Have a question? We've got answers.
Want more information about CDIC coverage? Want to know more about your KeyReach® RRSP? We have compiled commonly asked questions, so you can find the answers you need. It’s all part of how we make your daily banking easier.
1. I have an account at Canadian Direct Financial. Can I do my banking at a Canadian Western Bank (CWB) branch? Expand/Collapse
2. Where are you located? Expand/Collapse
1. Is my account insured? Expand/Collapse
At CDF, a part of CWB Group, your chequing, savings and investments are eligible for deposit insurance through the Canada Deposit Insurance Corporation (CDIC), and backed by the strength and security of the CWB Group.
If you’re a CWB customer, it’s important to know that your deposits at CWB will be combined with your deposits at CDF when considering the CDIC maximum coverage limitation.
For a list of CWB and CDF deposit products that are eligible for CDIC insurance, please review the CWB Deposit Register.
CDIC's brochure "Protecting Your Deposits" further outlines the details of CDIC coverage, including the maximum coverage limitation.
2. How is my money protected? Expand/Collapse
Your chequing, savings and investments are eligible for deposit insurance through CDIC up to a maximum basic protection limit of $100,000 per customer with each separate CDIC member institution.
CDIC also provides protection for joint deposits up to a maximum of $100,000, over and above deposits held under your name only. The protection limit applies to deposits with the same joint owners, held at each member institution.
If you’re a CWB customer, it’s important to know that your deposits at CWB will be combined with your deposits at CDF when considering your maximum coverage limitation.
Insurable deposits must be in Canadian funds, payable in Canada and have a term of no more than 5 years.
Please contact CDIC directly or refer to their website for more information at www.cdic.ca.
1. I'm a Quebec resident. Can I apply? Expand/Collapse
Not at this time. CDF doesn’t provide services in French, so we can’t offer our products or services to residents of Quebec.
Don’t worry though, as a CDF customer you can still access your accounts while in the province of Quebec through online banking, Interac and ATM networks.
2. Do you offer US dollar accounts? Expand/Collapse
3. Can I open an account for my business or not-for-profit organization? Expand/Collapse
4. Can I open a trust account that names more than one beneficiary? Expand/Collapse
5. I need help with my application, who do I call? Expand/Collapse
For questions about your application or the application process, call us at 1.877.441.2249. Our business hours are Monday to Friday, 8:00 a.m. to 5:00 p.m. MDT.
If we’re not around, leave a voicemail and we’ll get back to you as soon as possible.
6. What do I need to do to open a KeyDirect® Chequing Account, KeyRate® Savings Account or KeyReturn® GIC? Expand/Collapse
First, fill out your online application and include your Social Insurance Number (SIN), address and occupation so we can confirm your identity.
Send us a personalized cheque from your bank account at another Canadian financial institution for any amount ($1.00 or over), made out to yourself. Make sure your cheque is made out for an amount and preprinted with your name and address. Don’t mark it VOID, because we need to deposit the cheque to your account to finish verifying your identity.
7. I have submitted my application, what happens next? Expand/Collapse
Once you’ve submitted your application, send us a personalized cheque from your account at another Canadian financial institution, made payable to yourself. Remember, it must be pre-printed with your name and address, made out for an amount. Don’t mark your cheque VOID, because we need to deposit it to finish verifying your identify.
Mail your cheque to:
Canadian Direct Financial
3000, 10303 Jasper Avenue NW
Edmonton, AB T5J 3X6
Once we’ve received your cheque, we’ll deposit the funds into your account and send you a personalized Welcome Package letting you know your account has been successfully opened.
Your Welcome Package will include:
- A letter welcoming you to CDF;
- Your account number; and
- Important information about banking with CDF.
A few days later, you will also receive a Security Package in the mail containing:
- Your online banking password. You’re going to be prompted to change your password the first time you log in.
- Important information about online banking and protecting your personal information online.
- Your debit card (if requested).
