FAQ
Need a hand?
Banking should be easy. If you’ve got questions, we’ve got answers.
Frequently Asked Questions
- The basics
- Opening an account
- Using your account
- Interac e-Transfer®
- Refer a Friend
- TFSAs
- RSPs
- Joint Accounts
- Mortgage Marketplace
- US Dollar Accounts
- International money transfers
- GICs
- Account security and privacy
- EQ Bank Card
- FHSAs
- Taxes
- Bonus Interest Offer
- Notice Savings Account
- Business Account
The basics
Are my deposits with EQ Bank covered by CDIC?
Yes—deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor, as outlined in CDIC’s "Protecting Your Deposits". For example, you’re covered for up to $100,000 combined across your individual Personal Account, GICs, US Dollar Account, and any deposits in your name that you have with Equitable Bank. Eligible deposits in your joint account are insured separately.
EQ Bank is a trade name of Equitable Bank. Equitable Bank is a member of the CDIC.
How long does EQ Bank hold my funds for?
For our Canadian dollar savings account products, we hold funds deposited by cheque or Electronic Funds Transfer (EFT) for five business days, beginning after the date of deposit. This means that funds held will actually become available by the sixth business day.
For example, if you make a deposit on a Monday, you can access the funds on the following Tuesday.
Although the deposit is reflected immediately in your account balance, you won’t be able to withdraw or transfer your funds until the hold period has passed. However, during the hold period, you still earn interest on the deposit amount. For more details, check out our Hold Funds Policy.
For our US Dollar Account, although the deposit will be reflected in your account balance immediately, your ability to access the entire amount of your deposit will be restricted until the hold period has expired. This means that you won’t be able to transfer funds that are being held. Subject to certain exceptions, the normal length of time we will hold funds on your account is five business days after the date of deposit. There may be circumstances where the hold period is extended. For more details, check out US Dollar Account Fees and Features.
Are there any holds on direct deposits?
No, your funds are available as soon as they’re deposited.
Who is EQ Bank?
EQ Bank offers Canadians a digital banking experience. We launched officially in January 2016 with a commitment to help Canadians get the most out of their money.
Based in Toronto, EQ Bank is a trade name of Equitable Bank. Equitable Bank is a federally regulated Schedule I bank with over 1,800 employees across Canada.
Who is Equitable Bank?
Equitable Bank, Canada’s Challenger Bank™, is the country’s seventh largest independent Schedule I bank. EQ Bank is the digital arm of Equitable Bank. You can learn more by visiting www.equitablebank.ca.
How does EQ Bank make money?
Good question! Banks typically make money by accepting deposits from customers, and then providing loans to other customers and earning interest from those loans. We use the deposits from EQ Bank to fund Equitable Bank’s residential and commercial loans, and earn interest.
As a branchless bank, we’re able to reduce our operating costs, and pass on those savings to you in the form of a great everyday interest rate on the Personal Account.
Is EQ Bank hiring? I want to come work for you!
We’re always looking for good people! Check out our latest job postings.
Opening an account
How do I open an EQ Bank account?
It’s really easy! You can open an account by visiting www.eqbank.ca and applying online.
Who can open an EQ Bank account?
Each EQ Bank customer must:
- Be a Canadian resident
- Meet their province’s age of majority (18 or 19 years old, depending on where you live)
- Have a Social Insurance Number
Note: to sign up online, a Canadian mobile phone number is required.
Does EQ Bank pull my credit report when I open an account?
As part of our online identity verification process, we do a “soft” credit check—meaning your credit score won’t be affected and won’t be visible to other third parties who view your credit report.
Why do I need to provide my Social Insurance Number (SIN) when opening an account?
The Income Tax Act requires all banks to obtain your Social Insurance Number when you open an account that earns interest (this includes the Personal Account and GICs). Banks are required to report the interest you earn each year to the Canada Revenue Agency.
Does EQ Bank support Mint?
We don’t officially support access to your Personal Account through Mint.
Does EQ Bank offer business accounts?
Yes, we currently offer the Business Account to existing EQ Bank Customers. If you're not an EQ Bank customer, join our waitlist to be notified when it becomes available.
Can I use EQ Bank if I live outside of Canada?
You can continue to access your existing account while travelling outside of Canada. However, all EQ Bank account holders must be Canadian residents in order to maintain their account.
What is online identity verification?
Online identity verification ensures it’s you opening an account with us, not someone else using your information. We use a selfie photo to check that your face matches your photo ID. Your photos are deleted once you’re verified.
Why do you need my photo ID for online identity verification?
We are required by law to verify the identity of account applicants. Checking photo ID also protects you and your account against fraudulent activity.
What happens to my photos after online identity verification?
Any photos submitted during the online identity verification process are securely deleted once your identity has been verified.
Why do I need a mobile device for online identity verification?
To ensure the safety of your account, EQ Bank uses 2-Step Verification to verify your identity. We use your mobile device to confirm it’s really you, not someone else using your information.
Why is EQ Bank asking me to verify my identity through Canada Post?
If we’re unable to verify your identity through TransUnion (a credit reporting agency) or through our online identity verification, you can do so by visiting Canada Post. Similar to showing your government-issued photo ID at a bank branch, we’ve partnered with Canada Post to make verifying your identity as quick and convenient as possible. Find the participating Canada Post outlet that’s closest to you.
What do I need to bring with me to Canada Post?
You’ll need to bring:
- 1 piece of government-issued photo ID
- 1 proof of address document (if your photo ID doesn’t have your current address)
- Your Canada Post DSS number (see What is my Canada Post DSS number and why is it important?)
What is my Canada Post DSS number and why is it important?
If we’re unable to verify your identity through TransUnion (a credit reporting agency) or through our online identity verification, you can do so by visiting Canada Post and providing your DSS number. A DSS number (or barcode) is given to Canada Post, so they can validate your identity based on the information in your application on our behalf. Your Canada Post DSS number will be emailed to you, but if you can’t find it, feel free to call our Customer Care team.
What happens if I don’t go to a Canada Post outlet in the next 60 days?
After 60 days, your Canada Post DSS number expires. If you want to proceed with your application after 60 days, you’ll need to contact our Customer Care team to get a new DSS number.
Why am I being directed to contact TransUnion to request an Online Consumer Disclosure?
An Online Consumer Disclosure is a detailed report of all the information on your credit file, and serves as a way for you to check the data as reported to TransUnion. The information you provide in your EQ Bank application must be an exact match to what is on your TransUnion credit file.
Does EQ Bank offer foreign exchange or USD accounts?
Good news: we have both! We offer a US Dollar Account, along with cheap, fast, and easy-to-use international money transfers. You can learn more about them here.
Please note: our US Dollar Account and International Money Transfers are not currently available in Quebec; our team is working to make them available soon.
What type of products does EQ Bank offer?
We offer a high-interest savings account (Personal Account), high-interest joint savings account (Joint Account), TFSA Savings Account, RSP Savings Account, FHSA Savings Account, GICs (guaranteed investment certificates), Notice Savings Account, Business Account, International Money Transfers and US Dollar Account.
Please note: the US Dollar Account, RSP Savings Account, FHSA Savings Account and International Money Transfers are not currently available in Quebec.
Do you offer accounts for students or seniors?
From students to seniors, everyone is welcome! We offer the same banking products to all.
That said, we do have a few basic requirements—all EQ Bank customers must:
- Be a Canadian resident
- Meet their province’s age of majority (18 or 19 years old, depending on where you live)
- Have a Social Insurance Number
Can a non-resident open a bank account in Canada?
Unfortunately, not at the moment. All EQ Bank customers must be Canadian residents in order to open and maintain an account.
Does EQ Bank look at my credit score when I sign up?
As part of our online identity verification process, we conduct a “soft” credit check, which doesn’t affect your personal credit score. Your credit score is not considered when opening an EQ Bank account.
Does EQ Bank have a referral program?
We do, and thanks for wanting to tell others about us! To share your referral link, sign in and click on "Refer a friend."
Using your account
How do I find my account number?
Sign in to EQ Bank and, from the dashboard, click on your savings accounts. Each account has a unique nine-digit number associated with it.
How do I deposit a cheque using the EQ Bank mobile app?
It’s easy! Simply sign in to your account using the EQ Bank mobile app. In the bottom right corner, click on “Deposit.” Enter the dollar value of the cheque in the “Amount” field, then select the account you wish to deposit the funds into. Take a photo of both the front and back of the cheque, then click “Deposit.”
What kind of fees are associated with my EQ Bank Accounts?
We’re all about zero monthly banking fees! We don’t charge account fees, fees for sending or receiving Interac e-Transfers®, fees for bill payments, overdraft fees, or dormant account fees. After all, your money is your money.
Check out the full list of fees we don’t charge:
How do I add a new biller to my EQ Bank account?
To add a new biller via web browser, sign into your account and from the “Bills” tab, select “Manage billers.” Click “Add a new biller” and enter the biller’s name. Search for your biller and select the associated name. Enter your account number and tap “Add” to confirm.
To edit or update a biller using the mobile app, sign into your account, tap the hamburger menu at the top right corner, and select “Billers.” Tap “Add a new biller” and enter the biller’s name. Search for your biller and select the associated name. Enter your account number and tap “Add” to confirm.
How do I edit or update an existing biller in my EQ Bank account?
To edit or update a biller via web browser, sign into your account and from the “Bills” tab, select “Manage billers.” Once you’ve found the biller you’d like to edit, select “Delete,” and re-add your biller with the updated information.
To edit or update a biller using the mobile app, sign into your account, tap the hamburger menu at the top right corner, and select “Billers.” Search for the biller, select “edit, ” and tap the trash icon. Re-add your biller with the updated information.
How do I set up a direct deposit to my Personal Account?
Using the EQ Bank mobile app, sign in to your account, then click on the navigation menu in the top right corner. Click on “Direct deposits and payments,” then “Download PDF/void cheque”.
Using a web browser, sign in to online banking. Under “My accounts,” click on “Direct deposit,” then “Download PDF”.
Once you’ve generated this void cheque, you can give it to the company that is providing the payment.
How do I access cash with my Personal Account?
You can use your EQ Bank Card4 to access your money for free from any ATM in Canada. We don’t charge any fees for any ATM withdrawals in Canada. Plus, we reimburse any fees or surcharges charged by Canadian ATM providers within 10 business days. Order your free EQ Bank Card today.
You can also use our mobile app and online banking website to easily deposit or transfer funds electronically between your bank accounts. By sending funds to your linked account(s) through Interac e-Transfer or Electronic Funds Transfer (EFT), you move your cash to wherever you want it.
What is the current rate on my savings account?
Using the EQ Bank mobile app, sign in to your account. The current interest rate will be visible on your dashboard.
To view the current rate without signing in, click the links below:
My account is locked out. What do I do to regain access?
To unlock your account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) for support.
Where can I download the EQ Bank mobile app?
Which versions of Android does the EQ Bank app support?
As Google no longer provides regular security updates for Android 9 and below, the EQ Bank app supports Android 10 and above.
What can I do if I don’t receive my one-time passcode (OTP)?
Email One-Time Passcodes (OTP)
- Depending on your network connection and email service provider, some OTPs may take a few minutes to be delivered. Try to refresh your email app.
- If you are retrieving your email on a mobile device, ensure that:
- You have adequate internet connection
- Airplane mode is not enabled
- “Do Not Disturb” is not enabled
- Battery saver mode is not enabled. This may prevent emails and notifications from being delivered.
- If you are checking your emails on a mobile device, try to check them on a desktop computer as well.
- Search for eqbank_noreply@eqbank.ca within your search bar to see if the OTP email was delivered.
- Check your junk/spam inbox.
Add eqbank_noreply@eqbank.ca to your safe senders’ list through your email service provider. Once you whitelist our email address, try to request another OTP. Here are some examples on how to add EQ Bank to your safe senders’ list:
Gmail
1. Locate the “Contacts” icon under Applications in your Gmail.
2. After selecting the “Contacts” icon, click on “Create Contact” and fill in the details accordingly. Add eqbank_noreply@eqbank.ca as the email address.
3. Click “Save” to complete the process.
Microsoft Hotmail/Outlook/Live
1. Select “Options” in the upper right corner of your email provider.
2. Click on “Safe and Blocked Senders”.
3. Click on the “Safe Senders”
link and enter eqbank_noreply@eqbank.ca to whitelist.
4. Click “Add” to complete the process.
Yahoo
1. Click the address book icon under the Yahoo! Mail logo.
2. Click “New Contact” and add eqbank_noreply@eqbank.ca to whitelist.
3. Click
“Save” to complete the process.
Other email service providers: The steps vary from different email service providers. Please search “How to add an email to my safe senders list” on your email provider’s website.
If you continue to encounter issues with OTPs not being delivered, please call us at 1-844-437-2265, 7 days a week, 8 AM to midnight (Eastern Time).
SMS One-Time Passcode (OTP)
- SMS OTPs will be sent from “372265”.
- On your mobile device, ensure that:
- You have adequate internet connection
- Airplane mode is not enabled
- “Do not Disturb” is not enabled
- Battery saver mode is not enabled. This may prevent emails and notifications from being delivered.
- If you continue to encounter issues with OTPs not being delivered, please call us at 1-844-437-2265, Monday to Friday, 8 AM to midnight (Eastern Time).
I forgot my password. What do I do?
To reset your password, click on “Forgot password” from the EQ Bank sign-in page. If you’ve made too many failed attempts with an incorrect password, you’ll eventually be locked out.
To unlock your account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).
How do I change or update my personal profile information?
Using the EQ Bank mobile app, sign in to your account, and then click on the navigation menu in the top right corner. Under “Manage my account,” click on “Profile,” then “Edit.”
Using a web browser, sign in to online banking. Under “Profile,” click on “Profile,” then “Edit.”
How do I change my mailing address?
Using the EQ Bank mobile app, sign into your account, and click the navigation menu in the top right corner. Under “Manage my account,” click “Profile,” then “Edit.”
Using a web browser, sign into online banking. Under “Profile,” click “Profile,” then “Edit.”
If you’re moving to Quebec from another province, please note you’ll have to contact our Customer Care team at 1-844-437-2265 (844-4EQ-BANK). If you hold a US Dollar Account, RSP Savings Account, or RSP GICs, you’ll be required to close these accounts. In addition, the International Money Transfer service and EQ to EQ Transfers will no longer be available.
How do I download my monthly account statement?
Using the EQ Bank mobile app, sign in to your account, and then click on the navigation menu in the top right corner. Under “Manage my account,” click on “View documents,” then “View statements.”
Using a web browser, sign in to online banking. Under “My accounts,” click on “Bank statements.”
How do I change the email address I use to sign in with EQ Bank?
Using the EQ Bank mobile app, sign in to your account, and then click on the navigation menu in the top right corner. Under “Manage my account,” click on “Profile,” then “Edit.”
Using a web browser, sign in to online banking. Under “Profile,” click on “Profile,” then “Edit.”
What is EQ Bank’s transit and institution number?
Transit number: | 80002 |
---|---|
Institution number: | 623 |
Your EQ Bank account will be a unique nine-digit number. You can also generate a void cheque by signing in to the EQ Bank mobile app or online banking.
Where can I find my T5 tax slip?
T5 tax slips can be found by signing in to your account through the EQ Bank mobile app or online banking website. Once you’re signed in, navigate to the “My accounts” tab, and click on “Tax documents.”
When will I receive my T5 tax slip for the year?
Your T5 tax slip will be available for download as a PDF file by no later than February 28 of every year.
What should I do if I think there’s something wrong on my T5 tax slip?
To report an issue with your T5 tax slip, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.
How do I deposit funds into my Personal Account?
There are three ways to deposit funds into your EQ Bank account:
- via Interac e-Transfer®
- via Electronic Funds Transfer (EFT) through your linked accounts
- via Mobile Cheque Deposit through the EQ Bank mobile app
Interac e-Transfer®:
You can instantly deposit funds by sending an Interac e-Transfer® to yourself, using your other bank account. Funds sent through this method are generally not subject to holds, and funds are immediately available for use.
Note: While it’s free to send or receive Interac e-Transfers® with EQ Bank, your other bank may charge a fee for sending them. Banks also tend to set daily limits on how much money you can send through Interac e-Transfer®, so it’s best to use this method for smaller amounts (generally $5,000 or less).
Electronic Funds Transfer (EFT):
Using either the EQ Bank mobile app or through online banking, you can deposit up to $100,000 per transaction from your linked account to your EQ Bank account. You can make multiple transactions per day. A hold period will apply to the deposited funds; however, you will start earning interest immediately.
Mobile Cheque Deposit:
Using the EQ Bank mobile app, you can deposit up to $100,000 per cheque. You can deposit multiple cheques per day. A hold period will apply to the deposited funds; however, you will start earning interest immediately.
Generally, we hold funds deposited by cheque or Electronic Funds Transfer (EFT) for five business days, beginning after the date of deposit. This means that funds held will actually become available by the sixth business day, when you include the date of deposit. For example, if you make a deposit on a Monday, you can access the funds on the following Tuesday.
Although the deposit will be reflected in your account balance immediately, you will not be able to withdraw or transfer the funds until the hold period has passed. During the hold period, you continue to earn interest on the deposit amount. For more information, please to refer to our Hold Funds Policy. To view the dollar limits of other transaction types, click here.
How do I withdraw funds from my Personal Account?
