Questrade Inc. - Questrade launches aboriginal RSP to authority U.S. cash

Questrade RSP eliminates adopted barter fees, acceptance investors to barter online with USD

Toronto, ON (January 14th, 2008) – Questrade Inc. has reinvented the RSP. For the aboriginal time, Canadians can authority USD in RSPs, and barter US balance online in registered accounts after incurring ample bill about-face fees. The account is accessible in all Questrade registered accounts.

Edward Kholodenko, CEO and President of Questrade Inc., says: “Canadians deserve fair, cellophane pricing. This alms eliminates the 1% to 2% adopted barter accuse that accept been afflictive investors for years.”

Regulations acceptance adopted currencies in RSPs are recent. In 2001, the CRA adapted tax laws to acquiesce adopted bill holdings. In June, 2005, the government removed the 30% adopted acreage cap in registered accumulation plans. On April 1, 2006, the Investment Dealers Association of Canada (IDA), the Canadian balance industry regulator, classified US dollar balances as acceptable assets in RSPs.

Continues Kholodenko: “The Questrade RSP allows Canadians to do added with their money. They can body their portfolio by trading actively in US stocks, alter with gold articles and adore cogent accumulation on fees. With this addition Questrade continues to acquisition new means to bear added amount to Canadian investors.”

Questrade’s USD in RSP account is a assiduity of the firm’s charge to innovative, cost-effective solutions for Canadians. In 2006, Questrade alone anniversary and cessation RSP fees. In 2007, Questrade alien the gold RSP service, which allows investors to buy, authority and barter concrete gold in their RSP.

USD in RSP is apparent pending.

The Questrade RSP: USD in RSP FAQs

Can I authority US bill in any registered plan – RRSP, RESP, RIF, etc?

Yes. As of January 14, 2008, all Questrade registered accounts can authority U.S. currency.

What are the allowances of captivation U.S. bill in an RSP?

The capital account of accepting able to authority U.S. bill in an RSP anniversary is alienated the affected bill about-face fee absorbed to every barter of a USD security. Previously, RSP accounts could alone authority Canadian dollars. Any barter – buy or advertise – involving a U.S. aegis would accordingly aswell absorb a about-face to or from CAD. Depending on the aggregate of trading in the registered account, the accumulation to Questrade audience could be considerable.

Do I accept to alarm in advanced to abstain bill conversions if I barter USD balance in my RSP?

Because our barter platforms are absolute access, audience do not accept to alarm in appropriate requests (such as what added brokers accredit to as “wash trades”) for USD buy or advertise orders. This allows traders to acknowledge to bazaar movement as bound as they would in any added Questrade account.

How do I set up a registered anniversary with USD?

All Questrade registered accounts can be set up with USD. The absence bill for our registered accounts is CAD. To change the bill to USD, login to myQuestrade, our applicant casework portal, bang on the My Account tab, and baddest RSP Currency Settlement from either the drop-down card or ancillary menu. You will accept an advantage of either CAD, USD or barter currency.

What are the regulations on captivation adopted currencies in RSPs?

Regulations acceptance adopted currencies in RSPs are recent. In 2001, the CRA (Canada Revenue Agency) adapted tax laws to acquiesce adopted bill holdings. In June, 2005, the CRA removed the 30% adopted acreage cap in registered accumulation plans. On April 1, 2006, the IDA (Investment Dealers Association of Canada), the Canadian banking industry regulator, classified currencies as acceptable assets in RSPs. This opened the aperture for Questrade’s USD in RSP.

Why do banks and brokerages do affected bill conversions if trading U.S. balance in registered accounts?

The acknowledged adeptness to authority currencies added than the Canadian dollar in registered accounts came into aftereffect on April 1st, 2006. But that was alone one hurdle. The added is the technology accessible to advance books and annal (clearing capability), which is acclimated by the majority of North American banking institutions, including Questrade, to bright trades. The software was not advised to authority assorted currencies in registered accounts. As a result, there is artlessly no way for the software to encode U.S. currency, accordingly preventing annihilation but Canadian dollars from accepting entered as banknote in the account. That said, there has been little to no accumulated will to break this problem. It would be a about-face on a massive calibration and it would annihilate a above acquirement beck for brokerages and banks.

For added FAQs, amuse appointment www.Questrade.com and bang on the USD icon.

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For added information, amuse contact:

Lynn Suderman
Manager, Communications
lsuderman@questrade.com
Tel: 416.227.9876 x371
Tel: 1.888.783.7866 x371
www.Questrade.com

About Questrade:
Questrade Inc., headquartered in Toronto, provides Canadians with high-speed, absolute acceptance trading to the U.S. and Canadian banal and options markets as able-bodied as forex trading. Since its birth in 1999, Questrade has developed to over 80 employees, including applicant casework specialists who allege 13 languages including English, French, Mandarin, Cantonese, Spanish, Russian, and Hebrew. The aggregation continues to authenticate its aggressive administration with a aggregate of outstanding service, beat technology and aggressive appraisement structures.