8. Why do I have to open an account with a cheque to myself? Expand/Collapse
Your cheque has two purposes. It is your initial deposit and the final step to make sure your personal information is accurate.
Under The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act), we are required to collect two pieces of identification and your personal cheque acts as the first piece we collect. For more information on the Act visit the Federal Department of Justice website.
These measures are part of the safeguards we use to protect you and your personal information. We want to make sure accounts are not opened under false pretenses.
9. What's my Social Insurance Number (SIN) used for? Expand/Collapse
We use your SIN for income tax reporting on interest earned on your account. We also use your SIN to verify your identity by running an Equifax® deposit inquiry. Under The Proceeds of Crime (Money Laundering) and Terrorist Financing Act, your deposit inquiry acts as a second piece of identification. To get this report, your SIN is used for accuracy in matching personal information.
When you apply for an account you have the option to opt out of using your SIN for identification purposes. If you choose to opt out, CDF will proceed with obtaining a deposit inquiry to verify your identify using other information contained in your application.
Note: Without your SIN, the credit report may not be complete or accurate and may affect our decision to open your account.
If you’ve applied for a KeyDirect Chequing Account, your deposit inquiry is also used to determine your credit limits for Overdraft Protection.
1. I received a suspicious email about my account. What should I do? Expand/Collapse
If you’ve received an email asking you to provide your account numbers, passwords or any other personal information, it’s fraudulent. Don’t respond or click any of the links contained in the email.
We may from time to time send you email notices. We’ll never send you requests to provide us with your account information or passwords via email. Be suspicious of links sent to you via email and always check that the URL is one you know to be correct.
If you’re unsure about an email you’ve received, forward it to us at email@example.com
2. Can I pay bills online? Expand/Collapse
1. Can I transfer money between my CDF accounts? Expand/Collapse
- Yes - all of your CDF accounts will automatically show up as transfer options underneath the Transfer feature in CDF Online Banking.
- You can transfer money between your CDF accounts by selecting the account you would like to transfer the money from and to using the dropdown options under the Transfers tab.
- Please note, transfers to your KeyReach Tax Free Savings Account must be set-up by one of our banking agents by phoning 1.877.441.2249.
2. How can I transfer funds to other financial institutions? Expand/Collapse
You have several different options for transferring money to other financial institutions:
- One-time transfers – link your CDF account to your account at another Canadian financial institution and transfer money between your accounts as you need to. Simply fill out the authorization form and fax, email, or mail it to us with a void cheque for the account you want to link. Once we have received your signed authorization form and verified your account details you will need to contact CDF and confirm the nominal transfers made into your linked bank accounts. Once confirmed, you can start transferring money to and from your linked bank accounts within CDF online banking.
- Future or recurring transfers – Reach your savings goals faster by setting up transfers between your CDF account and your account at another Canadian financial institution.
- Interac e-Transfer – Transfer money to anyone with an account at a Canadian financial institution using their email and/or mobile phone number.
- You can complete all one-time transfers to other banks or internal transfers using the Transfers feature in CDF online banking.
- For transfers you want to take place in the future, use the future dated/recurring external bank transfers feature located underneath the Transfers tab.
3. Do the agreements to link my CDF account with my other bank accounts need morethan one customer signature? Expand/Collapse
4. I've submitted my request. What's my confirmation number? Expand/Collapse
For future dated or recurring EFTs, you will receive an email confirmation sent to your email address on file.
One-time transfers will not generate confirmation emails.
5. How long until my transfer is processed? Expand/Collapse
Typically, outgoing transfers are processed to your account the next business day but can take up to 3 business days depending on the time you process your transfer and the institution you are transferring to.
For incoming transfers, Your money will be deposited into your CDF account immediately. However, your money may be held for five (5) business days to ensure your other financial institution authorizes the transfer as per CDF hold funds policy. Your money may not come out of your account at the other financial institution for up to 3 business days.
Note: You must ensure that your linked bank account at the other financial institution has enough money in it. If you do not have enough money in your linked bank account, the transfer will be cancelled and you may be charged a service fee. Transferring money to and from your CDF accounts is free. However, you may incur a service charge from your other financial institution.