There are three ways to withdraw funds from your EQ Bank account:
- Via ATM withdrawals using an EQ Bank Card
- Via Interac e-Transfer
- Via Electronic Funds Transfer (EFT) to your linked accounts
EQ Bank Card:
You can withdraw money loaded on your card for free from any ATM in Canada. We don’t charge any fees for any ATM withdrawals in Canada. Plus, we reimburse any fees or surcharges charged by Canadian ATM providers within 10 business days. Learn more about the EQ Bank Card4.
Interac e-Transfer®:
You can instantly withdraw funds by sending a free Interac e-Transfer® to yourself, from your EQ Bank account. Funds sent through this method are generally not subject to holds, and funds are immediately available for use.
Note: Banks may set daily limits on how much money you can receive through Interac e-Transfer®, so it’s best to use this method for smaller amounts.
Electronic Funds Transfer (EFT):
Using the EQ Bank mobile app or through online banking, you can transfer up to $30,000 per transaction from your EQ Bank account to your linked bank accounts. You can make multiple transactions per day. Funds will take two to three business days to appear in your linked bank account.
If I’m moving money from my EQ Bank account to my linked bank account, how long will it take for the money to arrive?
Your funds will take two to three business days to appear in your linked bank account.
How do I pay a bill using my Personal Account?
Using the EQ Bank mobile app, sign in to your account, then click on “Bills” along the bottom of the screen, then “Pay Bills.’
Using a web browser, sign in to online banking. From the Dashboard, click “Pay a bill.”
How do I cancel a future-dated bill payment?
You can cancel a payment up until one business day prior to the date of payment.
To cancel a payment via web browser, sign in to your account, click “Bills” in the top navigation menu, and select "Pending payments," where you can delete a pending payment or recurring transaction.
To cancel using the mobile app, sign in to your account, click “Bills” in the bottom navigation menu, and select “Upcoming bills.” From here, you can delete a pending or recurring transaction.
Can I export my data to use with accounting or budgeting software?
Using a web browser, sign in to online banking. From the Dashboard, click on the applicable savings account. You can download a CSV file containing your account transactions by clicking on the download icon (to the left of the printer icon).
Can I link my PayPal account to my EQ Bank account?
Yes, you can. Sign in to your PayPal account, click "Wallet," select "Link a bank," then scroll to click "Search for other banks." Since EQ Bank/Equitable Bank is not currently listed, you’ll need to click "Enter your bank details" to enter the following information:
Bank Transit Number: 80002
Institution Number: 623
Add your account number to link your PayPal and EQ Bank accounts.
How do I link a bank account to my EQ Bank account?
Using the EQ Bank mobile app, sign in to your account, and then click on the navigation menu in the top right corner. Under “Manage my account,” click on “Externally linked account,” then “Link another account.”
Using a web browser, sign in to online banking. Under “Transfers,’ click on “Linked accounts,” then “Link another bank account.”
Note: you can only link Canadian Savings and Chequing Accounts from a Canadian Financial Institution and US Dollar Accounts from a Canadian Financial Institution to your EQ Bank portfolio. Business Accounts, US Dollar Accounts from American Financial Institutions, or any other types of accounts will not be accepted.
How can I delete a linked bank account?
To delete a linked account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.
How can I delete a savings account?
To delete or close your savings account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.
How can I close my savings account?
To delete or close your savings account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.
What happens to my account if I die?
Should an account holder pass away, next of kin or the executor can email estates@eqbank.ca or call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK). If possible, please have the date of death, and lawyer or trustee details available, and we’ll do everything we can to help.
I’m settling an estate. How do I send estate documentation to EQ Bank?
Please mail original or notarized copies of estate documentation to our head office at:
EQ Bank - Digital Banking - Estates Department
30 St. Clair Avenue West, Suite 700,
Toronto, ON
M4V 3A1
You only need to provide documents once, as they’ll be shared with applicable departments, as required. Please note submitted documents will not be returned to you.
I’m settling an estate. Why do I need to complete an Identification Verification Form?
By law, we are required to validate your identity to confirm the instructions of the deceased. We hope you understand that our process of verifying an executor's identity is one of the ways we ensure that we abide by our clients' final instructions.
You can download an Identification Verification Form here.
I’m settling an estate. Why do I need to complete a Direction and Indemnity Form?
This form allows us to validate the correct mailing address to send the cheque, ensuring there are no issues with its delivery following an account closure.
You can download a Direction and Indemnity Form here.
I’m settling an estate in Quebec. What documentation does EQ Bank require?
You’ll need to provide us with the following:
- An original or notarial copy of a death certificate
- The notarial copy of the will
- Direction and Indemnity Form
- Identification Verification Form
You may also need to provide further documentation, depending on the type of account(s) held by the deceased.
When you have a notarial will, then court order document/probate will not be required.
Do I need to maintain a minimum balance in my EQ Bank account?
You don’t! You’re able to keep a $0 balance in your account, should you choose to.
What happens if I don’t sign in to my account for a while? Are there any dormant account fees?
Your account will be considered dormant, if there has been no activity for a 24-month period. If your account is dormant and has no balance, it will be closed without notice. If your account is dormant and the balance is greater than $0, we will email you a Dormant Account Notice. EQ Bank does not charge dormant account fees. For more information on dormant accounts, please review our Personal Account Agreement under the section titled “Dormant Accounts.”
How many bank accounts can I link to my Personal Account?
You can link up to 10 other external accounts to your EQ Bank account.
What is an EQ to EQ Transfer? (not available in Quebec)
EQ to EQ Transfers let you instantly send money to another EQ Bank customer for free. You can send up to $30,000 per day (as opposed to a maximum of $5,000 per day for Interac e-Transfers®). Funds sent through this method are not subject to holds, and funds are immediately available for use.
To send an EQ to EQ Transfer:
Using the EQ Bank mobile app, sign in to your account. Click on “Transfer” along the bottom of the screen, and then “Transfer to EQ Connection.”
Using a web browser, sign in to online banking. Under “Transfers,” click on “Transfer to EQ Connections.”
Does EQ Bank offer wire transfers?
Unfortunately, we’re not able to offer wire transfers at the moment.
How many savings accounts can I have with EQ Bank?
You can open up to eight personal EQ Bank accounts (including Personal Account(s), Joint Account(s), Notice Savings Account(s), and a US Dollar Account). In addition, you can open one TFSA Savings Account and one RSP Savings Account.
How do I change or cancel my recurring transfers?
Using a web browser, sign in to online banking. Under “Transfers,” click on “Pending transfers.” Under “Recurring transactions,” click “Delete” on your selected transaction.
How do I cancel a future-dated transfer to or from an external bank account?
You can cancel a transfer up until one business day prior to the date of the transfer.
To cancel a transfer via web browser, sign in to your account, click "Transfers" in the top navigation menu, and select "Pending transfers," where you can view pending transactions and delete them.
To cancel using the mobile app, sign in and scroll down to “Upcoming Transactions,” where you can view and delete pending transactions.
Interac e-Transfer®
What is an Interac e-Transfer®?
Interac e-Transfer® is a fast, easy, and secure way to send and receive money electronically—from anywhere at any time!
With Interac e-Transfer®, you can send money to anyone with a Canadian mobile phone number, or an e-mail address, and a Canadian-dollar bank account at a Canadian financial institution.
How do I send an Interac e-Transfer®?
It’s really easy!
From your desktop:
- Sign into your account
- Select “Transfers” from the top navigation menu and then select “Interac e-Transfer®” (alternatively, you can select “Interac e-Transfer®” from the quick actions menu on your dashboard)
- Fill in your transfer details and click “Review”
- Review your details and select “Send money”
From the mobile app:
- Sign into your account
- Tap “Transfer” from the bottom navigation menu and then select “Send Interac e-Transfer”
- Fill in your transfer details and click “Review”
- Review transfer details and select “Send money”
That’s it! From the “Transfer activity” page, you can see the status of your transfer.
How long does it take for an Interac e-Transfer® to process?
For any Interac e-Transfer® under $250, the transfer is sent instantly.
If you’ve established a transfer history with a recipient (even one transfer), any amount (within your account limits) is sent instantly.
Otherwise, it can take up to 30 minutes for the recipient to receive the Interac e-Transfer® notification.
If you haven’t received your Interac e-Transfer®, confirm you’re using the correct email address or phone number. Check for spelling, symbols, and other common mistakes.
Depending on the sender’s financial institution, a transfer may be canceled after it is sent. Please check your account to ensure the funds have been deposited.
How do I receive and accept an Interac e-Transfer®?
When someone sends you an Interac e-Transfer®, you’ll receive an email or text notification to let you know a transfer has been sent to you.
Click the link in the notification and select EQ Bank as your financial institution.
Once you sign into your account, you’ll be taken to the “Receive money” screen.
Make sure the “Deposit” toggle is selected, answer the security question, select the deposit account, and click “Deposit money.”
If you have Autodeposit enabled, the transfer will deposit automatically into your account.
Depending on the sender’s financial institution, a transfer may be canceled after it is sent. Please check your account to ensure the funds have been deposited.
Do I have to pay to send or receive an Interac e-Transfer®?
Nope! It is 100% free to send or receive an Interac e-Transfer®. There’s also no charge to cancel past unaccepted transfers.
From which accounts can I send an Interac e-Transfer®?
You can send an Interac e-Transfer® from your Personal Account and your Joint Account.
How do I cancel an Interac e-Transfer®?
From your desktop:
- Sign into your account
- Select “Transfers” from the top navigation menu and then select “Interac e-Transfer®” (alternatively, you can select “Interac e-Transfer®” from the quick actions menu on your dashboard)
- Select “Transfer activity” from the side menu to view your Interac e-Transfer® activity
- Click the arrow to the right of the transfer amount to select the transfer you’d like to cancel
- Click “Cancel transfer” and follow the prompts
From the mobile app:
- Sign into your account
- Select “Transfer” from the bottom navigation menu and then select “Send Interac e-Transfer”
- Tap “Transfer activity” from the floating button at the bottom of the screen to view your Interac e-Transfer® activity
- Tap the transfer row to select the transfer you’d like to cancel
- Tap “Cancel transfer” and follow the prompts
You can’t cancel an Interac e-Transfer® after it’s been accepted.
How can I see my Interac e-Transfer® status or history?
From your desktop:
- Sign into your account
- Select “Transfers” from the top navigation menu and then select “Interac e-Transfer®” (alternatively, you can select “Interac e-Transfer®” from the quick actions menu on your dashboard)
- Click “Transfer activity” from the side menu to view your Interac e-Transfer® activity
From the mobile app:
- Sign into your account
- Select “Transfer” from the bottom navigation menu and then select “Send Interac e-Transfer”
- Tap “Transfer activity” from the floating button at the bottom of the screen to view your Interac e-Transfer® activity
From there, you can filter transfers by date or status.
When does a pending Interac e-Transfer® expire?
An Interac e-Transfer® expires 30 days after it’s sent and can’t be deposited by the recipient after that time.
If a transfer is expired or declined, you’ll receive an email from Interac from which you can redeposit the money back into your account: Simply click the EQ Bank logo in the email, sign into your account, and click “Redeposit money.”
Is there a dollar limit on sending or receiving an Interac e-Transfer®?
From your EQ Bank account, you can send:
- Up to $5,000 per 24-hour period
- Up to $10,000 per 7-day period
- Up to $20,000 per 30-day period
When receiving funds via Interac e-Transfer® to your EQ Bank account, you can receive:
- Up to $25,000 per transaction
To view the dollar limits associated with your account, click here.
Can I send a money request with EQ Bank?
No, not at this time; however, if you receive a money request, you can fulfill it with EQ Bank:
- Click the link in the request money notification
- Select EQ Bank as the financial institution
- Sign into your account, and follow the prompts in the “Fulfill request for money” screen
Can I schedule a one-time or reoccurring Interac e-Transfer®?
Unfortunately, not at the moment.
What is Autodeposit?
Autodeposit is an Interac e-Transfer® feature that makes depositing funds even easier.
When you sign up for Autodeposit, funds sent to you via Interac e-Transfer® are deposited automatically into your EQ Bank account—without the sign-in hassle of passwords or security questions.
Depending on the sender’s financial institution, a transfer may be canceled after it is sent. Please check your account to ensure the funds have been deposited.
How do I set up Autodeposit?
From your desktop:
- Sign into your account
- Select “Transfers” from the top navigation menu and then select “Interac e-Transfer®” (alternatively, you can select “Interac e-Transfer®” from the quick actions menu on your dashboard)
- Click “Register Autodeposit” from the side menu
- Enter your email address or mobile number and select the account for funds to be deposited
- You’ll receive an email or text message from Interac®:
- For email, select the “Complete registration” option to verify and complete your Autodeposit set-up
- For text message, visit the link in the text message to access the “Complete registration” option
- Once registration is complete, your status will change from “Pending” to “Active”
Using the mobile app:
- Sign into your account
- Select “Transfer” from the bottom navigation menu and then select “Send Interac e-Transfer”
- Tap “Register Autodeposit” from the floating button at the bottom of the screen
- Enter your email address or mobile number and select the account for funds to be deposited
- You’ll receive an email or text message from Interac:
- For email, select the “Complete registration” option to verify and complete your Autodeposit set-up
- For text message, visit the link in the text message to access the “Complete registration” option
- Once registration is complete, your status will change from “Pending” to “Active”
You can unregister at any time.
Can I use an email address or mobile number that’s associated with an existing Autodeposit registration at another financial institution?
No, you can’t be registered for Autodeposit at multiple financial institutions with the same email address or mobile number.
If you’re registered at a financial institution other than EQ Bank, you can sign up for Autodeposit through EQ Bank, which will automatically replace your existing registration—you do not need to delete it yourself.
Once your registration with EQ Bank is complete, funds sent to that email address or mobile number will be deposited into your EQ Bank account.
What do the Autodeposit registration statuses mean?
Status | Meaning |
---|---|
Active | Your Autodeposit is set up and ready to use. |
Pending | You’ll need to verify your registration within 24 hours to complete the set-up. Please check the email address or text message you received from Interac. |
Under review | Your registration details are currently being reviewed. Please check again later for an updated status. |
Expired | You haven’t used this email or phone number to receive an Interac e-Transfer® for more than 12 months. Either delete or register again. |
How do I edit an existing Autodeposit registration with EQ Bank?
To update the account that your funds are deposited into, select the “Edit” link beside an active Autodeposit registration.
To change an email address or mobile number, please delete the registration and set up a new one.
Refer a Friend
Who can I refer to open an EQ Bank account?
You can refer friends and family who aren’t currently EQ Bank customers, and haven’t already started the account sign-up process.
How do I make a referral?
Sign in to your EQ Bank account and click on “Refer a friend” to find your unique referral link. Share this link with a friend.
Note: In order to qualify for a referral bonus, the recipient of the referral must use your unique link to open their EQ Bank account and deposit at least $100 within 30 days of opening their account.
How many friends can I refer?
The more friends you refer, the more you can earn-up to a lifetime limit of $500!
The new customer will also receive a $20 referral bonus upon funding their account. For more details, view our full Terms and Conditions.
Can I refer someone I want to open a Joint Account with?
If your friend or family member is not yet an EQ Bank customer, they can sign up for an EQ Bank account using your unique referral link. Once they’ve opened their account, you can send them an invite to create a joint account.
Unfortunately, if the customer signed up using the link from a joint account invitation, they won’t qualify as a referral.
My friend is already an EQ Bank customer, but I was the one who told them about EQ Bank. Can I still get a referral bonus?
No, in order to qualify for the “Refer a Friend” program, your friend must have signed up using your unique referral link, and deposited a minimum of $100 into their account within 30 days.
What do I need to do to qualify for the referral bonus?
If you’re already a customer, you can sign in to your EQ Bank account and click on “Refer a friend” to find your unique referral link. You’ll need to send your unique link to friends, who then must use that link to open their EQ Bank account—and make a deposit of at least $100 within 30 days, in order to qualify for the referral bonus. Once the person you referred has funded their account, the bonus will be credited to your account, typically within 3 to 5 business days.
If you’re a new customer, please ensure you sign up through the correct referral link in order to qualify for the referral bonus. You must deposit a minimum of $100 into your account within 30 days, and the bonus will be credited to your account, typically within 3 to 5 business days.
How will I receive my referral bonus?
Your referral bonus will be paid after the qualifying deposit has been completed. It will be deposited directly into your account, typically within 3 to 5 business days.
How long is my referral link valid for?
Your unique referral link doesn’t expire. However, in order for both individuals to receive the referral bonus, the new customer must make a deposit of at least $100 within the first 30 days of opening their account.
If I was referred by more than one person, can I qualify for more than one referral bonus?
You can only accept one referral offer by signing up through that person’s unique referral link.
How can I confirm if I have received my referral bonus?
Your referral bonus will be paid after the qualifying deposit has been completed. It will be deposited directly into your account, typically within 3 to 5 business days.
As the referrer, you can view the status of your sent invitations from your account dashboard:
In progress means the person you referred has yet to open an EQ Bank account or complete the $100 minimum deposit.
Completed means the referral was successful and the referral bonus has been credited.
Expired means the person you referred signed up for an EQ Bank account, but did not complete the $100 minimum deposit within 30 days.
I opened a Personal Account without using my friend’s referral invitation. Can I still get my bonus?
Unfortunately, no. The referral bonus is only applicable for accounts opened using a unique referral link.
For more details, view our full Terms and Conditions.
Do I need a referral code in order to accept my invitation?
No, you don’t. In order to accept an invitation from a friend, simply click on the unique link in the invitation. Once opened, check the browser bar—you should be able to see your friend’s name in the URL.
TFSAs
What’s a TFSA?
