Lesson Transfers between Questrade accounts
Explore the ins and outs of transferring cash or investments out of your Questwealth Portfolio.
Because Questwealth accounts are held by Questrade Wealth Management, there are some small limitations on transferring cash or investments out of these accounts.
Questwealth Portfolios are made up of a basket of various ETFs with a small amount of cash leftover for re-balancing purposes. You’re not able to request a partial transfer of the ETFs out of the portfolio since this would affect the original asset allocation of your investments.
You can however request to partially transfer the cash out of a Questwealth account to any other account type (Self-directed, or Questwealth).
Transferring cash out of Questwealth
You are free to transfer cash in either CAD, or USD out of your Questwealth account at any time using the ‘Transfer funds’ page under the ‘REQUESTS’ tab. This transfer can be to another Questwealth account, or to a self-directed account.
Please note: If you request a transfer of more cash than what is available, some of the investments may be sold, and the remaining ETFs are re-balanced to fit the original asset allocation. Since this also involves selling the ETFs, please allow for settlement time in addition to the regular processing timeframe of 1-2 business days.
Transferring investments out of Questwealth
When you’re looking to transfer the investments out of your Questwealth account, this can only be done if you’re closing the account through a ‘full in-kind transfer request’. All of the investments can be transferred as-is (also known as in-kind) to either a self-directed Questrade account, or even another Questwealth account.
If the investments are transferred into another Questwealth portfolio with a different account type (I.e. when ‘rolling over’ an RRSP to a RIF) please be aware that the investments may be re-balanced to fit the new portfolio.
For example: In the calendar year that you turn 71, you will need to ‘roll over’ your RRSP to a new Questwealth RIF account. Your original Questwealth RRSP had a ‘balanced’ risk level and asset allocation, and for your new RIF, you have selected a ‘conservative’ risk level and asset allocation.
In this scenario, some of the ETFs would be sold, and the asset allocation of your ‘original’ portfolio/account would change to the new risk level and asset allocation. If both accounts are set to the same risk level and asset allocation, the only changes to the portfolio would be for minor re-balancing.
To request a full transfer of investments out of a Questwealth account into a self-directed account, please contact us at [email protected], through live chat, or at 1.888.783.7866.
Please be aware that this request will close the Questwealth account.
If you’re emailing instructions, please include both the originating & destination account numbers, as well as specific instructions for the transfer.
Note: Fractional units or shares (any listed holding in your Questwealth portfolio that is less than 1, i.e. not whole shares) cannot be transferred "in kind" to a self-directed account or other financial institution. They will be liquidated and transferred as cash, arriving in your account within a week after any whole shares (to account for the trade settlement period).
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.