Future dated or recurring transfers
Typically, our EFT timeline is scheduled for two business days (if the request is made within our operating hours from Monday to Friday, 8:00 a.m. to 5:00 p.m., MDT.). Processing details will be outlined in your confirmation email.
6. I would like to change/cancel a transfer - is it too late? Expand/Collapse
One-time transfers cannot be cancelled once they are submitted. Please ensure you confirm the details of your transfer before you submit. If you require the money in your CDF account, you can initiate another one-time transfer, selecting the account you're transferring from as the account that your previously transferred the money to.
Our banking agents maybe be able to adjust or cancel recurring or future dated transfers. If you need to make any changes, contact us toll-free at 1.877.441.2249 as soon as possible.
7. How many external bank accounts can I link to my CDF account? Expand/Collapse
8. How can i remove a linked account? Expand/Collapse
One-time transfers and recurring/future dated transfers: Log in to online banking and go to Transfers in the left hand side navigation. Go to Link External Accounts and select the Delete link on the account you would like to remove. Please note this may take up to 3 business days to complete.
9. I have a broker account, can I link that account to my CDF account and do transfers? Expand/Collapse
10. I applied for an account and sent a personalized deposit cheque. Do I still need to send a void personalized cheque to link my CDF account to an account at another financial institution? Expand/Collapse
1. What types of RRSPs are available at CDF? Expand/Collapse
We offer both regular and spousal RRSPs.
Regular RRSPs are registered in the contributor's own name. The tax receipt issued for the RRSP is an allowable deduction on the contributor’s own tax return.
A spousal RRSP is purchased by the contributor but registered in the name of his or her spouse for the benefit of income splitting upon retirement. Income splitting means that the higher-earning spouse can make contributions to the lower-earning spouse’s RRSP to help equalize their income streams at retirement and save in income taxes. The spouse owns the plan, but the contributions made are an allowable deduction on the contributor’s tax return.
2. Who is eligible to invest in a KeyReach® RRSP? Expand/Collapse
3. How can I set up an RRSP at CDF? Expand/Collapse
To apply for an RRSP online at CDF, complete the RRSP online application form. You can also complete the Deposit Application for Retirement Savings Plan. Simply print, sign and mail your application to us with:
- A cheque for your first contribution, or
- To transfer your RRSP from another financial institution, complete, sign and mail in page four of your application to CDF along with a percent RRSP statement.
Your application will be processed and a Welcome Package sent to you within five to seven business days of receipt at CDF. Your KeyReach RRSP GIC deposit and interest rate will be value dated for the date your completed application and funds are received at CDF.
4. How do I transfer my existing RRSP to CDF? Expand/Collapse
If you’re applying for a new RRSP at CDF:
- Use the online application and indicate that you are transferring funds from an existing RRSP at another institution under the source of funds section.
- Complete the Deposit Application for Retirement Savings Plan, print it, sign pages three and four and mail it to us along with a recent RRSP statement.
If you’re transferring into your existing RRSP at CDF:
- Complete the RRSP Additional Investments/Renewals/Deregistrations for Existing RRSP form, print it, sign pages one and three and mail it to us along with a recent RRSP statement.
5. How can I make a contribution to my KeyReach RRSP? Expand/Collapse
Contributions can be made in any of the following 4 ways:
- By cheque: Complete the RRSP Additional Investments/Renewals/Deregistrations for Existing RRSP form, print it, sign page one and mail it in to us.
- From your KeyRate® Savings or KeyDirect® Chequing Account: You can contribute using funds from your KeyRate Savings or KeyDirect Chequing Account instantly through your online banking. Simply log in, select “Open an Account” and follow the instructions provided.
- Note: You can’t contribute to a spousal plan through your online banking.
- Recurring transfers from your KeyRate Savings Account or KeyDirect Chequing Account: To set up a regular transfer from your KeyRate Savings or KeyDirect Chequing Account into your RRSP, complete the Recurring Transfer and Overdraft Coverage Authorization form, print, sign and mail it to us.