A Tax-Free Savings Account (TFSA) is a registered investment or savings account that allows for tax-free gains.
A TFSA can be used for any savings goal and withdrawals can be made at any time during the year, tax-free.
The amount of money that can be contributed to a TFSA is limited each year.
What investment options are available for TFSAs?
Your EQ Bank TFSA can hold your investments as cash in the TFSA Savings Account and TFSA GICs.
Who can open an EQ Bank TFSA?
Any EQ Bank customer who has reached the age of majority in their province of residence, and who has a valid Social Insurance Number (SIN) can open an EQ Bank TFSA.
Exceptions:
- Non-Canadian residents
- Customers with temporary SINs
How do I open a TFSA?
If you’re not yet an EQ Bank customer, you’ll need to open a Personal Account first by visiting www.eqbank.ca and applying online.
Once you’ve successfully opened your Personal Account, follow the steps below to open your EQ Bank TFSA.
For existing customers using a web browser:
- Sign in and click “Products”
- Select “Open a TFSA Plan”
- Review details and submit your application
Using the mobile app:
- Sign in and tap the hamburger menu at the top right of your screen
- Select “Open a new account/plan”
- Tap “Open a TFSA Plan”
- Review details and submit your application
That’s it!
How much can I contribute to a TFSA per year?
The annual TFSA dollar limit for the year 2024 is $7000, for all TFSAs held in your name across all financial institutions.
The TFSA annual contribution room limit will be indexed to inflation and rounded to the nearest $500. Investment income earned by, and changes in the value of your TFSA investments will not affect your TFSA contribution room for current or future years.
In general, TFSA contribution room is made up of the total of all of the following:
- Your TFSA dollar limit
- Any unused TFSA contribution room from previous years
- Any withdrawals made from the TFSA in the previous year
An individual will not accumulate TFSA contribution room for any year during which the individual is a non-resident of Canada throughout the entire year.
The TFSA dollar limit is not prorated in the year when an individual does any of one of the following:
- Turns 18 years of age
- Dies
- Becomes a resident or a non-resident of Canada
What’s my contribution room for a TFSA each year?
In general, the table below outlines your TFSA contribution limits for all TFSAs held in your name across all financial institutions.
TFSA contribution limits for all TFSAs held in your name across all financial institutions
Year | Annual contribution limit | TFSA cumulative limit |
---|---|---|
2024 | $7,000 | $95,000 |
2023 | $6,500 | $88,000 |
2022 | $6,000 | $81,500 |
2021 | $6,000 | $75,500 |
2020 | $6,000 | $69,500 |
2019 | $6,000 | $63,500 |
2018 | $5,500 | $57,500 |
2017 | $5,500 | $52,000 |
2016 | $5,500 | $46,500 |
2015 | $10,000 | $41,000 |
2014 | $5,500 | $31,000 |
2013 | $5,500 | $25,500 |
2012 | $5,000 | $20,000 |
2011 | $5,000 | $15,000 |
2010 | $5,000 | $10,000 |
2009 | $5,000 | $5000 |
Are TFSA contributions tax-deductible?
Contributions to a TFSA are not deductible for income tax purposes.
Any amount contributed as well as any income earned in the account (for example, interest earned in an EQ Bank TFSA Savings Account or TFSA GIC) is generally tax-free, even when it is withdrawn.
If I don’t contribute to a TFSA, can I use my unused contribution room in the future?
If you withdraw from your TFSA, you don’t lose your contribution room. You can recontribute amounts you’ve withdrawn on or after January 1 of the following year or years, and your contribution room carries forward indefinitely.
Do I need to have a particular income level to take advantage of a TFSA?
TFSAs are accessible to anyone, so long as they meet the eligibility requirements—but there are no minimum or maximum income levels. Every eligible person accumulates contribution room annually, starting from 2009.
If I didn’t open a TFSA in 2009, do I still accumulate contribution room?
Assuming you were at least 18 years old in 2009, yes. As of 2022, for example, the TFSA cumulative limit (if you've never contributed) is $81,500. This number grows every year, subject to the annual TFSA contribution limit set by the federal government.
What happens if I contribute more than my contribution amount to a TFSA?
If you exceed your TFSA contribution limit for the year, the Canada Revenue Agency will charge a tax on the excess at 1% per month. The tax is calculated based on the highest excess amount for the month and, unlike RSPs, there’s no $2,000 grace amount.
You’re responsible for tracking your contribution amounts each year. Keep your eyes on your TFSAs across all institutions, so you don’t accidentally over-contribute!
Do I have to pay tax when I withdraw from my TFSA?
Thank the government for putting the TF in TFSA. So in other words, no. Withdrawals are completely tax-free, and your contribution limits reset every January 1.
Will I be charged a fee to transfer my EQ Bank TFSA to another financial institution?
No, we believe you should be able to move your money without penalties.
Should you wish to close your EQ Bank TFSA, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).
Will EQ Bank reimburse the transfer fee charged by my other financial institution to transfer my account?
Unfortunately, no, we don’t reimburse the transfer fees charged by other financial institutions.
Will I receive a tax slip for my EQ Bank TFSA?
No need! Contributions aren’t tax-deductible, and withdrawals are tax-free. In addition, the interest earned within your TFSA is—you guessed it—tax-free.
How do I deposit funds into my TFSA?
Whether through your desktop or EQ Bank mobile app, you can deposit funds directly from your Personal Account by following the steps below.
Using a web browser:
- Sign in and from your TFSA dashboard, click “Add money”
- Select the account you want the funds to come from
- Select your TFSA Savings Account as the destination
- Select an amount, deposit date, and frequency, and click “Next”
- Review your details and click “Submit”
Using the mobile app:
- Sign in and from your dashboard, scroll to select “TFSA Plan”
- From the TFSA Plan dashboard, select “TFSA Savings Account”
- From the bottom right hamburger menu, select “Add money”
- Select the account you want the funds to come from
- Select your TFSA Savings Account as the destination
- Select an amount, deposit date, and frequency, and click “Next”
- Review your details and tap “Submit”
Smart tip: If you have money deposited in a TFSA elsewhere and want to move some of that money to an EQ Bank TFSA Savings Account, a good time to make the withdrawal is as late in the year as possible, essentially late December.
TFSA withdrawals are added back to your TFSA contribution room, but only in January 1 of the following calendar year.
If you want to transfer TFSA money between financial institutions at any other time during the calendar year without affecting your contribution room, you’ll have to fill out paperwork and likely pay a transfer fee. There’s also the added inconvenience of waiting for the actual transfer to take place.
However, when you withdraw money late in December, you reduce the number of days your money sits outside of the TFSA—which means you can re-contribute that amount (plus the next year’s additional contribution room) only a few days later once the next calendar year has arrived. And you can do this manoeuvre yourself without the hassle of paperwork, fees, and long transfer times.
How do I transfer a TFSA from another financial institution to EQ Bank?
You can transfer an existing TFSA from another institution to EQ Bank by following the steps below.
Using a web browser:
- Sign in and click on “My Accounts” in the top navigation; select EQ Bank TFSA
- Select “Transfer TFSA from other bank”
- Select “Let’s get started”
- Provide and confirm transfer details
- Upload a signed transfer form (this step can be completed at a later stage)
Using the mobile app:
- Sign in and scroll to select “TFSA Plan”
- Select “TFSA Savings Account”
- From the bottom right hamburger menu, select “Transfer TFSA from other bank”
- Review and tap “Let’s get started”
- Provide transfer details
- Upload a signed transfer form (this step can be completed at a later stage)
Note your transfer form can also be mailed or faxed.
Keep in mind the transfer process can take up to 6-8 weeks, depending on the time it takes for us to receive all necessary documentation, as well as, how quickly your other financial institution initiates the transfer.
Your other financial institution may charge a fee for transferring your TFSA to EQ Bank.
You can check the status of your request from your account dashboard.
I mailed/faxed my transfer form—how do I know if it’s been received?
Once received, your status will be updated and can be viewed from your account dashboard. Upon receipt, it could take up to 3 days before your status is updated.
Keep in mind the transfer process can take up to 6-8 weeks, depending on the time it takes for us to receive all necessary documentation, as well as, how quickly your other financial institution initiates the transfer.
What is the difference between transferring funds from a TFSA directly from my other financial institution, versus withdrawing the money myself and making a deposit into my EQ Bank TFSA?
If you have more than one TFSA, you can transfer funds between them. This won’t affect your TFSA contribution room — as long as the transfer between the TFSA accounts is completed directly by your financial institution on your behalf.
If you withdraw money yourself from one TFSA and contribute that amount to another TFSA, it will be considered a separate contribution – not a transfer, and it may have tax consequences. That separate contribution will reduce, and may even exceed, your TFSA contribution room for the year. If you over-contribute, you’ll have to pay a penalty to the Canada Revenue Agency.
You can learn more about the details and rules concerning TFSA transfers by visiting the Canada Revenue Agency website.
Can I set up recurring contributions to my TFSA?
Yes, this is a great way to ensure you make the most of your contribution limit.
Follow the same steps as for making a deposit. When prompted, choose the desired frequency of your recurring payment.
You can easily change or cancel recurring transfers from your desktop or mobile app.
How many EQ Bank TFSA Savings Accounts can I hold?
One TFSA Savings Account per customer.
How much can I deposit into my EQ Bank TFSA?
Your plan can hold up $200,000 in funds, combining your EQ Bank TFSA Savings Account and your TFSA GICs. Be sure to keep track of your contribution limit.
Visit our Fees & Features page for more details.
How do I withdraw funds from my TFSA?
Using the EQ Bank mobile app or through online banking, you can withdraw funds from your TFSA and move it to your:
- Personal Account
- Joint Account
- Linked accounts via Electronic Funds Transfer (EFT)
Note you can only perform current-dated withdrawals from your TFSA, and cannot set up recurring withdrawals.
How do I buy a TFSA GIC?
Once you’ve opened a TFSA Savings Account, you can purchase a TFSA GIC.
Once your TFSA GIC reaches the maturity date, the funds and interest earned will be deposited in your EQ Bank TFSA Savings Account.
You’ll receive an email or SMS alert notifying you of the TFSA GIC maturity. You can then choose to use the funds to purchase another EQ Bank TFSA GIC or keep the money in your TFSA Savings Account.
Is there a limit on how many EQ Bank TFSA GICs I can purchase?
There are no limits on how many EQ Bank TFSA GICs you can buy, but the total funds held across your TFSA Savings Account and TFSA GICs cannot exceed $200,000. Keep an eye on your contribution limits, so you’re not penalized for over-contributing.
Are there tax implications of purchasing a TFSA GIC from funds within a TFSA Savings Account?
No, there are no tax implications in this scenario. Also, purchasing a TFSA GIC using the funds held within a TFSA Savings Account does not affect your contributions to your TFSA.
Can I keep my TFSA open if I move to Quebec from another Canadian province or territory?
Yes, your TFSA can remain open after moving to Quebec from another Canadian province or territory.
Consult a legal advisor, such as a notary, for guidance on designating or changing beneficiaries’ designation in accordance with Quebec legislation.
RSPs (not available in Quebec)
What’s the difference between an RSP and an RRSP?
RSP is an acronym for Retirement Savings Plan. It can refer to any number of financial products designed to help you save for retirement.
An RRSP, which stands for Registered Retirement Savings Plan, is a type of RSP with specific tax advantages:
- Contributions can be deducted from your income
- Earnings on savings held within an RRSP aren’t taxed until you withdraw funds
While an RSP can refer to many types of accounts, an RRSP refers to one type of account specifically.
An RRSP is probably the best known RSP, which is why you’ll sometimes hear the terms used interchangeably.
Your EQ Bank RSP becomes registered once you add money to your account—which means you get the tax advantages of an RRSP.
What are the benefits of an RSP?
Any money you contribute to an RSP is tax-deductible, meaning the amount you contribute can be deducted from your income, which means you pay less in income taxes. In addition, the income you earn within your RSP is tax-deferred.
You will have to pay income taxes when you withdraw from your RSP.
Typically, you’ll withdraw funds from an RSP in retirement, when you’ll likely be in a lower tax bracket, as opposed to withdrawing during your peak earning years.
What types of RSPs does EQ Bank offer?
The EQ Bank RSP offers two types of investment products: RSP Savings Account and RSP GIC.
When you open and deposit funds into an RSP Savings Account, you can then choose to buy an RSP GIC. Once your RSP GIC reaches maturity, your principal and earned interest will be deposited back into your RSP Savings Account.
Who can open an EQ Bank RSP?
An EQ Bank customer who has reached the age of majority in their province of residence, and who has a valid Social Insurance Number (SIN) can open an EQ Bank RSP.
Exceptions:
- Customers turning 71 in the year of application
- Non-Canadian residents
- Quebec residents
- Customers with temporary SINs
How do I open an RSP Savings Account?
If you’re not yet an EQ Bank customer, you’ll need to open a Personal Account first by visiting www.eqbank.ca and applying online.
Once you’ve successfully opened your Personal Account, follow the steps below to open your EQ Bank RSP.
For existing customers using a web browser:
- Sign in and click “Products”
- Select “Open a RSP Plan”
- Review details and submit your application
Using the mobile app:
- Sign in and tap the hamburger menu at the top right of your screen;
- Select “Open a new account/plan”
- Tap “Open a RSP Plan”
- Review details and submit your application
It’s that simple.
How do I transfer an RSP from another financial institution to EQ Bank?
You can transfer an existing RSP from another institution to EQ Bank by following the steps below.
Using a web browser:
- Sign in and click on “My Accounts” in the top navigation; select EQ Bank RSP
- Select “Transfer RSP from other bank”
- Select “Let’s get started”
- Provide and confirm transfer details
- Upload a signed transfer form (this step can be completed at a later stage)
Using the mobile app:
- Sign in and scroll to select “RSP Plan”
- Select “Transfer RSP from other bank”
- Select “Let’s get started”
- Provide and confirm transfer details
- Upload a signed transfer form (this step can be completed at a later stage)
Note your transfer form can also be mailed or faxed.
Keep in mind the transfer process can take up to 6-8 weeks, depending on the time it takes for us to receive all necessary documentation, as well as, how quickly your other financial institution initiates the transfer.
You can check the status of your request from your account dashboard.
How do I submit the signed RSP transfer form, if I decided to skip that step previously?
No problem. You can submit your signed transfer form by following the steps below.
Using a web browser:
- Sign in and select “RSP Plan”
- Select “RSP Savings Account,” then “Check RSP transfer status”
- Select the correct transfer
- Select “Submit signed transfer form”
- You can download the form again or submit your signed form
- Click “Upload signed transfer form”
Using the mobile app:
- Sign in and scroll to select “RSP Plan”
- Select “RSP Savings Account,” then “Check RSP transfer status”
- Select the correct transfer
- Select “Submit signed transfer form”
- You can download the form again or submit your signed form
- Tap “Upload signed transfer form”
Note your transfer form can also be mailed or faxed.
Keep in mind the transfer process can take up to 6-8 weeks, depending on the time it takes for us to receive all necessary documentation, as well as, how quickly your other financial institution initiates the transfer.
You can track the status your request from your account dashboard.
I mailed/faxed my transfer form—how do I know if it’s been received?
Once received, your status will be updated and can be viewed from your account dashboard. Upon receipt, it could take up to 3 days before your status is updated.
Keep in mind the transfer process can take up to 6-8 weeks, depending on the time it takes for us to receive all necessary documentation, as well as, how quickly your other financial institution initiates the transfer.
Why does it take 6 to 8 weeks when I transfer a TFSA or RSP from another Financial Institution?
There are multiple steps involved in transferring your TFSA or RSP from another financial institution. The processing period begins from the moment your complete and accurate form has been received. If you sent your form by mail, additional time needs to be added to the defined period.
Here are the steps:
- Your completed form is received
- An internal review is done to make sure the form was filled correctly
- The form is transferred via Fax to your designated financial institution
- Your financial institution processes your request
- Your financial institution issues a cheque that is sent via mail
- The mailed cheque is received, time stamped and directed to the relevant department
- The cheque is deposited into your account
Note: we are currently experiencing a high volume of requests, and are working to process each request as quickly as we can.
How do I buy an EQ Bank RSP GIC?
Once you’ve opened an RSP Savings Account, you can purchase an RSP GIC.
Once your RSP GIC reaches the maturity date, the funds and interest earned will be deposited in your RSP Savings Account.
You’ll receive an email or SMS alert notifying you of the RSP GIC maturity. From there, you can use the funds to purchase another RSP GIC or keep the money in your RSP Savings Account.
How do I determine my RSP contribution limit?
If you haven’t already contributed to an RSP at another financial institution, generally speaking, your allowable RSP contribution for the current year is the lowest amount of the following:
- 18% of your earned income from the previous tax year. For most people, earned income for RSP purposes is the amount in Box 14 of their T4 slips. Earning income also includes self-employed net income, CPP/QPP disability payments and net rental income, OR
- The maximum annual contribution limit for the taxation year MINUS any company-sponsored pension plan contributions (defined as PA, or short for “pension adjustment” on your T4 slip. A PA represents the value of any pension benefits accruing from participation in a registered pension plan or deferred profit-sharing plan)
Contribution limits are set by the Government of Canada. You can check your specific contribution limit by visiting My Account for Individuals on the Canada Revenue Agency (CRA) website.
You’re responsible for tracking your contribution amounts each year across all financial institutions in which you hold an RSP.
What happens if I contribute more than my contribution amount to an RSP?
