of Direction (LOD)

If contributing funds from another investment account, the account holders must be the same. If the names are different, a letter of direction must be attached to the ticket. This is not required for deposits from/to a joint account where the account is one of the two joint holders.