- Recurring transfers from your chequing or savings account at another Financial Institution: Complete an Electronic Funds Transfer Agreement, attach a void cheque and mail or fax it to us.
- Transfer from your RRSP at another financial institution: Complete the RRSP Additional Investments/Renewals/Deregistrations for Existing RRSP form, print it, sign pages one and three and mail it to us along with a recent RRSP statement.
For KeyReach RRSP GICs your deposit and interest rate will be value dated for the date we get your completed application and funds. A written confirmation will be sent to your mailing address within five to seven business days.
6. Can I contribute to my spouse's RRSP? Expand/Collapse
7. Will I receive tax receipts and statements? Expand/Collapse
For contributions made during the first 60 days of the year a tax receipt will be mailed to you in the third week of March.
A tax receipt for your remaining contributions made up to December 31 will be mailed to you in mid-February.
Annual statements as of December 31 will be mailed to you in mid-January.
8. How much can I contribute to my RRSP? Expand/Collapse
The best way to find your exact contribution limit is to check your Notice of Assessment issued by Canada Revenue Agency (CRA) or to call CRA’s “Tips Line” at 1-800-267-6999. You will need to have your birth date, social insurance number and previous year’s income ready when you call in.
The basic rule for calculating your contribution limit is 18% of your previous year’s earned income less pension adjustments to a maximum contribution limit for that year.
The maximum RRSP contribution limits are:
- 2012 - $22,970
- 2013 - $23,820
- 2014 - $24,270
Unused contributions can be carried forward and added to the current year's contribution limit.
You can contribute to your RRSP until December 31 of the year you turn 71.
For more information on contribution limits and other RRSP information, please visit the CRA website at www.cra-arc.gc.ca.
9. What if I over-contribute to my RRSP? Expand/Collapse
CRA allows the option of over-contributing to a total, lifetime maximum of $2,000.
If you over contribute, CRA may charge a tax penalty on your excess contribution until the funds are withdrawn from the plan.
For more information on contribution limits and excess contributions, please visit the CRA website.
10. What is a withholding tax? Expand/Collapse
11. What is the deadline for contributing my RRSP? Expand/Collapse
You can contribute to your RRSP anytime during the year. Any contributions made during the first 60 days of the calendar year are deductible in either the previous or current year’s tax return. If the 60th day falls on a weekend, the contribution deadline is extended to the following Monday.
The RRSP contribution deadline for the 2013 tax year is: March 3, 2014.
1. What is a Tax-Free Savings Account (TFSA)? Expand/Collapse
2. Who is eligible to open a TFSA at CDF? Expand/Collapse
3. How is a TFSA different from an RRSP? Expand/Collapse
|Contribution – minimum age||Age 18*||None*|
|Contribution – maximum age||None||Age 71|
|2015 contribution room||$10,000/year to a total contribution of $41,000||18% of your 2013 income with a limit of $24,270|
|Carry-forward of unused contribution room||Yes||Yes|
|Over-contribution penalty||1% per month||1% per month|
|Tax deduction for contributions||No||Yes|
|Taxation on withdrawals||No||Yes|
|Impact of withdrawals||None**||Taxed as Income|
*CDF products are only available to Canadian residents of the age of majority in their province of residence.
**Note: Amounts withdrawn in the current year cannot be re-contributed until the following calendar year.
4. How do I open a KeyReach® TFSA? Expand/Collapse
- a cheque for your first contribution; or
- to transfer your TFSA from another financial institution, complete, sign and mail page four of your application to CDF along with a recent TFSA statement.
Your application will be processed and a Welcome Package sent to you within five to seven business days of receipt at CDF. KeyReach TFSA deposits and interest rates will be value dated for the date the funds are received at CDF.