If you exceed your RSP contribution limit for the year, the Canada Revenue Agency is lenient up to an excess of $2,000 (though, it won’t be tax-deductible). Any greater than $2,000, though, and the CRA will impose a tax of 1% per month.
You’re responsible for tracking your contribution amounts each year, across all financial institutions in which you hold an RSP.
Who can contribute to an EQ Bank RSP?
Anyone who has earned income, has a Social Insurance Number (SIN), has attained the age of majority in their province, and has filed a tax return can contribute to an EQ Bank RSP up until December 31 of the year they turn 71.
Once you turn 71, your EQ Bank RSP proceeds can either be:
- Withdrawn from the Plan
- Transferred to a Registered Retirement Income Fund (RRIF) with another institution.
How do I withdraw from my RSP?
RSPs are intended to provide a source of income in retirement, so you’re penalized with significant withholding taxes by the Canada Revenue Agency, if you withdraw the funds before you retire.
While the money you contribute to the RSP is technically yours, your bank will take between 10% and 30% in withholding tax right off the top and turn it over to the government—the more you withdraw, the higher the percentage. Once that money is withdrawn, you’ve permanently lost that contribution room in your account.
There are a few exceptions—such as the Home Buyers Plan (HBP) and Lifelong Learning Plan (LLP)—which allow you to borrow a certain amount from your RSP tax-free to help pay for your first home or cost of full-time post-secondary education. In these cases, you essentially borrow money from yourself and you have to pay back the sum within a set amount of time.
Should you wish to withdraw funds from your EQ Bank RSP for any reason, please contact the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) and a Customer Care Agent will be happy to assist you.
Three possible withdrawals from your EQ Bank RSP:
- For an RSP withdrawal from your EQ Bank RSP in accordance with the Home Buyers’ Plan, please print the form, fill it out with a wet signature, and submit CRA form T1036 accordingly to EQ Bank: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1036.html
- For an RSP withdrawal from your EQ Bank RSP in accordance with the Lifelong Learning Plan, please print the form, fill it out with a wet signature, and submit CRA form RC96 accordingly to EQ Bank: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/rc96.html
- For a taxable RSP withdrawal from your EQ Bank RSP, please call the EQ Bank Customer Care team for assistance.
Once you’ve kickstarted the process with a Customer Care Agent, you have the option to either submit the dedicated form to our EQ Bank office in Toronto via email, mail, or fax. Upon receipt of the form at our Toronto office, we will begin processing it. The withdrawal process will be completed within 3 business days after we receive the form. The funds withdrawn will be deposited into your EQ Bank Personal Account or Joint Account, as per your request.
The form can be emailed to: registered@eqbank.ca
Use the subject line: EQ Bank - Digital Banking: (Your RSP Plan Number)
OR
The form can be mailed to: EQ Bank Digital Banking Attn: Registered Products
Equitable Bank Tower
30 St. Clair Ave. West, Suite 700
Toronto, ON, M4V 3A1
OR
The form can be faxed to: 416-515-7001 Toll-free fax: 1-866-407-5859
Use the subject line: EQ Bank - Digital Banking: (Your RSP Plan Number)
How does the Home Buyers Plan work?
The Home Buyers' Plan (HBP) is a program that allows you to withdraw funds from your RSP to buy or build a qualifying home for yourself or for a related person with a disability. The HBP allows you to pay back the withdrawn funds within a 15-year period.
Should you wish to withdraw funds from your EQ Bank RSP under the Home Buyers’ Plan, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).
How does the Lifelong Learning Plan work?
The Lifelong Learning Plan (LLP) is a program that allows you to withdraw up to $10,000 in a calendar year from your RSP to finance full-time training or education for you, your spouse, or common-law partner.
As long as you meet the LLP conditions every year, you can withdraw from your RSP until January of the fourth calendar year, after the year you made your first LLP withdrawal. You cannot withdraw more than $20,000 in total.
Should you wish to withdraw funds from your EQ Bank RSP under the Lifelong Learning Plan, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).
When does an RSP mature?
An RSP must mature by the end of the year in which the annuitant turns 71 years of age.
For an EQ Bank RSP Plan, we will contact customers in January of the year they turn 71 to confirm what they wish to do with the proceeds. Options are:
- Withdraw from the plan,
- Transfer to a Registered Retirement Income Fund (RRIF) with an issuing institution
I’m moving to Quebec—what happens to my EQ Bank RSP Savings Account?
If you’re moving to Quebec from another Canadian province or territory, you will need to transfer all funds from your RSP Savings Account to another RSP account held at another financial institution and close your EQ Bank RSP Account. Withdrawing funds from your RSP to a Personal Account may have tax consequences.
To close your RSP, contact our Customer Care team to complete your address change, and they can assist you with any further questions.
If your RSP plan holds GICs, your GICs will be forced to maturity and the principal only will be deposited into your RSP account.
What is a beneficiary?
A beneficiary is someone who gets your stuff (in this case, your money) when you die. When you open an RSP, you can designate one or more beneficiaries who will receive the proceeds upon your death.
The benefit of naming a beneficiary is that they won’t need to pay tax on the value of the RSP after you pass away.
Naming a beneficiary has other benefits as well, such as adding clarity around who receives the financial proceeds, so you can avoid any confusion (after all, you won’t be around to clear things up).
It also reduces the amount of time before the beneficiary can access the funds, and gives you control over who receives the money, and what percentage of your account should be allocated to them.
How do I designate a beneficiary on my EQ Bank RSP or TFSA?
Note the EQ Bank RSP is not available in Quebec.
You can designate up to five beneficiaries, and choose the percentage that should be allocated to them upon your death.
In the event the percentage entitlement(s) for your beneficiaries do not add up to 100%, the remaining portion will be paid to your estate.
To designate a beneficiary, you’ll need to sign in to your EQ Bank account and download the beneficiary designation form.
Note: Beneficiary designations are not available in Quebec. Quebec residents should consult their legal advisors, such as a notary, for guidance on designating or changing beneficiaries designation in accordance with Quebec legislation.
If you open an account in a province other than Quebec, the designation of beneficiary is applicable.
What information do I need to designate a beneficiary?
To designate a beneficiary, you’ll need to sign in and download the beneficiary designation form for your EQ Bank RSP.
You’ll need to mail or fax it back to EQ Bank with the following information:
- Legal first and last name
- Date of birth
- Social Insurance Number (SIN)
- Mailing address
- Relationship to the account holder
How do I designate a beneficiary on my EQ Bank RSP or TFSA in Quebec?
EQ Bank RSP is not available in Quebec.
Beneficiary designations are not available in Quebec. Quebec residents should consult their legal advisors, such as a notary, for guidance on designating or changing beneficiaries’ designation in accordance with Quebec legislation.
What happens when my EQ Bank RSP GIC reaches maturity?
Once your RSP GIC reaches the maturity date, the funds and interest earned will be deposited in your RSP Savings Account.
You’ll receive an email or SMS alert notifying you of the RSP GIC maturity. You can use the funds to purchase another RSP GIC or keep the money in your RSP Savings Account.
How will I receive my tax slips for my EQ Bank RSP?
Tax slips, such as the RSP Contribution Receipt or T4RSP, can be downloaded as PDFs by signing in to your account through the EQ Bank mobile app or web browser.
You can find the dates of when these documents will be available for download here.
Actual or deemed withdrawals from an RSP will be reported on a T4RSP slip. You won’t be issued a T4RSP slip, unless you’ve made withdrawals from your EQ Bank RSP.
EQ Bank will issue two contribution receipts, which will allow you to claim the appropriate deductions to your taxable income:
- Your 2023 contribution receipt, which states the contributions made in the last 10 months of 2023
- Your 2024 contribution receipt, which states the contributions made for the first 60 days of 2024
You can always access the archive of your past tax documents by signing in to your EQ Bank account. New documents will be added as they become available.
Is there a fee to transfer my EQ Bank RSP to another financial institution?
No, we believe you should be able to move your money without penalties.
Should you wish to close your EQ Bank RSP, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK).
Will EQ Bank reimburse the transfer fee charged by my other financial institution to transfer my RSP account?
Unfortunately, no, we don’t reimburse the transfer fees charged by other financial institutions.
How much can I deposit into an RSP Savings Account?
An EQ Bank RSP can hold up to $1 million, combining your RSP Savings Account and your RSP GICs. Be sure to keep track of your contribution limit.
Visit our Fees & Features page for more details.
How many RSP accounts can I hold?
You can hold one EQ Bank RSP account.
How many RSP GICs can I hold?
You can hold multiple GICs, as long as you stay within the plan limit of $1 million.
How do I contribute to my RSP?
Whether through your desktop or EQ Bank mobile app, you can make RSP contributions directly from your Personal Account by following the steps below.
Using a web browser:
- Sign in and from your RSP dashboard, click “Add money”
- Select the account you want the funds to come from
- Select your RSP Savings Account as the destination
- Select an amount, deposit date, and frequency, and click “Next”
- Review your details and click “Submit”
Using the mobile app:
- Sign in and from your dashboard, scroll to select “RSP Plan”
- From the RSP Plan dashboard, select “RSP Savings Account”
- From the bottom right expendable menu, select “Add money”
- Select the account you want the funds to come from
- Select your RSP Savings Account as the destination
- Select an amount, deposit date, and frequency, and click “Next”
- Review your details and tap “Submit”
Can I set up recurring automatic contributions to an RSP?
Yes! This is a great way to keep on top of your contributions.
Follow the same steps for making an RSP contribution. When prompted, choose the desired frequency of your recurring payment.
You can easily change the frequency or cancel your recurring transfers from your desktop or mobile app.
Does EQ Bank offer a spousal RSP?
We do not offer a spousal RSP at this time.
When an RRSP GIC matures, does it get taxed?
No, RRSP GICs do not get taxed when they mature. RRSP funds can only be taxed when you make an RRSP withdrawal.
What are the withholding taxes charged on an RRSP withdrawal?
RRSP withholding tax is charged when you withdraw funds from your RRSP before retirement. The current rate of RRSP withholding tax is 10% for withdrawals up to $5,000, 20% for withdrawals between $5,001 and $15,000, and 30% for withdrawals over $15,000.
These withholding tax rates are only estimates. The actual tax required to be paid will depend on the marginal tax rate that will apply based on the aggregate taxable income received for the taxation year from all sources including the RSP withdrawal.
Joint Accounts
What is a joint account?
A joint account is a bank account in the name of two or more people. When you open a joint account with EQ Bank, you and your account co-holder(s) share all the same great features and benefits of our individual Personal Account. Joint account holders have equal control, and can view transactions, pay bills, make deposits, and withdraw funds from the joint account.
To learn more about powers of attorney and joint accounts, click here.
Who should get a joint account?
Joint accounts are designed for people who know each other well. Make sure you trust who you’re joining up with, since you will all have full access to the account and the funds that are in it.
Some things to think about:
- An account co-holder can withdraw all funds from the joint account without your permission
- Account co-holders can view your account transactions
- In the case of a marital breakdown of one of the account co-holders, the account could be considered a matrimonial asset and divided accordingly
If you need further details, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat
Can more than two people share a joint account?
Yes! You can share your joint account with three other co-holders, for a total of four account holders.
Who can deposit and withdraw from the joint account?
All co-holders can make deposits, pay bills, and withdraw funds—and all co-holders can view account activity.
How do I open a joint account?
If you already have an EQ Bank account, adding a joint account takes minutes. If you’re not yet a customer, opening an account is really easy, and can be done by visiting www.eqbank.ca and applying online.
For current customers, we recommend keeping your existing individual Personal Account and opening a net new joint account, but you can convert your existing account into a joint account.
To open a new joint account:
- Sign in to online banking using a web browser
- Click “Products” at the top of your screen
- Under “Personal Account,” click “Open account,” and select the joint option
- State how you intend to use the account, assign it a nickname, and click “Next”
- Invite up to three co-holders
- If a co-holder is an existing EQ Bank customer, use the email address associated with their EQ Bank account
- Once your invitation is sent, your co-holder(s) will need to accept the invitation before the joint account process is complete
- Review your invitation details and click “Submit”
That’s it! From your account details page, you can see which invites are pending and which have been accepted.
To convert an existing individual Personal Account to a joint account:
- Sign in to online banking
- Select the account you wish to convert
- Click “More options” in the upper right corner
- Select “Convert to joint account”
- State how you intend to use the account, assign it a nickname, and click “Next”
- Invite up to three co-holders
- If a co-holder is an existing EQ Bank customer, use the email address associated with their EQ Bank account
- Once your invitation is sent, your co-holder(s) will need to accept the invitation before the joint account process is complete
- Review your invitation details and click “Submit”
From your account details page, you can see which invites are pending and which have been accepted. Your account will automatically convert to a joint account once a co-holder has accepted your invitation.
Can I share a joint account with someone who’s not a Canadian resident?
Unfortunately not. All joint account holders must be Canadian residents.
Does a co-holder need to be an existing EQ Bank customer?
You can invite anyone you want—roommates, best friends, romantic partners, even your mom and dad—as long as they’re a Canadian resident and have reached the age of majority in their province.
If you invite someone who is not an EQ Bank customer, they’ll need to sign up in order to accept your invitation. The good news is the invite explains the simple three-step process to become a joint account co-holder.
Or they can open an account by visiting www.eqbank.ca and applying online. Either way, to accept your invite, they must sign up with the email address you provided in your invitation.
How do I know if a co-holder has accepted my invitation?
To check the status of an invitation, sign in to your EQ Bank account, and select the account from which you sent the invite. From the "Account co-holders" section, you can view the status of your invitations.
An “Active” status means the co-holder has successfully accepted your invitation. A “Pending” status means the co-holder has not yet accepted your invitation. A “Failed” status means the co-holder has failed to answer the security question correctly. If you want to continue the joint account process with this co-holder, you’ll need to resend your invitation.
What if a co-holder hasn’t received my invitation?
First, check to see you have the correct email address. Sign in to your EQ Bank account and select the joint account from which you sent the invite. You can resend an invitation from the “Account co-holders” section.
What if my co-holder’s invitation expires?
Your co-holder’s invitation is valid for a period of two weeks.
If the invitation has expired, simply sign in to your EQ Bank account and select the joint account from which you sent the invite. You can resend an invitation from the “Account co-holders” section.
Can I have multiple joint accounts with different people?
Absolutely! In addition to your main account, you can open up to seven other accounts, for a total of eight accounts. These can be all individual, all joint, or a mixture of both.
Can I convert my individual account into a joint account?
If you’re already a customer, we recommend keeping your existing individual Personal Account and opening a new joint account.
If you do wish to convert your existing individual account into a joint account, you can do so by signing in, selecting the account you wish to convert, choosing “More options” in the top right corner, and then following the easy steps to add co-holder(s). Your account will automatically convert to a joint account once a co-holder has accepted your invitation.
Who claims the interest earned on their income taxes for a joint account?
A T5 tax slip will be issued in the name of the primary account holder and generated no later than February 28 of every year. All account co-holders can get a copy of the T5 tax slip.
Is there an account balance limit on a joint account?
Great question! As an individual customer with a joint account, you can have a maximum balance of up to $500,000 sum total across all your accounts.
How does CDIC deposit insurance work for joint accounts?
Eligible joint deposits are protected for up to $100,000 per set of co-holders, not per co-holder. Eligible joint deposits are insured separately from individual Personal Account deposits.
So, for example, you would be provided coverage for up to $100,000 in each of the following scenarios:
- Your Personal Account
- Your joint account with a spouse
- Your joint account with your parents
You can read more about this on the CDIC website.
Can I change the primary account holder?
The person who initiates the joint account is referred to as the primary account holder. We don’t currently offer the option to change the primary account holder.
How do I claim interest earned on my joint account?
According to the Canada Revenue Agency (CRA), you must report your share of interest from a joint account based on how much you contributed to it.
A T5 tax slip will be issued to the primary account holder of the joint account and will be made available as a downloadable PDF by no later than February 28 of each year.
Please note that in the case of individual Personal Accounts converted to joint accounts, interest earned for the month of conversion will be included in the joint T5 tax slip issued to the primary account holder.
Learn more about reporting interest on your tax return here.
Is there a separate tax slip for the Personal Account and the Joint Account?
Yes, individually held Personal Accounts and Joint Accounts have separate tax slips. If you have multiple individually held Personal Accounts, you will receive one T5 and/or one RL-3 tax slip that will reflect the combined interest earned on those accounts. Joint account T5 and RL-3 tax slips will be separately created based on the address of the primary coholders and the number of different groups of co-holders.
How are tax slips issued for joint accounts?
In line with CRA and Revenu Québec requirements, the T5 and RL-3 tax slips are issued in the name of the primary account holder, which means they only include the Social Insurance Number of that individual. RL-3 slips will only be generated if the address of the primary account holder is in Quebec.
However, tax slips will contain a maximum of two names (the primary and one secondary holder).
How do I know if I’m the primary account holder of my joint account?
Sign in to your account and go to your joint account details page. From the “Account co-holders” section, you’ll see a “Primary” label beside the primary account holder’s name.
I converted a Personal Account into a Joint Account—how will this affect my tax slip?
Interest earned during the months in which you were an individual Personal Account holder will be indicated on your individual T5 and RL-3 tax slip.
The interest earned on your joint account will be indicated in a separate joint T5 and RL-3 tax slip.
Please note that interest earned during the month in which you converted your account will be indicated on the joint T5 and RL-3 tax slip—which will be issued to the primary account holder.
How do I remove myself from a joint account?
