Can a direct debit be set up for RRSP contributions?

Article author
Nneka
  • Updated

Yes, it is possible to deposit RRSP contributions directly to your RRSP account. We use wire transfer as a payment method to deposit funds, and this can be set up as long as your RRSP provider supports wire transfers to your account.

The benefit of using direct debit is that the funds reach your RRSP account much faster than when we send the funds by cheque. Although, if the RRSP provider only accepts cheques, we will mail out the contributions after the pay date and this will take 7-10 business days.

 

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