Well, it’s RRSP season again and although I’ve swum past all the hooks and jigs trying to catch or snag me into their high-fee mutual-fund traps, I do still want to make a contribution to an RRSP before the end of February. I intend to avoid any high pressure sales tactics, though, by simply making a transfer from my linked bank account into the RRSP account at CIBC Investor’s Edge.
Transferring New Money Into Your CIBC Investor’s Edge RRSP from a Linked Bank Account
- Sign in to your Investor’s Edge RRSP account.
- From the list of choices on the left side of the screen, click on Cash Transfers.
Cash Transfers Step 1 Page
- Check that the correct account from which to get the money is displayed in the From Account: field. If necessary, choose the correct account.
- From the drop-down list beside the To Account: field, select your RRSP account.
- In the Amount $ text field, type how much you want to transfer into your RRSP to make your RRSP contribution.
- If desired, select any future date from the drop down lists for Process Date:
- Select the correct type of contribution from the drop-down list in the Registered Contribution Type: field. Choices include: Regular and Fee Payment.
- Read the Please Note: information about when transfers will take place.
- Click on the Next button.
Cash Transfers Step 2 Page
- Review the information to ensure it is correct.
- If it’s ok, type your password in the Trading Password: field.
- Click on the Submit Transfer button.
Cash Transfers Step 3 Page
- Read the information confirming your contribution.
- Make a copy of the Order Tracking Number in case of future concerns. You can also click on the View Order Status button if desired.
- When you are finished using your CIBC Investor’s Edge account, click on the Sign Off button.
- Clear your cache and close your browser.
It’s all good!
UPDATE: I made the transfer request on a business day before 5 p.m. ET. The money was in the cash balance of my Investor’s Edge RRSP account the next morning, ready to buy more shares. Excellent!
UPDATE: I made the contribution on Wednesday February 17, 2016 and received the income tax receipt in the mail on Wednesday February 24, 2016. Also excellent!
- How to Contribute to Your RBC Direct Investing RRSP
- How to Contribute to Your BMO InvestorLine RESP by Transferring from a Linked Account
Do you like contributing to your brokerage accounts with the click of a mouse? Please share your views with a comment.