Unfortunately, we can’t remove an account holder from a joint account, but we can close the account for you. To close your account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat and we’ll help you out.
How do I close my joint account?
In order to close a joint account, the account must have a zero balance. Please have one of the account holders call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat and we’ll help you out.
Do all account holders need to give permission to close a joint account?
No, they don’t. One account holder can close the joint account, as long as the account has a zero balance. To close your account, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat and we’ll help you out.
If, however, the joint account is your only account with EQ Bank, we’ll reach out to you to confirm you wish to close it, as doing so will terminate your relationship with EQ Bank.
What happens if a joint account holder passes away?
Should a joint account holder pass away, please immediately call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK). We’ll do everything we can to help.
Mortgage Marketplace
How is Mortgage Marketplace able to offer me a mortgage?
To help you to shop across more than 2,000 mortgage products offered by Canadian lenders, we’ve partnered with nesto, a digital mortgage agency (also referred to as a mortgage brokerage) to ensure you get the best rates in the market.
You’ll begin the process by going through a simple, easy-to-use digital application that will help you see the different mortgage options you have. An unbiased nesto mortgage advisor will then get to know your unique needs and guide you to the product that best suits you.
If you’re just starting your home purchase journey, you can get a pre-qualification and/or pre-approval.
If you’re further down in the process, looking to refinance or have a mortgage coming up for renewal, the mortgage advisor can help identify the right product for your needs, and submit your application to the right lender(s).
Why is EQ Bank offering the Mortgage Marketplace?
At EQ Bank we are on a mission to simplify traditional industries, like banking. We know that finding the right mortgage is much harder than it should be right now. We partnered with a mortgage brokerage to simplify your mortgage shopping journey – getting you access to all the right tools and the unbiased professional advice you deserve when making such a large purchase. An easy-to-use platform and innovative algorithm analyzes the entire mortgage landscape and recommends the best product for you in seconds.
This is just another way we ensure EQ Bank customers get the most value without all the banking nonsense.
Who is the Mortgage Marketplace service for?
If you’re looking to get a new mortgage, renew your mortgage, or want to refinance, then Mortgage Marketplace is here to help.
Can I get a pre-qualification or pre-approval through the mortgage application?
Yep! The digital application and/or mortgage advisor can help you figure out the size of the mortgage you can afford when looking to buy a home.
Do I have to pay for this service?
Nope, it’s completely free!
So EQ Bank offers mortgage products?
Equitable Bank has been offering mortgage products for over 50 years. EQ Bank is a trademark of Equitable Bank.
Given all that experience, we know a mortgage is never one size fits all, and offer this service so that you find the best product, even if it’s not with us.
If it turns out an Equitable Bank mortgage is right for you, we'll discount the rate—so you get the absolute best rate possible.
What's in it for EQ Bank to offer the Mortgage Marketplace?
Full transparency: EQ Bank is a trademark of Equitable Bank. Equitable Bank offers mortgage products, and we feel that an Equitable Bank mortgage could be the right fit for you.
In fact, we’re so confident that we’re directing you to an unbiased third party brokerage to stack up our mortgage against the competition.
We save costs by being branchless, but we can transfer those cost savings to you through reduced rates on our mortgage.
That said, if our mortgage isn’t right for you, no sweat. We still believe your road to home ownership should be simple, fast, and low cost.
I already have a mortgage with Equitable Bank. Do I renew my mortgage here?
As an existing mortgage customer with Equitable Bank, we can help you directly with your mortgage renewal. Please contact us directly at 1-888-334-3313 or email renewals@eqbank.ca.
How can I get a better rate through the Mortgage Marketplace?
Rather than just shopping with one bank at a time, you’ll have a smart, dynamic algorithm that scans across over 2,000 mortgage products to get you the best rate. We’ve partnered with a mortgage brokerage that has established relationships with lenders to ensure EQ Bank customers get low, negotiated rates from the very beginning. With just one application and one credit check, you’ll get the best rates in Canada.
At EQ Bank, we save costs by being branchless, and we transfer those cost savings to you through reduced rates on our mortgage. Through our Mortgage Marketplace, if our product ends up being the right fit for you, we’ll ensure you get the lowest rates possible.
Do I have to be an EQ Bank customer to get a mortgage?
Yes, the Mortgage Marketplace and access to exclusive rates on an Equitable Bank mortgage are available to all of our EQ Bank customers. So if you're interested in exclusive rates, you can join EQ Bank by signing up online in minutes. Sign up now
US Dollar Accounts (not currently available, coming soon to Quebec)
How is the US conversion rate calculated for the EQ Bank US Dollar Account?
We don’t believe in the nonsense of high markups, and that’s why we offer a low-markup, highly competitive exchange rate in the Canadian banking market. Exchange rates are constantly fluctuating, but you can access our live US dollar exchange rate by signing in to your account.
What is the interest rate for the EQ Bank US Dollar Account?
To access our current rate, please visit the EQ Bank US Dollar Account page.
What transactions can I make with my EQ Bank US Dollar Account?
Our US Dollar Account allows you to transfer funds in a number of ways:
- You can transfer funds from a linked external account (from a Canadian Financial Institution—in CAD or USD) to your EQ Bank US Dollar Account. When you transfer funds in CAD, the transaction will first appear in CAD in your Personal Account, and then it will be automatically deposited into your USD account in US dollars. It will appear as 2 steps in your account, but will only require one step on your end; convenient, right? Note: our hold period will apply (click here for more information on US Dollar Account holds).
- If you would like to move funds from your Personal Account to your EQ Bank US Dollar Account, you can do so by making a transfer that will convert the funds from Canadian dollars to US dollars.
- If you would like to move funds from your EQ Bank US Dollar Account to your Personal Account, you can do so by making a transfer that will convert the funds from US dollars to Canadian dollars.
- You can also transfer funds between your EQ Bank US Dollar Account and a US dollar account held in the United States or another country, by utilizing our International Money Transfer service, powered by Wise.
Talk about a lot of options to fit your needs!
Note: Bill payments, Interac e-Transfers® and EQ to EQ Transfers are not available through the EQ Bank US Dollar Account, but you can transfer funds to and from your Personal Account to complete these types of transactions.How do I deposit or withdraw funds from my US Dollar Account?
- You can transfer funds as follows: to and from your externally linked CDN or USD bank accounts held at a Canadian financial institution, to and from your Personal Account, or you can also send US dollars to a US dollar bank account held in another country using our International Money Transfer service, powered by Wise.
Note: When you deposit funds with us by Electronic Funds Transfer (EFT), we will place a hold on your deposit to verify that the funds will be available from the account of the other financial institution (click here for more information on US Dollar Account holds).
Can I deposit a US dollar cheque into my EQ Bank US Dollar Account?
Unfortunately, you cannot use our remote cheque deposit feature to deposit funds into the EQ Bank US Dollar Account.
Do you offer a Joint US Dollar Account?
We do not offer a Joint US Dollar Account at this time.
Does EQ Bank offer US Dollar GICs?
We do not offer US Dollar GICs at this time.
Can I send International Money Transfers from my EQ Bank US Dollar Account?
Great news, you can send US dollars abroad using our International Money Transfer service, powered by Wise.
From your desktop:
- Once you are logged into your account, select the “Send money internationally” button on the dashboard
- Fill in the transfer details, and choose your US Dollar Account as the account you’d like to transfer from
- Note: If you don’t already have a Wise account, you’ill have to sign up during the International Money Transfer process. Don’t worry—it’s really fast and easy!
From the mobile app:
- Once you’re logged into your account, select “Transfer” at the bottom of the screen
- Fill in the transfer details and choose your US Dollar Account as the account you’d like to transfer from
- Note: If you don’t already have a Wise account, you’ll have to sign up during the International Money Transfer process. Don’t worry – it’s really fast and easy!
How many EQ Bank US Dollar Accounts can I have?
Each customer can have one EQ Bank US Dollar Account.
How do I transfer funds between my Personal Account and my EQ Bank US Dollar Account?
We’re glad you asked, because it’s really easy!
From your desktop:
- Once you’re logged into your account, select “Move money between accounts” on the dashboard
- Follow the prompts on the page to move funds from your Personal Account (From) into your US Dollar Account (To)
- When you enter the amount you wish to transfer, the conversion calculation will happen in real time
- Click “Review” to ensure everything looks good and press “Submit” to complete the transfer (Note: You’ll have 2 minutes to complete the transfer before the exchange rate refreshes)
From the mobile app:
- Once you’re logged into your account, select “Transfer” at the bottom of the screen and then choose “Transfer between accounts” from the menu of options
- Follow the prompts on the page to move funds from your Personal Account (From) into your US Dollar Account (To)
- When you enter the amount you wish to transfer, the conversion calculation will happen in real time
- Click “Review” to ensure everything looks good and press “Transfer funds” to complete the transfer (Note: You’ll have 2 minutes to complete the transfer before the exchange rate refreshes)
Do you have a US dollar conversion calculator?
We do! A conversion rate calculator is built into the online banking experience, so you can see the real time conversion of your funds from CAD to USD (and vice versa).
How much money can I deposit into my EQ Bank US Dollar Account?
Your EQ Bank US Dollar Account and Personal Account can hold a maximum combined balance that is equivalent to $200,000 CAD or $500,000 CAD for Joint Account holders. View all account limits here.
Does the EQ Bank US Dollar Account offer CDIC coverage?
Good news, CDIC coverage does apply to foreign currencies, including US dollars! Here’s how it works: eligible deposits must be payable in Canada. Your deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor, as outlined in CDIC’s "Protecting Your Deposits." For example, you’re covered for up to $100,000 combined across your individual Personal Account, EQ Bank GICs, EQ Bank US Dollar Account and any deposits in your name that you have with Equitable Bank.
You can read more about this on the CDIC website.
Can I schedule a future dated or recurring US Dollar transfer?
Unfortunately, it isn’t possible to set up recurring transfers with your EQ Bank US Dollar Account.
Can I transfer US dollars to a US dollar bank account held in another country?
Yes! To transfer funds from your EQ Bank US Dollar Account to a USD account in another country, use our International Money Transfer service, powered by Wise.
I want to make a large US dollar transfer; can you offer me a lower exchange rate?
EQ Bank offers a low-markup, highly competitive exchange rate in the Canadian banking market, which applies to every dollar you exchange, regardless of the size of the transfer.
Will there be a T5 issued for interest earned in the EQ Bank US Dollar Account? If so, which currency will the T5 be issued in?
Yes, a T5 Tax Slip will be issued! The T5 Tax Slip will be available for download as a PDF file by no later than February 28th of each year, and it will be calculated in Canadian dollars.
Can I send an Interac e-Transfer® from my EQ Bank US Dollar Account?
Unfortunately, it isn’t possible to send Interac e-Transfers® from your EQ Bank US Dollar Account.
I’m moving to Quebec—what will happen to my US Dollar Account?
If you’re moving to Quebec from another Canadian province or territory, you’ll need to transfer all funds from your US Dollar Account to your Personal Account or an externally linked account, and close your US Dollar Account.
To complete your address change, contact our Customer Care team, and they can assist you with any further questions.
In the meantime, our team is working hard to make our US Dollar Account available in Quebec as soon as possible!
International money transfers (not currently available, coming soon to Quebec)
What is Wise?
Wise is a service that offers a cheap, fast way to send money around the world. Wise was founded in 2011, is registered with multiple financial authorities around the globe, and has served over 6 million people in 71 countries. Wise Canada Inc. is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB) with registration number M15193392. They also hold a MSB licence with the Authorité des Marchés Financiers (AMF) under licence number 902804.
What is the relationship between EQ Bank and Wise?
EQ Bank and Wise have formed a partnership that allows customers to send cheap and fast international money transfers directly from their EQ Bank Account, through online banking or the mobile app.
If I send an international money transfer, how will I know my money is safe?
International money transfers sent using the Personal Account are powered by Wise, which uses HTTPS encryption and two-factor authentication to protect all transactions and make sure all communications are secure.
What is the real exchange rate?
The real exchange rate is the mid-point between the BUY and SELL rates on the global currency markets and it constantly fluctuates. It’s the rate you’ll find on Reuters, Google, Yahoo! Finance, etc. and it’s also the rate you’ll get when you send your international money transfer via Wise.
How can I see the real exchange rate and the charge associated with an international money transfer?
You can access our calculator here to see the current exchange rate as well as the transaction charge.
Do I need to open a separate account with Wise to send an international money transfer?
You will need to open a Wise account in order to send an international money transfer, but the good news is you can do it from the convenience of EQ Bank’s online banking site or mobile app. Simply select “Send International Transfer,” and you’ll automatically be redirected to the Wise login page—where you can also open a new account. Once that’s done you’ll be redirected back to EQ Bank to complete your international money transfer!
How much does it cost to send an international money transfer?
EQ Bank powered by Wise converts money using the real exchange rate and charges a conversion fee based on the amount you’re sending and the currency you’ve selected. You can view the conversion fee before sending an international money transfer through your EQ Bank account, or you can click here to calculate the conversion fee based on the currencies selected.
Can I cancel an international money transfer?
Unfortunately, you cannot cancel an international money transfer once the transaction has been submitted, but you will have an opportunity to review the transaction details prior to clicking the “Submit” button.
Can I cancel an international money transfer with a status of “Pending”?
Unfortunately, you cannot recall or cancel an international money transfer once you’ve reviewed the transaction details and clicked the “Submit” button.
How can I view my transaction history and check the status of my international money transfer?
You can view the status of your international money transfer on the International Transfer dashboard. To do so, simply click “Transfers” and choose “Send International Transfer.” This screen will contain your transaction history, and will show your previous transactions as “Pending,” “Completed,” or “Bounce back” (which appears in the case of an error that results in the money being refunded into your account in its entirety).
How long will it take for the international money transfer to be accessible to the recipient?
The exact time period of an international money transfer depends on multiple factors, including the destination country, the time of day the transfer is sent, and security checks. Some recipients may receive their funds within 24 hours, and all recipients should receive their funds within 3 business days.
Will it take longer to process the first international money transfer I send versus subsequent international money transfers?
Great news—it doesn’t take longer to process an international money transfer if it’s your first one!
It may take a few more minutes to complete your first transaction as you’ll need to link your account to Wise and fill out new recipient details, but once you click “Submit” on your transaction, funds should be received within 3 business days.
Does the recipient of an international money transfer need a Wise account to access their funds?
The recipient does not require a Wise account to access their funds, as they will receive the money directly in the bank account that was specified in the transaction.
Can the recipient track the international money transfer while it’s in progress?
Unfortunately, the recipient cannot track the progress of the international money transfer, but you can check the status of the transaction on your international transfer dashboard, and let the recipient know they should receive it within 3 business days.
My international money transfer wasn’t received by the recipient. What can I do?
- Check the status of your international money transfer. If the transfer has a status of “Pending,” it’s still on its way to the recipient.
- If the transfer shows a status of “Completed,” the money has been delivered but it may not yet be available in the recipient’s account. It can take some banks up to 1 additional business day to process and release the money.
- If the delay has exceeded the anticipated period of 3 business days, you can check the Wise ID (listed along with the other transaction details in the transaction history) and call the EQ Bank Customer Care team for assistance.
- If the status of the transaction appears as “bounce back,” the funds did not reach the recipient, and the money will be refunded into your account in its entirety. Note: these funds will not earn interest during the period they are not in your Personal Account.
Can I receive international money transfers to my EQ Bank account?
If you are sending money from abroad to Canada through Wise, you can select to deposit the funds into your EQ Bank CAD account.
How many currencies do you support/where can I send an international money transfer?
Currency Code | Currency | Country/Region |
---|---|---|
AED | United Arab Emirates dirham | United Arab Emirates |
ARS | Argentine peso | Argentina |
AUD | Australian dollar | Tuvalu, Norfolk Island, Nauru, Kiribati, Heard Island and McDonald Islands, Cocos (Keeling) Islands, Christmas Island, Australia |
BDT | Bangladeshi taka | Bangladesh |
BGN | Bulgarian lev | Bulgaria |
BRL | Brazilian real | Brazil |
CHF | Swiss franc | Switzerland, Liechtenstein |
CLP | Chilean peso | Chile |
CNY | Chinese yuan | China |
CRC | Costa Rican colón | Costa Rica |
CZK | Czech koruna | Czech Republic |
DKK | Danish krone | Denmark, Greenland, Faroe Islands |
EGP | Egyptian pound | Egypt |
EUR | Euro | Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom of Great Britain and Northern Ireland |
GBP | Pound Sterling | United Kingdom of Great Britain and Northern Ireland |
GEL | Georgian lari | Georgia |
GHS | Ghanaian cedi | Ghana |
HKD | Hong Kong dollar | Hong Kong |
HRK | Croatian kuna | Croatia |
HUF | Hungarian forint | Hungary |
ILS | Israeli shekel | Israel |
IDR | Indonesian rupiah | Indonesia |
INR | Indian rupee | India |
JPY | Japanese yen | Japan |
KES | Kenyan shilling | Kenya |
KRW | South Korean won | Korea, Rep. |
LKR | Sri Lankan Rupee | Sri Lanka |
MAD | Moroccan dirham | Morocco, Western Sahara |
MXN | Mexican peso | Mexico |
MYR | Malaysian ringgit | Malaysia |
NOK | Norwegian krone | Svalbard and Jan Mayen, Norway, Bouvet Island |
NPR | Nepalese rupee | Nepal |
NZD | New Zealand dollar | Tokelau, Pitcairn, Niue, New Zealand, Cook Islands |
PHP | Philippine peso | Philippines |
PKR | Pakistani rupee | Pakistan |
PLN | Polish złoty | Poland |
RON | Romanian leu | Romania |
SEK | Swedish krona | Sweden |
SGD | Singapore dollar | Singapore |
TRY | Turkish lira | Turkey |
UAH | Ukrainian hryvnia | Ukraine |
UYU | Uruguayan pesos | Uruguay |
THB | Thai baht | Thailand |
USD | US Dollar | United States of America |
VND | Vietnamese dong | Vietnam |
ZAR | South African rand | Namibia, South Africa, Lesotho |
Can I send an international money transfer if I don’t know my recipient’s bank details?
