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.

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’.

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:

• Signed T2 with schedule 50 document
• 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’.

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’.

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.

Note: The information in this blog is for educational 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.