2021 RRSP processing guidelines

Submitted by Victoria on February 4, 2021 - 12:11pm

In conjunction with the industry processing deadline parameters of the Investment Funds Institute of Canada (IFIC), B2B Bank Dealer Services (B2BBDS) would like to communicate the following guidelines to ensure that your clients qualify for a 2021 first 60-day contribution receipt. The Canada Revenue Agency (CRA) deadline for receipt of first 60-day orders will be 12:00 a.m. ET on Monday, March 1, 2021.

Contribution type	First 60-day contribution	Remarks
Client cheques Dated March 1 or earlier	Yes	Cheques must be received by B2BBDS no later than March 5.
Client cheques Dated March 2 or later	No	Clients will receive a Rest of Year 2021 receipt.
Dealer cheques Dated March 1 or earlier	Yes	Cheques must be received by B2BBDS no later than March 5. We will issue first 60-day contribution receipts unless otherwise specified by the Dealer.
Wire orders Placed between 12:01 a.m. ET March 2, 2021 through to 4:00 p.m. ET on March 3, 2021	Yes	B2BBDS will issue first 60-day contribution receipts for all dealer settled wire orders. Wire orders placed after 4:00 p.m. ET on March 3 will be considered Rest of Year contributions.
Transfers-in From non-registered accounts	Yes	Transfer requests must be dated March 1 or prior and received by March 5. The receipt will be issued for the gross amount of the transfer as received. Transfers in units are given the unit price as of the date of transfer. The receipt will reflect this corresponding amount.
Dealer Move Money deposits Made by midnight, March 3	Yes	B2BBDS will issue first 60-day contribution receipts unless otherwise specified by the Dealer.
Online direct deposits (Investor Move Money) Made by midnight, March 1	Yes	Deposits must be made by midnight March 1 in order to receive a first 60-day contribution receipt.
All contributions Received March 4 and later	No	The decision to qualify for a first 60-day contribution receipt will be based upon whether the reason given falls within the criteria published in the IFIC Best Practices Guidelines. There must be proof of intent, such as a rejected wire order at the fund company.

Money movement

Dealer Move Money deposits
Dealer Move Money is a service provided to some dealers where clients submit cheques directly to their dealer; the dealer deposits the cheque into their own accounts and then sends the money to B2BBDS electronically as a client deposit. For any deposits that are received up until midnight March 3 from the dealer, B2BBDS will treat the deposit as first 60-day deposit (as per the guidelines set forth by IFIC).

Online direct deposits (Investor Move Money)
Investors can contribute money to their investment accounts simply by setting up their respective dealer (B2B Bank Financial Services Inc. or B2B Bank Securities Services Inc.) as a bill payee and then entering their RRSP account number. To qualify for first 60-day contribution receipt, investors should aim to transfer funds electronically at least 48 hours before the March 1 deadline to ensure the proceeds are processed as a first 60-day contribution.

For more information concerning the B2BBDS processing guidelines for first 60-day RRSP contributions, please contact Client Services at 1‑800‑387‑2087.

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