You will not be able to send an international money transfer without the recipient’s bank details. In order to send the transfer, you’ll need to add a new recipient and fill in the banking details in the mandatory fields.
What should I do if I entered my recipient's details incorrectly?
Typos or mistakes in recipient details are one of the main reasons for requesting a transfer cancellation, but once a transfer is submitted, it’s not possible to cancel it. To prevent this from happening, please look over all the recipient information on the “Review Details” screen before clicking “Submit”!
If you do realize you’ve entered in something incorrectly, you can:
- Get in touch with our EQ Bank Customer Care team
- Wait for the money to bounce back
If you’ve entered in the wrong amount, the payment will not bounce back. In this case, get in touch with the recipient so they can tell their bank to reject the payment or return the money to you.
If you’ve entered in the wrong account number and the transfer is sent to the wrong account, neither EQ Bank nor Wise has the ability to get involved in disputes between senders and recipients, so it’s important to check the account information on the “Review Details” screen before clicking “Submit.”
Are there maximum amount limits for sending an international money transfer?
Yes, there are maximum amount limits for sending international money transfers.
The maximum amount limit per transaction is $9,500 CAD for all currencies, excluding:
- Columbian Pesos (CPO): $2900 USD (or CAD equivalent)
- Bangladeshi taka (BDT): 495,000 BDT (or CAD equivalent)
- Indonesian rupiah (IDR): 2,000,000 IDR (or CAD equivalent)
- South Korean won (KRW): 950,000 KRW (or CAD equivalent)
- Sri Lankan Rupee (LKR): 980,000 LKR (or CAD equivalent)
- Tanzanian shilling (TZS): 9,500,000 TZS (or CAD equivalent)
- Ugandan shilling (UGX): 19,000,000 UGX (or CAD equivalent)
The maximum amount limit per 24-hour period is $9,500 CAD.
The only maximum amount limit per month is for Nepalese Rupees (NPR), which is 1,000,000 NPR (or CAD equivalent).
I’m moving to Quebec—will I still be able to send money internationally?
Our International Money Transfer service is not currently available in Quebec. Once you update your address, you’ll no longer be able to view our International Money Transfer functions in the mobile app or via online banking.
Our team is working hard to make International Money Transfers available in Quebec as soon as possible!
GICs
How many GICs can I buy?
You can buy up to 20 GICs. Each GIC purchase must be for at least $100, and can be up to a maximum of $100,000. Customers can hold up to $500,000 in GICs, excluding interest earned.
What happens when my GIC matures?
Once your GIC reaches the maturity date, the funds will be placed in your Personal Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
What happens to my GICs if I die?
Should an account holder pass away, next of kin should call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK). If possible, please have the date of death, and lawyer or trustee details available, and we’ll do everything we can to help.
How do I cancel my GIC?
You may cancel your purchase of an EQ Bank GIC within one day after the Effective Date without penalty and you will be entitled to a refund of all principal invested. You will not receive a payment of interest. Please sign into Online or Mobile Banking to cancel your purchase of a GIC within the time period prescribed. Once the cancellation period has passed, your GIC is non-redeemable and your funds are locked in. For more information, please refer to the EQ Bank GIC Agreement.
Can I redeem GICs before they mature?
Unfortunately not. Once the cancellation period has passed, your GIC is non-redeemable, and your funds are locked in. For more information, please refer to the EQ Bank GIC Agreement.
Is the interest earned from my GIC taxed?
Yes. Any interest you earn from your GIC investments will be included on your T5 tax slip in the applicable tax year.
Will I get a physical certificate for my GIC purchase?
No, but you can view your current and previous GIC purchases by signing in to your account.
What is the difference between non-registered GICs and registered GICs?
Registered GICs earn tax-free or tax-deferred interest (depending on if it’s a TFSA or RSP GIC). Earnings on non-registered GICs are taxable at your marginal tax rate.
Who claims the interest earned on their income taxes for a GIC purchased from a joint account?
As GICs are only issued in single name, when a GIC is purchased from a joint account, the T5 for interest earned will be issued in the name of the person that initiated the purchase.
Account security and privacy
How does EQ Bank protect my account?
We’re committed to meeting all industry standards, and we take the safeguarding of your account very seriously. That’s why we constantly monitor—and make enhancements to—our security features. For additional details, consult our EQ Bank Mobile and Online Banking Security Guarantee.
How does EQ Bank protect my personal information?
We do a lot of work behind the scenes to keep your personal information safe. Check out our Privacy Agreement for more details.
What should I do if I suspect unauthorized access to my EQ Bank account?
As soon as possible, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.
EQ Bank Card
How does EQ Bank Card interest work?
You earn interest on your card’s total balance. Your earnings are then deposited monthly into your linked Personal Account. Interest is calculated daily on the total closing balance of your card and at the rates per annum, as offered. The interest rate for your card will always be the same as your Personal Account interest rate.
Where can I use my EQ Bank Card?
You can use your card anywhere Mastercard® prepaid is accepted, both within Canada and internationally.
Can I use my EQ Bank Card internationally?
You can use your card anywhere Mastercard® prepaid is accepted internationally. Foreign currency transactions will be subject to Mastercard Currency Conversion rate.
And don’t worry about foreign transaction fees—EQ Bank doesn’t charge them.
Are there any countries or regions where the EQ Bank Card isn’t accepted?
You can use your card anywhere Mastercard® prepaid is accepted, both within Canada and internationally. There are, however, some countries and geographical regions where you can’t use your EQ Bank Card to make purchases, such as:
- Iran
- North Korea
- Russia
- Sudan
- Syria
- Ukraine
- Cuba
These restrictions are decided based on economic and trade sanctions imposed by regulatory bodies and otherwise.
Be sure to check back in from time to time, as the list of countries is subject to change.
Are there any types of transactions I can’t do?
We may block transactions that we can identify as internet gambling or other cash-like transactions, as well as the following:
- Crypto/security transactions
- Government-owned lotteries (incl. Canada)
- Money transfer
- MasterCard MoneySend (intracountry, intercountry and card funding/loading)
- Quasi cash (customer financial institution and merchant)
- Horse/dog racing
What security features does the EQ Bank Card have?
If your card is ever lost or stolen, we make it easy to lock it in the EQ Bank mobile app, via online banking or by calling 1-844-437-2265 (1-416-551-3449 outside of North America). Plus, you're protected under the Mastercard Zero Liability policy.
The money on your EQ Bank Card is eligible for CDIC insurance, just like your EQ Bank Personal Account.
What does ‘linked account’ mean?
Your linked account is the Personal Account or Joint Account you use to move money to and from your EQ Bank Card. The Personal Account and the Joint Account are the only types of accounts that can be linked to a card.
Will I be charged fees for using the EQ Bank Card?
Great news—you won’t be charged any monthly fees, foreign transaction fees1, or hidden fees. Want more fee details? View the full breakdown.
Can I have more than one card for my account?
No, EQ Bank Cards are limited to one per person.
How do I add funds to the EQ Bank Card?
You can add funds to your EQ Bank Card Funds by transferring money from your linked Personal Account
How long does it take for my money to become available once I transfer it to my card?
Funds added to the EQ Bank Card from your EQ Bank Personal Account are available instantly.
Do you charge any fees for Canadian ATM withdrawals?
No, we don’t charge any fees for ATM withdrawals in Canada. Plus, we reimburse any out-of-network fees or surcharges from other providers in Canada within 10 business days.
Are there spending limits on my EQ Bank Card?
You can spend up to $10,000 per day‡ and $10,000 per transaction.
How much money can my card hold?
Your card balance can be up to a maximum of $10,000 at any time.
How much can I take out at an ATM?
You can take out up to $500 a day‡. ATM providers may also set their own withdrawal limits, which may be lower than our limits.
How many transactions can I make in a day?
You can make unlimited transactions totaling up to $10,000 in spending a day‡.
How do I get an EQ Bank Card?
You can order the EQ Bank Card through the EQ Bank mobile app or online banking.
Does it cost anything to get an EQ Bank Card?
There are no fees to order or replace a card.
How do I update my name on my EQ Bank Card?
For changes to the name on your card, please call us at 1-844-437-2265.
Can I get my EQ Bank Card delivered to any address?
Your card must be mailed to the residential address associated with your Personal Account.
How and when will I receive my EQ Bank Card?
Your card will be mailed to your residential address on file. You should receive it within 5-10 business days. If your card doesn’t arrive or you have an issue with your delivery, please call 1-844-437-2265.
What does CDIC protection mean?
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that protects eligible deposits up to $100,000 per insured category, per depositor, in the unlikely event of bank failure.
To learn more, see the CDIC’s Protecting Your Deposits brochure.
How does EQ Bank Card cash back work?
You earn 0.50% cash back* on purchases you make with the card. Your earnings are then deposited monthly onto your card. Fees, ATM withdrawals, cash advances, and any credits do not earn cash back. Refunds will reduce cash back earned.
How do I activate my card?
Once your card has arrived in the mail, you can start activation in the EQ Bank mobile app or online banking. You’ll need to enter your card details, verify your identity, and create a PIN to get started. Once done, you’ll link your card to one of your EQ Bank Personal Accounts and transfer money to your card. To ensure your EQ Bank card is activated, simply make your first purchase (online or in-person) or ATM transaction within Canada.
If you have questions or need a hand, please contact us at 1-844-437-2265.
How secure is my PIN?
EQ Bank doesn’t store any PIN information. We also obscure your PIN’s digits as you type to ensure they aren’t visible.
Why do I need to verify my identity?
We verify your identity to ensure it’s really you activating your card, not someone else using your information. Please confirm the phone number and email address in your EQ Bank profile are correct before getting started.
Why do I need to provide the last four digits of my EQ Bank Card and expiry date?
The last four digits of the card and expiry date are required to ensure that you’ve received the correct card.
How do I choose a secure PIN?
Try to choose a truly random set of numbers or four digits that have some unique meaning to you. Avoid standard PINs like 1234, 0000, or your birth year.
Can I start using my PIN right away?
Once your EQ Bank Card is activated, your PIN can be used for online transactions. For your first in-store purchase, however, you'll need to do a chip-and-PIN transaction to sync it with your physical card.
Can I change my PIN later?
You can change your PIN via the EQ Bank mobile app or mobile banking at any time. Once you’ve set your new PIN online, you’ll need to use it in-store or at an ATM to activate it on your EQ Bank Card.
My card is lost or stolen. What should I do?
If your card is missing or you suspect it's been stolen, lock your card on the EQ Bank mobile app, via online banking or by calling the number below.
If you suspect or know that your card, card details or PIN have been lost or stolen, you must immediately notify us by calling the number below. We'll get a replacement card sent to you within 5-10 business days.
Contact us at: 1-844-437-2265 or 1-416-551-3449 (outside North America).
How do I dispute a transaction?
If you don’t recognize the merchant associated with the transaction, lock your card on your EQ Bank mobile app or via online banking or by calling the number below and speak with Customer Care to dispute it.
If you recognize the merchant, contact them first to see if there’s a solution. If the merchant is unable or unwilling to assist, please call the number below to dispute it with Customer Care.
Contact us at: 1-844-437-2265 or 1-416-551-3449 (outside North America).
What type of card is the EQ Bank Card?
The EQ Bank Card is a prepaid reloadable card that gives you access to your Personal Account or Joint Account funds, earns high interest on your card balance until you spend it, and gives you cash back when you do.
Is the EQ Bank Card a debit card?
The EQ Bank Card is a prepaid card that lets you do things that a debit card does—like access cash and spend your money online and in-store. We also reimburse any ATM fees you are charged in Canada.
Will my EQ Bank Card ever expire or charge me interest?
The EQ Bank Card will never charge you a fee or interest, and funds on the card don’t expire. The physical card will expire after four years. We'll send you a replacement card close to the expiry date and automatically transfer the card balance to the new card.
How does an EQ Bank Card compare to a credit card?
Here are some positive differences between an EQ Bank Card and a credit card:
- It’s good for budgeting – you’re spending your own money
- There’s no risk of racking up debt or paying interest
- There are no annual fees or foreign transaction fees1
- There’s no line of credit, so will not impact your credit score
How does an EQ Bank Card compare to a debit card?
The EQ Bank Card has quite a few advantages compared to many debit cards:
- You don’t have to maintain a minimum balance to avoid paying fees, which means you’re in charge of when you use your money.
- You earn high interest on your card balance (just like in your EQ Bank Personal Account). That’s not something you can say about most debit cards and chequing accounts.
- You earn cash back* on all of your purchases, which is definitely a step up compared to debit cards.
- Free withdrawals from any ATM in Canada (we reimburse any fees).
How do mobile wallets work?
As an alternative to using your physical card, you can add your card’s payment information to your phone’s mobile wallet app—such as Apple Pay or Google Pay—to make contactless payments.
Are mobile wallets safe?
Yes, mobile wallets are safe. Your data is encrypted and your card details cannot be seen by anyone. In addition, before making a mobile payment, you must authenticate it via passcode, fingerprint, or facial recognition.
What if my phone gets lost or stolen?
If your phone is lost or stolen, you must contact EQ Bank immediately at the number below. You should also lock your card through the mobile app, via online banking, or by calling the number below. You may also need to notify your mobile wallet provider.
Contact us at: 1-844-437-2265 or 1-416-551-3449 (outside North America).
FHSAs
What’s the difference between a First Home Savings Account (FHSA) and the Home Buyers’ Plan (HBP)?
With the current Home Buyers' Plan, you can withdraw up to $60,000 from your RSP to buy a home. You must then pay back the funds to your RSP (Retirement Savings Plan) over a period of 15 years.
Unlike the Home Buyers’ Plan, with an FHSA the funds do not need to be paid back.
The Home Buyers’ Plan allows you to withdraw from your RSP to buy or build a qualifying home for yourself or a related person with a disability.
Currently, the HBP withdrawal limit is $60,000. Unlike the HBP, you won’t need to pay back the funds with the FHSA, and there’s no withdrawal amount limit. Qualifying withdrawals* are tax free.
Did you know that you can combine the FHSA and the HBP? You can maximize both programs and put up to $100,000 (plus any investment growth in the FHSA) toward a down payment. Convenient, right?
*To make a “qualifying withdrawal”, you must be a first-time homebuyer who is a resident of Canada, have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the year of withdrawal, and intend to occupy the qualifying home as your principal place of residence within one year of buying or building it. You must not have acquired the qualifying home more than 30 days before making the withdrawal.
You will be considered to be a "first-time home buyer” for the purposes of a qualifying withdrawal if, at any time in the calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or at any time in the preceding four calendar years, you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that you owned or jointly owned.
A "qualifying home" is defined as a housing unit located in Canada. This includes existing homes and those being constructed, such as single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings, but does not include a share that only provides you with a right to tenancy in the housing unit.
Can I use the FHSA and the Home Buyers' Plan to purchase a home?
Yes, you can. You can make both an FHSA withdrawal (up to a $40,000 contribution + your capital growth in the account) and an HBP withdrawal ($60,000 maximum) for the same qualifying home purchase.
What if I don’t purchase a home?
Funds withdrawn from your FHSA that are not used to purchase a qualifying home are subject to withholding taxes and the amount withdrawn will be added to your taxable income for that year. Also, your FHSA contribution room will not be re-instated.
Alternatively, the balance in your FHSA not used to purchase a qualifying home could be transferred to your EQ Bank RSP on a non-taxable transfer basis, subject to applicable rules.
Transfers from your FHSA to your RSP do not impact your available RSP contribution room.
The funds transferred to an RSP will be taxed upon withdrawal.
What is a qualifying withdrawal?
To make a qualifying withdrawal*, you must be a first-time homebuyer and a resident of Canada at the time of the withdrawal for the acquisition of your qualifying home.
A "qualifying home" is defined as a housing unit located in Canada. It also includes a share of the capital stock of a cooperative housing corporation, where the holder of the share is entitled to an equity interest in a housing unit located in Canada.
You must have a written agreement to buy or build a qualifying home located in Canada where the acquisition or construction completion date is before October 1 of the year following the year of withdrawal.
You must also intend to occupy the qualifying home as your principal place of residence within one year of buying or building it.
In accordance with the CRA, a qualifying withdrawal from your FHSA means that the following requirements are met:
- You are required to fill out RC725 Request to Make a Qualifying Withdrawal from your FHSA
- You are required to be a first-time home buyer. You will be considered to be a first-time home buyer for the purposes of opening an FHSA if, at any time in the calendar year before the account is opened or at any time in the preceding four calendar years, you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that either (i) you owned or jointly owned; or (ii) your spouse or common-law partner (at the time the account is opened) owned or jointly owned
- You are required to have a written agreement to buy or build a qualifying home with the acquisition or construction completion date of the qualifying home before October 1 of the year following the date of the withdrawal
- You are required to not have acquired the qualifying home more than 30 days before making the withdrawal
- You are required to be a resident of Canada from the time that you make your first qualifying withdrawal from one of your FHSAs until the earlier of the acquisition of the qualifying home, or the date of your death
- You are required to occupy or intend to occupy the qualifying home as your principal place of residence within one year after buying or building it
*To make a “qualifying withdrawal”, you must be a first-time homebuyer who is a resident of Canada, have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the year of withdrawal, and intend to occupy the qualifying home as your principal place of residence within one year of buying or building it. You must not have acquired the qualifying home more than 30 days before making the withdrawal.