5. How much can I contribute? Are my contributions tax deductible? Expand/Collapse
The 2016 contribution limit for each individual is set at $5,500, up to a total contribution of $46,500. The 2015 contribution limit was $10,000, which means that any contribution room carried forward or amounts withdrawn from your TFSA in 2015 would be added on to your 2016 contribution limit. The Canada Revenue Agency (CRA) will track your contribution room. CRA reports this amount to individuals through the "My Account" function on the CRA website.
The contribution limit is indexed to inflation, meaning it will rise with the cost of living. TFSA contributions are not tax deductible nor is any interest on money borrowed to invest in a TFSA.
6. How do I make a contribution to my KeyReach TFSA? Expand/Collapse
Contributions can be made in any of the following 4 ways:
- By cheque:
Complete the TFSA Additional Investments/Renewals/Withdrawals for Existing TFSA Contracts form, print it, sign page one and mail it to us with your cheque.
- From your KeyRate Savings or KeyDirect Chequing Account:
You can contribute using funds from your KeyRate Savings or KeyDirect Chequing Account to a new KeyReach TFSA by calling us toll-free at: 1.877.441.2249. To set up a regular transfer from your KeyRate Savings or KeyDirect Chequing Account into your TFSA, you may contact us toll-free or complete the Recurring Transfer and Overdraft Coverage Authorization form, print, sign and mail it to us.
- Recurring transfers from your chequing or savings account at another Financial Institution:
Complete an Electronic Funds Transfer Agreement, attach a void cheque and mail or fax it to us.
- Transfer from your TFSA at another financial institution:
Complete the TFSA Additional Investments/Renewals/Withdrawals for Existing TFSA Contracts form, print it, sign pages one and three and mail it to us along with a recent TFSA statement.
KeyReach TFSA deposits and interest rates will be value dated for the date the funds are received at CDF. For KeyReach TFSA GICs, a deposit acknowledgement will be sent to your mailing address within 5 to 7 business days.
7. What happens if I over-contribute? Expand/Collapse
8. If I am unable to contribute in a given year, can I use my unused contribution in a future year? Expand/Collapse
9. If I am not earning income can I still make contributions to my TFSA? Expand/Collapse
10. How do I withdraw funds from my KeyReach TFSA? Do I have to pay income tax on the amount I withdraw? Expand/Collapse
You can withdraw funds from your KeyReach TFSA in the following 2 ways. You don’t have to pay tax on the amount you withdraw as it is not considered taxable income.
- Complete the TFSA Additional Investments/Renewals/Withdrawals for Existing TFSA Contracts form, print it, sign page 1 and mail it to us. You can choose to either have the funds:
- mailed to you or;
- deposited into your KeyRate Savings or KeyDirect Chequing Account.
- If you have a KeyRate Savings or KeyDirect Chequing account, you can transfer funds from your KeyReach TFSA into your KeyRate Savings or KeyDirect Chequing Account by calling us at 1.877.441.2249.
11. If I withdraw money from my TFSA, can I re-contribute the withdrawn amount later in the tax year? Expand/Collapse
12. Can I open a joint TFSA? Expand/Collapse
13. Can I contribute to my spouse or common-law partner's TFSA? If I give my spouse or common-law partner money for their TFSA who will get the income? Expand/Collapse
14. Will a TFSA affect my federal income-tested benefits? Expand/Collapse
15. What happens to my TFSA when I die? Expand/Collapse
You can appoint your spouse or common-law partner as the successor holder or sole beneficiary of your TFSA. That means that upon death, the surviving spouse or common-law partner takes the TFSA as the successor holder. They can then continue with the TFSA or transfer it to another TFSA held by the successor holder without tax consequences. There’s no impact on the successor’s existing contribution room.
If your spouse or common-law partner is not named in your TFSA but is entitled under your will to the amounts paid under your TFSA or is the sole beneficiary of your estate, the spouse or common-law partner becomes your survivor for the TFSA and may transfer the TFSA to another TFSA held by the survivor without impact on the survivor’s existing TFSA contribution room for a period of up to one calendar year following the year of death.
