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Third Party Deposits

Canada’s anti-money laundering legislation prevents Questrade from accepting deposits or transfer of funds or positions where the name on a bank account does not match the name on your Questrade account.

So, when making a deposit to your Questrade account, the account where the money or investments is coming from and the Questrade account where the money is going to must have identical names. We cannot accept deposits from a third party/person such as a friend, coworker, parent, uncle, aunt, etc.

There are a few exceptions where Questrade can process deposit requests where the account holder’s name does not match.

Below are 4 different scenarios where you can make a deposit into your account but require more documentation and information to do so. If your deposit request does not fall under any of the scenarios, your request will be cancelled and money will be returned to the sending bank.
 

  • SwitchArrow Transferring funds from your own bank account with a different account holder name

    If you use a short-form of your name on your bank account, or a preferred name provided by yourself, we would need documentation proving that this account is held by you. (For example, if the name on your Questrade account is Jonathan Smith and the name on your bank account is John Smith)

    Please contact the financial institution to provide a letter confirming that the two names are in fact the same person. You can then upload a copy of that letter to your Questrade account using the Upload Documents area in your Questrade account. While uploading documents, please select the document type as ‘Bill Payment Receipt’.

  • SwitchArrow Transferring funds from your corporate bank account

    You will need to provide documentation that shows you are the sole beneficial owner of the corporation that you are trying to deposit funds from. 

    To do this, please provide one of the following documents showing your name:

    A. Signed T2 with schedule 50 document

    B. Shareholders registry

    You can then upload a copy of either of these to your Questrade account using the Upload Documents area in your Questrade account. While uploading documents, please select the document type as ‘Bill Payment Receipt’.

  • SwitchArrow Transferring funds from a joint bank account to your Questrade account

    At times, banks shorten names on joint accounts or mention only one account holder’s name which prevents us from validating the names.

    To prove joint account ownership, you can provide us with a void cheque, direct deposit form or bank statement that shows both account holders names.

    You can then upload a copy of either of these to your Questrade account using the Upload Documents area in your Questrade account. While uploading documents, please select the document type as ‘Bill Payment Receipt’.

  • SwitchArrow Transferring funds from your spouse’s bank account

    You can transfer funds from a spouse’s bank account. But first you must make sure your spouse’s information is updated in your Profile in your Questrade account. Once this information is saved in your account the deposit will be processed.

    You can update your spouse’s information under the Profile area in your Questrade account.
     

    For a step-by-step guide on how to Upload Documents in your Questrade account click here

    For a step-by-step guide on how to update spouse information on your Profile in your Questrade account click here

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The information contained in this website is for information purposes only and should not be used or construed as financial or investment advice by any individual. Information obtained from third parties is believed to be reliable, but no representations or warranty, expressed or implied is made by Questrade, Inc., its affiliates or any other person to its accuracy.

Questrade Wealth Management Inc. (QWM) and Questrade, Inc. are wholly owned subsidiaries of Questrade Financial Group Inc. Questrade, Inc. is a registered investment dealer, a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF), the benefits of which are limited to the activities undertaken by Questrade, Inc. QWM is not a member of IIROC or the CIPF.

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