You will be considered to be a "first-time home buyer” for the purposes of a qualifying withdrawal if, at any time in the calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or at any time in the preceding four calendar years, you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that you owned or jointly owned.
A "qualifying home" is defined as a housing unit located in Canada. This includes existing homes and those being constructed, such as single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings, but does not include a share that only provides you with a right to tenancy in the housing unit.
How do I withdraw from my FHSA?
Please call the Customer Care Centre at 1-844-437-2265 and we will help you make your withdrawal! Our Customer Care agents are available from 8 AM to midnight, Eastern Time, 7 days a week.
How can I compare the FHSA to an RSP or a TFSA?
An FHSA is not a replacement for an RSP or TFSA, but a complementary plan.
This new account type is specifically designed for aspiring EQ Bank first-time home buyers. It works together with the other accounts to provide you with:
- More contribution room
- More tax savings
- More opportunities for investment growth
- Tax-free qualifying withdrawals
- Another great interest rate
An FHSA takes the best features of the other accounts to give you a new and better way to save for your first home.
What are the advantages of an FHSA?
There are many advantages to saving in the First Home Savings Account.
You can:
- Save up to $40,000 for your first qualifying home
- Contribute tax-free for up to 15 years
- Carry forward unused contribution room (up to $8,000) and un-deducted contributions
- Reduce your tax bill
- Pay zero taxes on any investment earnings
What types of FHSA investments can I hold at EQ Bank?
You can hold one FHSA Savings Account and FHSA Guaranteed Investment Certificates (GICs). FHSA GICs are a safe and reliable investment to grow your savings.
How long does an FHSA stay open?
The account can stay open for:
1. A maximum of 15 years, or
2. Until the end of the year you turn 71, or
3. The end of the year following the year in which you make a qualifying withdrawal from an FHSA for the first home purchase, whichever comes first.
What are my limitations to FHSA contributions and deductions?
Annual contributions are capped at $8,000 up to a $40,000 maximum contribution limit.
Individuals may claim an income tax deduction for FHSA contributions made in the calendar year or in a previous year, to the extent not previously deducted.
A maximum of $8,000 unused contribution room will carry forward to the following year.
Who can open an EQ Bank FHSA?
An EQ Bank customer who has reached the age of majority in their province of residence, and who has a valid permanent Social Insurance Number (SIN) can open an EQ Bank FHSA. You must also be a first-time home buyer to open an EQ Bank FHSA (see the EQ Bank FHSA Savings Account Agreement for more details).
Exceptions:
- Customers turning 71 in the year of application
- Non-Canadian residents
- Quebec residents
How do I open an FHSA?
If you’re not yet an EQ Bank customer, you’ll need to open a Personal Account first by visiting www.eqbank.ca and applying online.
Once you’ve successfully opened your Personal Account, follow the steps below to open your EQ Bank FHSA.
For existing customers using a web browser:
- Sign in and click “Products”
- Select “Open an FHSA Plan”
- Review details and submit your application
Using the mobile app:
- Sign in and tap the hamburger menu at the top right of your screen;
- Select “Open a new account/plan”
- Tap “Open an FHSA Plan”
- Review details and submit your application
It’s that simple.
Please note that you must be a first-time home buyer to open an FHSA. You will be considered to be a first-time home buyer if you did not, at any time in the current calendar year before the account is opened or at any time in the preceding four calendar years, live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that either: (i) you owned or jointly owned; or (ii) your spouse or common-law partner (at the time the account is opened) owned or jointly owned.
How do I transfer an FHSA or a RSP from another financial institution to EQ Bank?
A transfer from one of your FHSAs or RSPs from another financial institution to your EQ Bank FHSA can be made without any immediate tax consequences if it is a direct transfer in.
To complete a direct transfer into your EQ Bank FHSA from your FHSAs or RSPs from another financial institution, you must fill out a transfer form through EQ Bank.
If you make a direct transfer into your EQ Bank FHSA from your FHSAs or RSPs from another financial institution, the transfer will not reduce your unused FHSA participation room.
Please note that the transfer in option for an FHSA from another financial institution to EQ Bank is not currently available.How do I transfer from my EQ Bank RSP to my EQ Bank FHSA?
Generally, you can transfer property from your RSPs to your FHSAs without any immediate tax consequences, as long as it is a direct transfer and does not exceed your unused FHSA participation room at the time of the transfer.
You can transfer from an RSP to your EQ Bank FHSA through the “Transfer from RSP or FHSA” link on your EQ Bank FHSA dashboard.
How do I transfer from my EQ Bank FHSA to my EQ Bank RSP?
You will be allowed to transfer property from your FHSA to your RSP without any immediate tax consequences, as long as it is a direct transfer and you do not have an excess FHSA balance.
Generally, an amount that is transferred directly from your FHSA to your RSP will not impact your unused RSP deduction room or your unused FHSA participation room.
To complete a direct transfer from your FHSA to your RSP, please call the Customer Care Center at 1-888-437-2265 and we will be glad to help!
How do I transfer from my EQ Bank FHSA to another financial institution’s FHSA or RSP or Registered Retirement Income Fund (RRIF)?
You will be allowed to transfer property from your EQ Bank FHSA to another financial institution’s FHSA, RSP or RRIF without any immediate tax consequences, as long as it is a direct transfer out.
To complete a direct transfer out from your EQ Bank FHSA to another financial institution’s FHSA, RSP or RRIF, please contact the other financial institution.
How do I submit the signed FHSA transfer form, if I decided to skip that step previously?
No problem. You can submit your signed transfer form by following the steps below.
Using a web browser:
- Sign in and select “FHSA Plan”
- Select “FHSA Savings Account,” then “Check FHSA transfer status”
- Select the correct transfer
- Select “Submit signed transfer form”
- You can download the form again or submit your signed form
- Click “Upload signed transfer form”
Using the mobile app:
- Sign in and scroll to select “FHSA Plan”
- Select “FHSA Savings Account,” then “Check FHSA transfer status”
- Select the correct transfer
- Select “Submit signed transfer form”
- You can download the form again or submit your signed form
- Tap “Upload signed transfer form”
Note your transfer form can also be mailed or faxed.
Keep in mind the transfer process can take up to 6-8 weeks depending on the time it takes for us to receive all necessary documentation. It also depends on how quickly your other financial institution initiates the transfer.
You can track the status of your request from your account dashboard.
I mailed/faxed my transfer form—how do I know if it’s been received?
Once received, your status will be updated and can be viewed from your account dashboard. Upon receipt, it could take up to 3 days before your status is updated.
Keep in mind the transfer process can take up to 6-8 weeks, depending on the time it takes for us to receive all necessary documentation, as well as, how quickly your other financial institution initiates the transfer.
Why does it take 6 to 8 weeks when I transfer an FHSA from another financial institution?
There are multiple steps involved in transferring your FHSA from another financial institution. The processing period begins from the moment your complete and accurate form has been received. If you sent your form by mail, additional time needs to be added to the defined period.
Here are the steps:
- Your completed form is received
- An internal review is done to make sure the form was filled correctly
- The form is transferred via fax to your designated financial institution
- Your financial institution processes your request
- Your financial institution issues a cheque that is sent via mail
- The mailed cheque is received, time stamped and directed to the relevant department
- The cheque is deposited into your account
How do I buy an EQ Bank FHSA GIC?
Once you’ve opened an FHSA Savings Account, you can purchase an FHSA GIC.
Once your FHSA GIC reaches its maturity date, the funds and interest earned will be deposited in your FHSA Savings Account.
You’ll receive an email or SMS alert notifying you of the FHSA GIC maturity. From there, you can use the funds to purchase another FHSA GIC or keep the money in your FHSA Savings Account.
How do I determine my FHSA contribution limit?
If you haven’t already contributed to an FHSA at another financial institution, your allowable FHSA contribution for the current year of 2024 is generally $8,000.
You’re responsible for tracking your contribution amounts each year across all financial institutions in which you hold an FHSA.
Can I carry forward unused contributions to future years?
You can carry forward your unused FHSA participation room at the end of the year, up to a maximum of $8,000, to use in the following year. This amount is referred to as your FHSA carryforward. Any FHSA carryforward will be included in the calculation of your FHSA participation room for the year.
What happens if I contribute more than my contribution amount to an FHSA?
If you exceed your FHSA contribution limit for the year, the Canada Revenue Agency (CRA) will impose a tax of 1% per month. You’re responsible for tracking your contribution amounts each year, across all financial institutions in which you hold an FHSA.
When must I close an FHSA?
In order to avoid unintended tax consequences, you should close your FHSA before your maximum participation period ends. Your maximum participation period ends on December 31 of the year in which the earliest of the following events occurs: (a) the 15th anniversary of opening your first FHSA; or (b) you turn 71 years of age; or (c) the year following your first qualifying withdrawal from your FHSA.
How do I designate a successor and/or a beneficiary on my EQ Bank FHSA or TFSA?
You can designate one successor and up to five beneficiaries and choose the percentage that should be allocated to them upon your death on your EQ Bank FHSA and TFSA.
In the event the percentage entitlement(s) for your beneficiaries does not add up to 100%, the remaining portion will be paid to your estate.
To designate a beneficiary, you’ll need to sign-in to your EQ Bank account and download the beneficiary designation form.
Note: Beneficiary designations and the EQ Bank FHSA is not available in Quebec.
If you open an account in a province other than Quebec, the designate designation of beneficiary is applicable.
For successor and/or beneficiary terms and conditions, please refer to the FHSA or TFSA designation form.
What information do I need to designate a successor and/or a beneficiary?
To designate a successor and/or a beneficiary, you’ll need to sign in and download the beneficiary designation form for your EQ Bank FHSA.
You’ll need to mail or fax it back to EQ Bank with the following information:
- Legal first and last name
- Date of birth
- Social Insurance Number (SIN)
- Mailing address
- Relationship to the account holder
What happens when my EQ Bank FHSA GIC reaches maturity?
When your EQ Bank FHSA GIC reaches maturity, it will be deposited back into your FHSA Savings Account.
Will I be able to use my FHSA contributions as a tax deduction?
Contributions that you make to your first home savings accounts (FHSAs) are generally deductible on your income tax and benefit return. It is important to note that transfers from your registered retirement saving plans (RSPs) to your FHSAs are not deductible.
The contribution period for your FHSAs is a calendar year (January to December).
There is no minimum number of days that contributions you make to your FHSAs need to stay in your FHSAs before you can deduct them on your income tax and benefit return.
Contributions you make to your FHSAs during the first 60 days of the year cannot be deducted from your income tax and benefit return for the previous year, unlike contributions to an RSP.
How will I receive my tax slips for my EQ Bank FHSA?
Via web and mobile app, no later than February 28th of the following calendar year.
Tax slips, such as the FHSA Contribution Receipt, can be downloaded as PDFs by signing into your account through the EQ Bank mobile app or web browser.
Is there a fee to transfer my EQ Bank FHSA to another financial institution?
There is no fee to transfer your EQ Bank FHSA to another financial institution.
Will EQ Bank reimburse the transfer fee charged by my other financial institution to transfer my FHSA?
EQ Bank will not reimburse the transfer fee charged by the other financial institution.
How many FHSA accounts can I hold at EQ Bank?
You can hold one FHSA account at EQ Bank, but keep in mind that your contribution room is shared across all FHSAs that you hold with other financial institutions.
How many FHSA GICs can I hold?
You can hold multiple GICs, as long as you keep track of your contributions.
How do I contribute to my FHSA?
Whether through your desktop or EQ Bank mobile app, you can make FHSA contributions directly from your Personal Account by following the steps below.
Using a web browser:
- Sign in and from your FHSA dashboard, click “Add money”
- Select the account you want the funds to come from
- Select your FHSA Savings Account as the destination
- Select an amount and deposit date, and click “Next”
- Review your details and click “Submit”
Using the mobile app:
- Sign in and from your dashboard, scroll to select “FHSA Plan”
- From the FHSA Plan dashboard, select “FHSA Savings Account”
- From the bottom right expendable menu, select “Add money”
- Select the account you want the funds to come from
- Select your FHSA Savings Account as the destination
- Select an amount, and deposit date, and click “Next”
- Review your details and tap “Submit”
Does EQ Bank offer a spousal FHSA?
No, you are not permitted to participate directly in your spouse's or common-law partner's FHSA. Your spouse or common-law partner is the only person who can participate in their own FHSA. Only the holder of the FHSA can claim the FHSA contributions as a tax deduction on their income tax and benefit return.
When an FHSA GIC matures, does it get taxed?
When the FHSA GIC matures it is not taxed and the matured funds are returned to the FHSA.
Are there any withholding taxes charged on an FHSA withdrawal?
If you make a qualifying withdrawal*, you don’t pay tax on it. However, if you make a non-qualifying (taxable) withdrawal, you will pay income tax on the principal and the growth.
In accordance with the CRA, a qualifying withdrawal from your FHSA means that the following requirements are met:
- You are required to fill out RC725 Request to Make a Qualifying Withdrawal from your FHSA
- You are required to be a first-time home buyer
- You are required to have a written agreement to buy or build a qualifying home with the acquisition or construction completion date of the qualifying home before October 1 of the year following the date of the withdrawal
- You are required to not have acquired the qualifying home more than 30 days before making the withdrawal
- You are required to be a resident of Canada from the time that you make your first qualifying withdrawal from one of your FHSAs until the earlier of the acquisition of the qualifying home, or the date of your death
- You are required to occupy or intend to occupy the qualifying home as your principal place of residence within one year after buying or building it
*To make a “qualifying withdrawal”, you must be a first-time homebuyer who is a resident of Canada, have a written agreement to buy or build a qualifying home in Canada before October 1 of the year following the year of withdrawal, and intend to occupy the qualifying home as your principal place of residence within one year of buying or building it. You must not have acquired the qualifying home more than 30 days before making the withdrawal.
You will be considered to be a "first-time home buyer” for the purposes of a qualifying withdrawal if, at any time in the calendar year before the withdrawal (except the 30 days immediately before the withdrawal) or at any time in the preceding four calendar years, you did not live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that you owned or jointly owned.
A "qualifying home" is defined as a housing unit located in Canada. This includes existing homes and those being constructed, such as single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings, but does not include a share that only provides you with a right to tenancy in the housing unit.
How much can I deposit into my EQ Bank FHSA?
Your plan can hold up to $200,000 in funds. Be sure to keep track of your contribution limit.
Visit our Fees & Features page for more details.
How much can I hold in EQ Bank FHSA GICs?
Up to a maximum of $500,000. Keep an eye on your contribution limits, so you’re not penalized for over-contributing.
Taxes
Where can I find my tax slips?
Tax slips can be found by signing in to your account through the EQ Bank mobile app or online banking website. Once you’re signed in on desktop, navigate to the “My accounts” tab, and click on “Tax documents.” On the mobile app, click the navigation menu in the top right corner and select “Tax documents” under “Documents.”
When will my EQ Bank tax documents be available?
You can visit our Tax Slips Schedule of Availability page to view when each tax document will become available.
What type of tax slips does EQ Bank issue?
You can visit our Tax Slips Schedule of Availability page to view which tax documents will be issued and their expected availability.
What will be included in EQ Bank T5 slips?
T5 slips will include interest earned on Personal Accounts, Notice Savings Accounts, non-registered GICs, and US Dollar Accounts converted to Canadian dollars. For the EQ Bank Card, interest will be included in the T5 for the Personal Account/Joint Account that the interest was paid into
How is interest earned in December 2023 but paid in January 2024 applied to a T5?
Any interest earned in December 2023 but paid in January 2024 will be included in the 2023 T5.
When is the deadline for RRSP contributions?
February 29, 2024 is the final date for RRSP contributions to be eligible for the 2023 tax year.
What are the withholding taxes charged on an RRSP withdrawal?
RRSP withholding tax is charged when you withdraw funds from your RRSP before retirement. The current rate of RRSP withholding tax is 10% for withdrawals up to $5,000, 20% for withdrawals between $5,001 and $15,000, and 30% for withdrawals over $15,000.
These withholding tax rates are only estimates. The actual tax required to be paid will depend on the marginal tax rate that will apply based on the aggregate taxable income received for the taxation year from all sources including the RSP withdrawal.
What are some important tax dates in 2024?
- February 29, 2024: The final date for RRSP contributions to be eligible for the 2023 tax year
- April 30, 2024: Deadline to file your 2023 taxes
- June 15, 2024: Deadline to file your 2023 taxes if you or your spouse or common-law partner are self-employed
How is interest from non-registered GICs reported on a T5 tax slip?
Depending on the term of your non-registered GIC, the interest you earn will be reported on your T5 accordingly:
- 3-month GIC: The interest that accrues during the 3-month term is reported on your T5 slip for that year.
- 6-month GIC: The interest that accrues during the 6-month term is reported on your T5 slip for that year.
- 9-month GIC: The interest that accrues during the 9-month term is reported on your T5 slip for that year.
- 1-year GIC: The interest that accrues in the first year (12 months) of the term is reported on your T5 slip for that year.
- 15-month GIC: The interest that accrues in the first year (12 months) of the term is reported on your T5 slip for that year.
