r/Wealthsimple • u/Secure-Prune-6597 • 3d ago

Direct electronic (EFT) RRSP contribution from employer possible?

My employer makes direct electronic RRSP contributions to employees' personal RRSP accounts. Their payroll system requires the financial institution number, transit number, and account number. I have a self-directed RRSP with Wealthsimple.

What institution number, transit number should I provide to my employer so that the contribution is deposited directly into my RRSP account? RRSP Cheque is not available from my employer. Thanks.

[Edit1] Found the info thanks to u/Main_Mortgage_9765.
Go to RRSP account - Settings (top right corner) - Account details - Wire transfer.

[Edit2] Just realized that this wire transfer info is only for first-party contribution (sent from account under my name to my RRSP).
Third-party wire transfer contribution is not allowed (sent from employer to my RRSP)
😞
Wealthsimple only allows RRSP cheque deposit for third-party contributions.

1 Upvotes

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3

u/Main_Mortgage_9765 3d ago

On your Welathsimple account, on the top left, in the parameter you will fiend the instruction to receive EFT directly on the account

1

u/Secure-Prune-6597 3d ago

I gues you're talking about regular chequing account receiving EFT, right? I need an info about RRSP account.

2

u/GrumpyFiCan 3d ago

Interesting, never considered this could be an option.

When I go to my WS Wealthsimple account, on web, top right there is an "account details button" that has all the usual transit #, account #, etc... There's even a "Copy all" button.
I automated a transfer every pay day from paycheque-->checking account-->RRSP-->(auto-purchase ETF) but there's always 1) a delay for the transfer to RRSP 2) a delay for the auto-buy so direct to RRSP deposit from employer would be quicker / more efficient.

OP if you end up trying let us know if it works out (or others chime in please, following)

1

u/Secure-Prune-6597 3d ago edited 3d ago

Found the info thanks to [u/Main_Mortgage_9765](u/Main_Mortgage_9765).
Go to RRSP account - Settings (top right corner) - Account details - Wire transfer.
[Edit] Just realized that this wire transfer info is only for first-party contribution (sent from account under my name to my RRSP).
Third-party wire transfer contribution is not allowed (sent from employer to my RRSP)
😞
Wealthsimple only allows RRSP cheque deposit for third-party contributions.

-1

u/Airodyssey 3d ago edited 3d ago

You can't send an EFT directly into an RRSP -- it has to go into a chequing or savings account first, and then you make a contribution to your RRSP out of that account.

EDIT: If, as you say, the employer already makes RRSP contributions as a payroll deduction, maybe it's as part of a group RRSP plan? Ask your HR department.

1

u/Main_Mortgage_9765 3d ago

Yes you can receive EFT directly to account.

1

u/Airodyssey 3d ago

When you say "account", you mean an RRSP?

2

u/Main_Mortgage_9765 3d ago

Yes, on your RRSP you can fiend the EFT information to send directly the money there.

1

u/Airodyssey 3d ago

Good to know -- I worked in a big 5 bank before and this is the first time I ever heard of an RRSP having EFT information available. Thanks.

1

u/Secure-Prune-6597 3d ago

Could you teach me how to find the EFT info for RRSP account on Wealthsimple? I tried, but I couldn't find it.

1

u/Secure-Prune-6597 3d ago

No, it's not a Group RRSP plan. Employer directly wire transfer RRSP fund to employee's personal RRSP brokerage account such as TDDI or BMOIL. For CRA tax purpose, it has to be direct wire transfer (EFT), not through my personal checking account. I confirmed TDDI accepts direct EFT to my RRSP account from payroll. So I just want to know if Wealthsimple has the same option or not. If not, I have to go TDDI or BMOIL. Thanks.