If your spouse or common-law partner is not appointed as successor holder, upon death your TFSA account will be terminated and assets paid to the named beneficiaries. The payment will not impact the beneficiaries’ TFSA contribution room but the proceeds cannot be contributed directly to a TFSA. If the beneficiaries want to contribute any funds in the future to their own TFSA, it will be subject to their contribution room. Your spouse, minors or charitable organizations can be named as beneficiaries.
Note: The validity of a designation of a successor holder or beneficiary is subject to the laws of the jurisdiction where you reside permitting designation made otherwise than by way of a will.
16. Will I receive deposit acknowledgements and statements for my TFSA? Expand/Collapse
For KeyReach® TFSA GICs, deposit acknowledgements will be sent to you by mail 5-7 business days from receipt of funds at CDF.
Annual statements as of December 31 will be mailed to you in mid-January.
17. Where can I get more information on TFSAs? Expand/Collapse
1. I'm an existing client and want to open another account. Do I need to fill out an online application? Expand/Collapse
2. How do I add a joint account holder to my account? Expand/Collapse
Fill out the Add a Joint Account Holder form. Once you’ve done that, print the completed form and mail it to us. Send your form with a personalized cheque in the name of the joint applicant from an account at another Canadian financial institution, made payable to themselves for any amount. Don’t mark the cheque VOID because it will be used as your first deposit .
The joint holder's application will be processed and the funds deposited into the account within two business days of when we get it.
3. Are there holds on my account? Expand/Collapse
Yes. We may need to hold your deposit up to a maximum of 7 business days to make sure it has cleared through the appropriate financial institution and the funds are available. Electronic Funds Transfer (EFT) transactions may be held for up to 5 business days. Once the hold is lifted, your funds are fully accessible through online banking and ATM machines.
While your money may not immediately be withdrawn or moved, your deposit will begin to earn interest from the day it is deposited into your KeyRate Savings Account, so you don't have to worry about losing any interest waiting for a deposited cheque to clear.
4. My KeyReturn® GIC is coming up for renewal. What do I do? Expand/Collapse
A maturity notice will be mailed to you approximately one month prior to your KeyReturn GIC renewal date. The maturity notice provides you with the following information regarding your GIC before the action occurs:
- Term maturity date; and
- Advice indicating that your GIC will mature and renew/rollover at the posted rate for the date the term is specified to renew.
If we haven’t received electronic instructions from you on or before the maturity date, the amount deposited, together with the accrued and unpaid simple interest, will be automatically renewed for the same term. The renewed deposit will pay simple interest at our then posted rate of interest for that term. The renewed deposit will be subject to the same terms and conditions as the original deposit.
To provide us with your GIC maturity instructions or to find out more about your options, email us or call us at 1.877.441.2249.
5. When will I get my T5 slip? Expand/Collapse
6. How do I order cheques for my KeyDirect® chequing account? Expand/Collapse
When you open a KeyDirect Chequing Account, we will mail a cheque order form to you with your Welcome Package. Or, you can contact us, and we will send one to you by mail, email or fax.
7. I've run out of cheques, how do I re-order? Expand/Collapse
If you need to re-order cheques, you can:
- Call Davis + Henderson® to order more cheques at 1.877.448.1294. OR
- Contact us to re-order your cheques.
When you order more cheques by calling Davis + Henderson or by using ChequeCentral, you have the option of selecting from a wide variety of cheque styles. Cheque styles and pricing information will be provided by Davis + Henderson when you call, or through the online re-ordering process.
8. Is Overdraft Protection right for me? Expand/Collapse
Overdraft Protection is a convenient and affordable way to protect against unexpected, temporary cash shortages. With Overdraft Protection, you have the peace of mind knowing you can avoid the cost and inconvenience of having an item returned Non-Sufficient Funds (NSF).
With Overdraft Protection, you may qualify for limits up to $3,000. There are no service charges, interest or payments until you actually use your overdraft. If you do go into overdraft, you will need to deposit either the minimum required payment we disclose to you or bring your account balance back up to zero.