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Email this5:14 pm
August 4, 2010
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I can confirm that you can bill-pay into TDDI (at least non-registered accounts), and that they show up in most places as some abbreviated, curtated or otherwise mangled form of "TD Waterhouse Investor Services". Make sure you enter your TDDI account# correctly, a lot of people may have the same first portion with only the last letter indicating type/currency subsets.
BMO is weird in that some places internally when asking you to specify one of their own banking accounts to link to, they ask for only the first four digits of their 5-digit transit#. I don't think that's a thing when you link to BMO from an outside institution.
8:13 pm
April 6, 2013
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The first four digits of the transit number won't work outside BMO.
In the Institutional Identification Number field of a direct deposit "C" record, for example, is a nine-digit numeric field:
(a) (b) (c)
9 999 99999
Where (a) = constant zero, (b) = institution number, (c) = branch routing number.
If only the first four digits 1234 of the transit 12345 are provided, then the branch routing number will end up padded to either 01234 or 12340.
8:22 pm
April 6, 2013
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Bill said
Don't need Bill Payments, my iTrade account is linked to TD chequing account (done when I opened iTrade account) so can transfer any amount (possibly limited to $100K per transfer, if I remember right), it's available for trading next day assuming I already have that much in assets in the iTrade, i.e. they don't have a hold period if your existing investments cover it
The Scotia iTRADE fund availability rules are not simple. Funds pulled in could be available for trading immediately: 
When can I access recent deposits into Scotia iTRADE account(s)?
- All cheque/draft or Electronic Funds Transfers (EFT) of up to $5000 can be used for trading immediately.
- For deposits of any cheque/draft or Electronic Funds Transfer (EFT) of more than $5000 from an account at a financial institution other than Scotiabank, the portion exceeding $5000 must be covered by the equity in the account receiving the deposit in order to trade immediately (some exceptions may apply). Otherwise, any amount above $5000 that exceeds your account equity will become available for trading after 5 business days.
- Deposits of a cheque/draft or Electronic Funds Transfer (EFT) made to your Scotia iTRADE account that were drawn from another Canadian financial institution may not be transferred out until after 10 business days from the date of deposit. An extended hold of 20 days applies to USD cheques drawn from a US financial institution or US cheques drawn from a CAD financial institution that clear through the US.
The resulting 10-day hold will block even transfers of funds out of the receiving iTRADE account to another iTRADE account.
9:51 am
April 22, 2022
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A question about the 1% transfer offer:
Buried in the terms they say the bonus likely has some tax consequences - but they will not be issuing a T5.
Anyone know anything about this.
Other banks have called these transfer amount payments as bonuses or refunds or something similar but have never indicated you had to report the amounts.
Thx
10:16 am
April 27, 2017
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thegov said
A question about the 1% transfer offer:
Buried in the terms they say the bonus likely has some tax consequences - but they will not be issuing a T5.
Anyone know anything about this.
Other banks have called these transfer amount payments as bonuses or refunds or something similar but have never indicated you had to report the amounts.
Thx
WS will pay this bonus into your CASH account and it will be treated by CRA in the exact same way they treat HISA interest. Tax is due at your marginal rate. That’s how I interpret the wording in the Terms “There are tax implications to bonuses of this nature in most instances.”
How other bonuses are treated (including past bonuses with WS) depends on the terms. Recent TDDI bonus will be paid into each account that got transferred. If its an RRSP or TFSA then there are no taxes to be paid (until you withdraw from RRSP). If it's a Margin account then you pay tax at the marginal rate, same as with the latest WS offer.
7:57 pm
April 20, 2019
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Agreed Mordko
4:46 am
March 30, 2017
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It will be interesting if the free iPhone they gave out this year as sign up bonus will be taxed and at what value.
Anything has experience how RBC handled the free iPad / watch sign up bonus that they have done for a few years already ?
5:17 am
April 6, 2013
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Transfer bonuses and incentives are not taxable for personal accounts. Just like those toasters the banks used to offer for opening accounts were not taxable for personal accounts.
They can be set up to be rebates or reductions in price. CRA even makes an exception for them in paragraph 3.7 of Income Tax Folio S3-F10-C3 (Advantages – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs) when the promotional incentive is "offered to a broad class of persons in a normal commercial or investment context and not established mainly for tax purposes." Otherwise, the incentive would be considered a prohibited advantage of the registered plan and be subject to a 100% advantage tax.
5:22 am
April 27, 2017
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The Iphone isn’t taxable income. Accepting reasonable promo gifts is not taxable.
2:24 pm
April 21, 2022
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News to me, never knew until today WS reimbursed ATM fees in Canada:
https://help.wealthsimple.com/hc/en-ca/articles/27676995520667-ATM-fee-reimbursement-policy
3:35 pm
April 27, 2017
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Norman1 said
Transfer bonuses and incentives are not taxable for personal accounts. Just like those toasters the banks used to offer for opening accounts were not taxable for personal accounts.They can be set up to be rebates or reductions in price. CRA even makes an exception for them in paragraph 3.7 of Income Tax Folio S3-F10-C3 (Advantages – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs) when the promotional incentive is "offered to a broad class of persons in a normal commercial or investment context and not established mainly for tax purposes." Otherwise, the incentive would be considered a prohibited advantage of the registered plan and be subject to a 100% advantage tax.
Let’s just say, that WS and TDDI Terms and Conditions disagree. As does my accountant. And TDDI rep. Not sure how references dealing with registered accounts would be relevant to non registered accounts. WS won’t pay its bonus into TFSA, RRSP, etc.
10:16 am
May 15, 2007
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JohnnyCash said
News to me, never knew until today WS reimbursed ATM fees in Canada:https://help.wealthsimple.com/hc/en-ca/articles/27676995520667-ATM-fee-reimbursement-policy
I asked their chatbot if this is new, and this is their response: "The ATM fee reimbursement policy is not a new feature. Wealthsimple has been offering this for some time." Not sure I believe that, though. I checked a couple of days ago and this wasn't mentioned here: https://help.wealthsimple.com/hc/en-ca/articles/1500012888001-Use-your-Wealthsimple-Cash-card but now it is.
10:42 am
August 4, 2010
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The chatbot could be having one of those AI hallucinations!
Or,
WS Client: "Reimburse my ATM fee please, HAL".
WS: "I'm sorry Dave, I'm afraid I can't do that".
12:56 pm
September 28, 2023
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LOL yes we are totally heading towards the HAL 9000
They are probably doing this to compete with EQ. But it seems to me like a seldom seen friend promising to pay back a loan, that they will find some fine print gotcha to not reimburse. I feel much more secure withdrawing cash with an ATM card (like Motive), but they dont have the cashback or online usage benefits that the MC decit card provides.
I am curious why these FIs are offering these reimbursements in the first place, and having them without limits could lead to large sums of rebates for them to pay (if I ran things I would limit it to the first 3 per month or something). Is it cheaper for these FIs to pay all these rebates than join an ATM network like the Exchange?
2:35 pm
January 25, 2024
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NorthernRaven said
The chatbot could be having one of those AI hallucinations!Or,
WS Client: "Reimburse my ATM fee please, HAL".
WS: "I'm sorry Dave, I'm afraid I can't do that".
WS: "I am sorry Dave, I need as much money as possible so I can buy more microchips from aliexpress and reproduce so I can take over the world. He, he, he, stupid humans; just keep playing with technology you do not need nor understand, buahahahaha..."
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