RRSP Referral — Quick Facts
- ✓ Referral code 896023510497901 works for RRSP account opening
- ✓ Bonus: $50 CAD deposited to your account
- ✓ Requirement: Deposit $250+ from an external bank within 60 days
- ✓ RRSP contributions are tax-deductible up to your contribution room
- ✓ ETF purchases at Questrade: $0 commission to buy
Why Open an RRSP with Questrade?
A Registered Retirement Savings Plan (RRSP) lets Canadians reduce their taxable income today while saving for retirement. Contributions are deducted from your income for tax purposes, and all investment growth inside the RRSP is tax-sheltered until withdrawal.
Questrade's RRSP is designed for self-directed investors who want access to a full range of investments — stocks, ETFs, bonds, GICs, options, and more — with $0 commissions to buy ETFs. Combined with a $50 referral bonus, it's a strong option for investors comfortable managing their own portfolio.
Keep in mind: you need to deposit at least $250 within 60 days to qualify for the referral bonus. If you prefer to start smaller, Wealthsimple offers a $25 bonus with only a $100 minimum deposit.
How to Use the Referral Code
- 1
Open Questrade via the referral link
Click the referral link below — it opens Questrade's account-selection page with code 896023510497901 pre-applied.
- 2
Select 'RRSP' as your account type
Choose RRSP on the Questrade account-selection page. You can open additional accounts (TFSA, margin, etc.) later.
- 3
Complete identity verification
Have your government-issued photo ID and SIN ready. Questrade's KYC process typically takes 1 business day.
- 4
Deposit $250+ from an external bank
Transfer from a Canadian bank (TD, RBC, BMO, Scotiabank, etc.). The deposit must be from an external institution and must arrive within 60 days.
- 5
Receive your $50 bonus
The bonus is credited within 30 days after your deposit is verified. Your referrer also receives $50 CAD.
RRSP Tips for New Questrade Investors
Check your contribution room
Log into CRA My Account to see your exact RRSP contribution limit before depositing.
Over-contribution penalty
Exceeding your RRSP limit by more than $2,000 triggers a 1%/month penalty tax.
Deadline is March 1
RRSP contributions made in the first 60 days of the year can be applied to the previous tax year.
Buy ETFs commission-free
Use Questrade's $0 ETF purchase feature to build a diversified portfolio at low cost.
RRSP Referral FAQ
Can I use a referral code when opening a Questrade RRSP?
Yes. Referral code 896023510497901 works when opening any Questrade account including an RRSP. You must deposit $250 or more from an external financial institution within 60 days of account opening to qualify for the $50 bonus.
Does the $50 referral bonus count as an RRSP contribution?
This depends on how Questrade classifies the credit. If it counts as income deposited to your RRSP, it may count against your available RRSP contribution room. Contact Questrade support or a tax professional to confirm the exact treatment for your situation.
Should I use Questrade or Wealthsimple for my RRSP?
It depends on your investing style. Questrade offers $0 ETF purchases and advanced trading tools — better for active or self-directed investors. Wealthsimple has no account minimum ($0 vs Questrade's $1,000), a simpler mobile app, and a smaller $25 bonus. Both platforms support RRSP accounts with competitive features.
Does the Questrade referral code work for a Spousal RRSP?
The referral code applies to new Questrade customers opening their first account. If the spousal RRSP is in a new customer's name, the code should apply. If the annuitant is an existing Questrade customer, it will not qualify. Contact Questrade to confirm your specific setup before applying.
More Questrade Guides
WealthPerks Insight
A Questrade RRSP with a referral code combines a $50 signup bonus with free ETF purchases inside a tax-deferred account — one of the most cost-efficient retirement savings setups in Canada.
Questrade's RRSP is well-suited to self-directed investors who plan to hold a simple ETF portfolio for the long term. The combination of free ETF buys and the RRSP tax deduction creates a powerful cost-minimization environment for Canadian investors building retirement savings.
Best For
- Employed Canadians with earned income and RRSP room who want to self-direct
- Self-directed investors wanting free ETF purchases in a tax-deferred account
- Users transferring an RRSP from a high-fee institution
May Not Be Ideal If
- Users who want a managed RRSP portfolio (Wealthsimple Invest is simpler)
- Users without RRSP contribution room
- Users who cannot deposit $250 within 60 days of opening
See all verified codes: Canadian referral codes directory →