How to Contribute to Your RRSP at CIBC Investor’s Edge By Transferring from a Linked Account

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

  1. Sign in to your Investor’s Edge RRSP account.
  2. From the list of choices on the left side of the screen, click on Cash Transfers.

Cash Transfers Step 1 Page

  1. Check that the correct account from which to get the money is displayed in the From Account: field. If necessary, choose the correct account.
  2. From the drop-down list beside the To Account: field, select your RRSP account.
  3. In the Amount $ text field, type how much you want to transfer into your RRSP to make your RRSP contribution.
  4. If desired, select any future date from the drop down lists for Process Date:
  5. Select the correct type of contribution from the drop-down list in the Registered Contribution Type: field. Choices include: Regular and Fee Payment.
  6. Read the Please Note: information about when transfers will take place.
  7. Click on the Next button.

Cash Transfers Step 2 Page

  1. Review the information to ensure it is correct.
  2. If it’s ok, type your password in the Trading Password: field.
  3. Click on the Submit Transfer button.

Cash Transfers Step 3 Page

  1. Read the information confirming your contribution.
  2. 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.
  3. When you are finished using your CIBC Investor’s Edge account, click on the Sign Off button.
  4. 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!

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Thank Goodness We Didn’t Dump the Bond Fund Yet!

With the endless wailing and gnashing of teeth on the news about the recent drops in the various world stock markets, I decided to update our info on our work defined contribution pension plans. I’ve written about the fact that we have money invested in a PH&N Bond Fund in this plan. I’ve agonized for several YEARS now about whether to sell that position or not. Because I am very risk averse, and a great procrastinator, and am skeptical that any significant rise in interest rates is going to hit in the short term, I’ve left the money there. And frankly I’m glad I did.

How Has the Bond Fund Done Year to Date?

So far, till almost the end of September, the Bond Fund has returned a little over 3%. Since I have made no new contributions to the fund all year, that’s a fairly accurate number.
Until a couple of months ago, that number was closer to 6.5% and it seemed a bit small compared to the 13% return we were seeing on a “mostly European” international fund.

How Are the International and TSX Funds Faring During the Slump?

Well, the international, including US, funds are breaking even. They haven’t lost any money, yet. But it’s close.

The TSX fund is in the red.

How Is the Entire Defined Contribution Balance Looking?

Well, right now it’s essentially at a break-even point. The total amount has only grown by the amount of new contributions made this year. So technically, it’s losing money at whatever the rate of inflation is for the year.

If that doesn’t sound possible, it’s important to remember that the amount invested in the Bond Fund is fairly high compared to the amount invested in the TSX and international funds. And right now, I’m happy about that!

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Do you still have some money tucked away in a Bond Fund? Is it providing some comfort and peace during this time of turmoil? Please share your views with a comment.