A Regular Retirement Savings Plan (RRSP), once registered with the CRA (Canada Revenue Agency), allows the plan holder to invest on a tax deferred basis. Contributions made to the RRSP are tax deductible (up to a limit) and any income or capital gain received inside the RRSP would not be taxed until the money is withdrawn. Interactive Brokers Canada (IBC) clients are limited to opening one regular and one Spousal RSP account (SRSP).
PLEASE NOTE THE FOLLOWING LIMITATIONS
Existing eligible IBC clients can add an RRSP and/or SRSP account by logging in to Client Portal, navigating to the User (“head/shoulders” icon) > Settings > Open an Additional Account menu item and selecting RRSP/Spousal RRSP as account type.
New clients may open an RRSP or SRSP account by clicking on the Open Account > Start Application button on the Interactive Brokers Canada website.
Open AccountPlease note that you must be a Canadian resident to open an RRSP or a SRSP account.
To open an RRSP/SRSP account:
No account maintenance fee.
Clients of IBC can open either a Regular Retirement Savings Plan or a Spousal Retirement Savings Plan:
RRSPs/SRSPs have a maturity no later than the end of the year in which the annuitant reaches 71 years of age. By the last day of the year in which the IBC client turns 71, funds must be withdrawn or transferred to an RRIF or used to purchase an annuity.
The contribution limit for a given tax year is typically displayed on the taxpayer’s notice of assessment produced by the CRA. The contribution limit under the assessment includes unused contribution room for the prior years.
Contributions can be made to RRSP/SRSP accounts at any time during the calendar year or no later than 60 days after the end of the calendar year.
Any contribution above the limit will be counted as excess contribution. There is a lifetime allowance of CAD 2,000 for over-contributions. Amounts of over-contribution beyond this limit are subject to a 1% penalty tax per month.
A withdrawal of funds from an RRSP/SRSP constitute a de-registration of the plan and is subject to withholding tax. The tax will be withheld by IBC at the time of the withdrawal. Gross amount of the RRSP/SRSP withdrawal will be included in the T4RSP slip and will be counted towards the general income that one receives for the calendar year.
The segregated cash portion held with the trustee is insured up to CAD 100,000 (principal and interest combined) by the Canadian Deposit Insurance Corporation (CDIC), which is a Federal government agency that insures Canadians’ savings against the failure of a bank or other CDIC member institution.
RRSP/SRSP accounts are also counted as a separate account for CIPF coverage, and so are eligible for an additional 1M CAD coverage under CIPF.
The beneficiary information is not applicable to clients who are residents of Quebec where such a designation can only be made by the deceased's last will and testament.
For other provinces, beneficiaries could be either an individual or an estate. If beneficiary chosen is an Estate; then only ONE beneficiary is allowed. If applicant wants multiple beneficiaries, only individuals would be allowed.
Margin trading is not permitted in an RRSP/SRSP. All purchases must be paid in full in respective currencies and account debits are not allowed. If needed, currency trade could be executed between USD and CAD.
Accounts are restricted to cash balances in CAD and USD.
The RRSP account is allowed to trade the following qualified investments:
Tax-Free Savings Accounts (TFSAs) are offered by Interactive Brokers Canada for Canadian residents only.
A TFSA allows IBC clients to set money aside tax-free throughout their lifetime. Each calendar year, clients can contribute up to the TFSA dollar limit for the year, plus any unused TFSA contribution room from the previous year and the amount withdrawn the year before.
There is no TFSA maintenance fee.
Withdrawals from a TFSA are not subject to additional account specific charges and are only available in Canadian dollar (CAD).
Existing eligible IBC clients can add an TFSA by logging in to Client Portal, navigating to the User (“head/shoulders” icon) > Settings > Open an Additional Account menu item and selecting Tax Free Savings Account / TFSA.
New clients may open TFSA by clicking on the Open Account > Start Application button on the Interactive Brokers Canada website
Open AccountPlease note that you must be a Canadian resident to open a TFSA.
| Year | Annual Contribution Limit |
|---|---|
| 2009 | CAD 5000 |
| 2010 | CAD 5000 |
| 2011 | CAD 5000 |
| 2012 | CAD 5000 |
| 2013 | CAD 5500 |
| 2014 | CAD 5500 |
| 2015 | CAD 10000 |
| 2016 | CAD 5500 |
| 2017 | CAD 5500 |
| 2018 | CAD 5500 |
| 2019 | CAD 6000 |
| 2020 | CAD 6000 |
| 2021 | CAD 6000 |
| 2022 | CAD 6000 |
| 2023 | CAD 6500 |
| 2024 | CAD 7000 |
| 2025 | CAD 7000 |
A penalty of 1% per month is assessed by the CRA on excess contributions.
The unused TFSA contribution amount is the maximum contribution amount since the TFSA’s inception minus the amount contributed.
Please log in to the CRA Portal to review the available amounts specific to each tax payer. Interactive Brokers does not monitor the overall TFSA contribution room and any excess contribution above the CRA allowed limit is subject to overcontribution penalty.
Margin trading is not permitted in a TFSA. All purchases must be paid in full in respective currencies and account debits are not allowed. If needed, a currency trade can be executed between USD and CAD.
Accounts are restricted to cash balances in CAD and USD.
TFSA is allowed to trade the following qualified investments:
A TFSA is considered part of a client’s general account for purposes of CIPF coverage. Therefore, a TFSA will be combined with other (Non-RRSP) IBC accounts eligible for CAD 1 million coverage.
The holder of a TFSA can designate their spouse or common law partner as the successor holder of the account. This means that upon the death of the original holder, the spouse/common law partner becomes the new account holder.
A beneficiary can be named if the account holder chooses not to designate his or her spouse or common law partner as successor holder.
Successor holder nominations are not available for Quebec-based TFSA accounts.
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