- The remaining interest that accrues in the last 3 months of the term is reported on your T5 slip for the next year.
- 2-year GIC*: The interest that accrues in the first year (12 months) of the term is reported on your T5 slip for that year.
- The interest that accrues in the second year (next 12 months) of the term is reported on your T5 slip for the next year.
- 27-month GIC: The interest that accrues in the first year (12 months) of the term is reported on your T5 slip for that year. The interest that accrues in the second year (next 12 months) of the term is reported on your T5 slip for the next year. The remaining interest that accrues in the last 3 months of the term is reported on your T5 slip for the following year.
- *3-year GIC to 10-year GIC tax reporting follow the same format as the 2-year GIC.
These are general guidelines. The actual dates and amounts depend on your GIC terms and purchase date.
For further details, please call Customer Care at 1-844-437-2265—we’d be happy to assist you.
Will I receive a tax slip for my FHSA contributions and (or) withdrawals?
If you have made a contribution to or withdrawal from your FHSA in 2023, EQ Bank will provide you with a single T4FHSA tax slip that combines information for both types of activities. Unlike RSPs, you will not receive separate contribution receipts.
Please note that it’s your responsibility to monitor all activities in your EQ Bank FHSA and keep track of your total contribution room
What should I do if I think there’s something wrong with my tax documents?
To report an issue with your T5 or RL-3 tax slip, please call the EQ Bank Customer Care team at 1-844-437-2265 (844-4EQ-BANK) or launch Live Chat.
When will EQ Bank report TFSA contribution room to the CRA?
We only report the total contributions that you make to the CRA. It is your responsibility to keep track of your TFSA contribution room with the CRA.
Is there a separate tax slip for the Personal Account and the Joint Account?
Yes, individually held Personal Accounts and Joint Accounts have separate tax slips. If you have multiple individually held Personal Accounts, you will receive one T5 and/or one RL-3 tax slip that will reflect the combined interest earned on those accounts. Joint account T5 and RL-3 tax slips will be separately created based on the address of the primary coholders and the number of different groups of co-holders.
Does EQ bank send tax information directly to the CRA and Revenu Québec?
Yes, we submit tax information to the CRA and Revenu Québec each year.
Bonus Interest Offer
How can I start earning 4% interest on my Personal Account, Joint Account and on my EQ Bank Card balance?
If you set up direct deposit for your pay of $2,000/month or more, you will start earning 4% interest within the first two weeks of the month following your first qualifying transaction. You will earn 4% as long as you continue to meet the qualification threshold.
For more information, please see the Bonus Interest Offer Terms and Conditions.
When will I start earning 4% interest and for how long?
If qualifying transactions are detected by the last day of the month, your 4% interest rate will take effect within the first two weeks of the following month. You will earn 4% as long as you continue to meet the qualification threshold.
Can existing eligible customers also earn 4% interest?
Yes! 4% interest is available to all new and existing eligible customers, assuming you meet the qualification threshold each month.
How will I know when I start earning 4% interest?
You will receive a confirmation email within 1 business day of the 4% interest rate being applied to your account(s). You will also see your effective interest rate on your Personal Account dashboard.
How can I find out if my deposits are eligible for this offer?
Most payroll direct deposits are eligible for this offer but there may be some cases where your deposits are set up with a transaction code (CPA code) that is not recognizable as a payroll direct deposit.
If you are unsure about which CPA code your payroll deposits currently fall under, you can confirm this information by contacting the bank where you’re currently receiving deposits.
Below is a list of all eligible transaction codes that will qualify you for 4%:
Canadian Payment Association Code | Description | Credit or Debit |
---|---|---|
200 | 200 Payroll Deposit | Credit |
230 | 230 Pension | Credit |
231 | 231 Federal Pension | Credit |
232 | 232 Provincial Pension | Credit |
233 | 233 Private Pension | Credit |
240 | 240 Annuity | Credit |
308 | Restricted – Government Use Only - 308 Child Tax Credit | Credit |
310 | Restricted – Government Use Only - 310 Canada Pension Plan | Credit |
311 | Restricted – Government Use Only - 311 Old Age Security | Credit |
312 | Restricted – Government Use Only - 312 War Veterans' Allowances | Credit |
313 | Restricted – Government Use Only - 313 Canadian Pension Commission | Credit |
314 | Restricted – Government Use Only - 314 Family Allowances | Credit |
315 | Restricted – Government Use Only - 315 Public Service Superannuation | Credit |
316 | Restricted – Government Use Only - 316 Canadian Forces Superannuation | Credit |
318 | Restricted – Government Use Only - 318 Employment Insurance | Credit |
600 | Restricted – Government Use Only - 600 Provincial Government | Credit |
601 | Restricted – Government Use Only - 601 Family Support Plan | Credit |
602 | Restricted – Government Use Only - 602 Housing Allowance | Credit |
603 | Restricted – Government Use Only - 603 Income Security Benefits | Credit |
604 | Restricted – Government Use Only - 604 Provincial Family Benefits | Credit |
605 | Restricted – Government Use Only - 605 Combined Fed-Prov/Terr Payment | Credit |
606 | Restricted – Government Use Only - 606 Workers' Compensation Board | Credit |
607 | Restricted – Government Use Only - 607 Employment Assistance Allowance | Credit |
Will I still get 4% interest if I have my direct deposits across multiple accounts?
Yes! You will still qualify if you have a total of at least $2,000 via direct deposit for your pay, even if it’s across multiple sub accounts.
My paycheque already goes into my EQ bank account - can I still earn 4%?
Yes! As long as you direct deposit your pay of at least $2,000 a month, you will earn 4% interest.
Why am I still earning 2.75%?
Eligible customers who continue to meet the criteria of setting up $500/month or more in recurring pre-authorized debits will continue to earn 2.75% interest* for 12 consecutive months (including any prior months you earned 2.75%*). If you stop your recurring pre-authorized debits at any point during the bonus fulfillment period, you will no longer qualify to receive 2.75% interest*.
If you would like to earn 4.00% interest*, you must set up qualifying recurring direct deposits of at least $2,000/month.
Why did my interest rate revert to 2.25%?
If qualifying direct deposits are less than $2,000 by the last day of the month, your interest rate will revert to the base rate of 2.25% within the first two weeks of the following month.
Where do I go to learn more about this promotion?
For more details, visit our full terms and conditions page.
How do I set up direct deposit with EQ Bank?
From your EQ Bank mobile app:
- Sign in and tap the navigation menu in the top right corner
- Select “Direct deposits & payments”
- Select “Download PDF/void cheque”
From your web browser:
- Sign in and hover your mouse over “My accounts”
- Select “Direct deposit” in the dropdown menu
- Click “Download PDF”
Once you’ve generated a void cheque, you can give it to whomever provides your payment and that’s it!
Are there any holds on direct deposits?
No, your funds are available as soon as they’re deposited.
Notice Savings Account
What is the difference between a Notice Savings Account and a High-Interest Savings Account (HISA)?
A Notice Savings Account and a High-Interest Savings Account (HISA) are both account types where you can deposit money towards your savings and earn interest on your account balance. With both accounts, you can withdraw your funds as needed – unlike a GIC where your funds are locked into a term.
The main difference is that with a Notice Savings Account, you must provide advance notice before withdrawing. In exchange for the advance notice requirement, Notice Savings Accounts often come with very attractive interest rates. The more notice you’re able to give, the higher the rate, like with the two notice options of the EQ Bank Notice Savings Account.
How do I give advance notice before making a withdrawal?
When you open the EQ Bank Notice Savings Account, choose a notice period that best suits your needs from the two available options. The notice period determines the number of days that your funds will be held in your Notice Savings Account after making a withdrawal.
You can make unlimited withdrawals from your Notice Savings Account by transferring your funds to an externally linked account, Personal Account, or Joint Account. The funds will be available in the account you select after your notice period ends.
Do I earn interest during my notice period?
Yes! The money you request to withdraw after the notice period will stay in your Notice Savings Account until the notice period ends. That means you’ll earn interest on any funds set for withdrawal until they’re transferred.
Is my rate guaranteed with the EQ Bank Notice Savings Account?
Like most savings accounts, the interest rate on our account can be subject to change. If we change the rate, we’ll let you know by emailing you.
Can I cancel a withdrawal request?
Yes! You can cancel any withdrawals from your Notice Savings Account with no penalty or fees up until the day of the transfer.
What is the interest rate for the Notice Savings Account?
The interest rate for a Notice Savings Account can vary, and it depends on whether you have a 10 Day Notice Savings Account or a 30 Day Notice Savings Account. We strive to offer competitive rates, and we encourage you to visit the Notice Savings Account page or reach out to our Customer Care team via live chat for the most up-to-date rates.
How many Notice Savings Accounts can I have?
We understand the importance of managing your savings efficiently, which is why you’re allowed to have one 10 Day Notice Savings Account and one 30 Day Notice Savings Account.
What transactions can I make with my Notice Savings Account?
Your Notice Savings Account allows you to make various transactions, including deposits and withdrawals, to manage your funds as needed.
How do I deposit funds into my Notice Savings Account?
Depositing funds into your Notice Savings Account is straightforward. You can transfer funds instantly from a Personal or Joint Account, or from linked external accounts with a 5-business-day hold.
How do I withdraw funds from my Notice Savings Account?
To withdraw funds from your Notice Savings Account, navigate to Transfers > Transfer between accounts, and complete the transfer. Your withdrawal will be in a pending state until the notice period you selected when the account was opened (10 days or 30 days) is completed. After 10 or 30 days (on 11th and 31st day), your funds will be available.
If the withdrawn funds are being deposited to an externally linked account, there will be an additional processing period of 2-3 business days.
Does EQ Bank offer a Joint Notice Savings Account?
At this time, we do not offer a Joint Notice Savings Account option. We understand this may be an important feature to customers, and we’re always looking to improve our services.
Will I be able to purchase GICs with my Notice Savings Account?
You cannot purchase GICs with your Notice Savings Account. Nevertheless, both the Personal and Joint Accounts provide access to a variety of GIC options, featuring competitive rates and flexible terms. For more information on GIC purchases, please refer to GICs | EQ Bank.
Can I send international money transfers from my Notice Savings Account?
International money transfers are not available from the Notice Savings Account.
How do I transfer funds from my Personal Account to my Notice Savings Account?
The process of transferring funds is designed to be seamless. Whether you’re using your desktop or mobile app, simply select the transfer option, choose the accounts, review, and submit. Your transfer will be instant, and your funds will begin earning interest right away.
How much money can I deposit into my Notice Savings Account?
For customers who joined EQ Bank on or after February 21, 2016, the maximum combined balance for your EQ Bank Notice Savings Account, US Dollar Account, and Personal Account is $200,000 CAD, or $500,000 CAD for Joint Account holders. We have a full list of account limits available, and our Customer Care team can provide further details if needed.
Does EQ Bank’s Notice Savings Account offer CDIC coverage?
Yes, your deposits are protected up to $100,000 per insured category, per depositor, under the CDIC’s “Protecting Your Deposits” guidelines. It’s part of our commitment to your financial security.
Can I cancel a withdrawal before the notice period has ended?
Absolutely, you have the flexibility to cancel a withdrawal before the notice period has ended. You can easily do this from your Notice Savings Account’s pending transactions. If you need assistance, our Customer Care team is here to help.
Will there be a T5 issued for interest earned in the Notice Savings Account?
Yes, you will receive a T5 Tax Slip for the interest earned, which will be available for download by no later than February 28 of that calendar year. It’s part of our effort to ensure your tax preparation is as smooth as possible.
Can I send an Interac e-Transfer® from my Notice Savings Account?
It’s not possible to send or receive an Interac e-Transfer® to or from the Notice Savings Account.
I’m moving to Quebec; what will happen to my Notice Savings Account?
If you’re relocating to Quebec, you’ll need to transfer all funds to your Personal Account or an externally linked account and close your Notice Savings Account. Our Customer Care team is ready to assist you with this transition and answer any further questions you may have via live chat.
Can I pay bills, set up preauthorized debits or credits, deposit cheques or set up direct deposit with my Notice Savings Account?
These features are not available with the Notice Savings Account. Nevertheless, both the Personal and Joint Accounts encompass all these features, making them valuable additions to your EQ Bank account portfolio. The convenience offered by having both savings and checking functionalities in one account simplifies banking, providing a seamless one-stop banking experience.
If I need to close my Notice Savings Account, how do I do that?
Closing your Notice Savings Account is a simple process. Reach out to us via live chat, and a Customer Care agent will guide you through the account closure process with care and attention.
It is important to note that the mandatory withdrawal notice period is required to close your account. The notice period will be dependent on the specific terms of your account, 10 days for the 10-day Notice Savings Account and 30 days for the 30-day Notice Savings Account. Additionally, please allow an extra 3-5 business days for the closure process to be completed.
Business Account
How do I open a Business Account?
It’s really easy! You can open an account by visiting the Business Account page and applying online.
Who can open a Business Account?
All EQ Bank customers must:
- Be a Canadian resident
- Meet their province’s age of majority (18 or 19 years old, depending on where you live)
- Have a Social Insurance Number (optional for incorporated businesses)
- Have authority and power to bind the business with respect to opening the account
- Have an existing EQ Bank Personal Account
- Hang tight, the Business Account will be available to non-EQ-Bank customers soon.
Note: to sign up online, a Canadian mobile phone number is required (the mobile app is currently only available for iOS, but we’re working on making it available for Android soon).
This account is a great option for sole proprietors (i.e. gig workers, freelancers, professionals) and small business owners.
Small business owners fall into two categories:
- Sole proprietor (unregistered and registered)
- Corporation
- Must be active corporation
- You must be both a signing officer and a director
Note: Only one individual per business may open account(s). Business Account is currently not available for Quebec residents and businesses, Trusts, Partnerships, or if your business is owned by another business.
Why do I need to open an EQ Bank Personal Account to open an EQ Bank Business Account
Because of how our systems are set up, in order for us to administer your EQ Bank Business Account, or any other EQ Bank products, we ask that you first open an EQ Bank Personal Account. There are no fees or costs attached to the opening of the EQ Bank Personal Account. Although you may wish to use your Personal Account, you are not required to do so. If you do use the Personal Account, the terms and conditions that you will be provided with apply.
What documents will I need to open an account?
- Incorporated businesses:
- Business registration information
- Director/shareholder information
We may also require you to upload two forms of Government ID to validate your identity.
Note: Please ensure to use your most up-to-date business registry information—what you enter when signing up will need to match what's in the business registry.
Do I need to have a business registration number?
- It depends on where you do business, most provinces do not require a business registration if you operate a business under your own legal name (please check registration requirements where you operate)
- Corporations – require business registration number
Why should I open a Business Account?
Many other banks charge high and unpredictable fees—our account does not. Plus, it comes with a lot of benefits that are usually not seen elsewhere, including fully digital sign-up, no monthly fees, unlimited transactions1, no minimum balance requirements, and high interest. It’s also a great way for you to separate your business transactions from your personal, which saves you time and makes for easier tax reporting, bookkeeping, and financial planning.
Can I open an account if I already have a Personal Account?
As part of the Beta launch, the Business Account is only available to existing Personal Account holders, which is great news if you already have a Personal Account! The process is simple and requires standard information about your business. You’ll also be able to transfer funds between your personal and business accounts.
Note: if you already have a Personal Account, you will need to use the same email address you used for that account to open your Business Account. Then you’ll be able to access both your personal and business accounts under one login.
Does EQ Bank offer foreign exchange or USD accounts for business banking?
Unfortunately, our Business Account does not offer foreign exchange or USD accounts at this time.
What type of products does the Business Account offer?
We offer a high-interest account (Business Account) and GICs (guaranteed investment certificates).
Note: these products are not currently available in Quebec.
Will my deposits be eligible for CDIC coverage?
EQ Bank is a trade name of Equitable Bank. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC). Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor, and provided such deposits are payable in Canada, as outlined in CDIC’s “Protecting your Deposits”.
For clarity, deposits made by sole proprietorships are protected. They are not considered separate and distinct from the sole proprietor (the individual). Eligible deposits under sole proprietorships are combined with those of the sole proprietor.
How do I deposit funds into my Business Account?
There are three ways to deposit funds into your Business Account:
- via Interac e-Transfer®
- via Electronic Funds Transfer (EFT) through your externally linked accounts
- via transfer from your Personal Account
Interac e-Transfer®:
You can instantly deposit funds to yourself using your other bank account. Funds sent through this method are generally not subject to holds, and funds are immediately available for use.
Note: While it’s free to send or receive Interac e-Transfers® with EQ Bank, your other bank may charge a fee for sending them. Banks also tend to set daily limits on how much money you can send through Interac e-Transfer®, so it’s best to use this method for smaller amounts (generally $5,000 or less).
Electronic Funds Transfer (EFT):
Using online banking, you can deposit up to $100,000 per transaction from your externally linked account to your EQ Bank account. You can make multiple transactions per day. A hold period will apply to the deposited funds; however, you will start earning interest immediately.
Note: You can link to any external business account that is available in the ‘link external account’ list. If there are slight differences in the account names between the banks, it may take a few business days to complete validation before you can conduct EFTs from EQ.
Is there an Interac e-Transfer® dollar limit for sending or receiving money?
From your EQ Bank Business Account, you can send:
- Up to $6,000 per Interac e-Transfer®
- Up to $10,000 per 24-hour period
- Up to $10,000 per 7-day period
- Up to $20,000 per 30-day period
When receiving funds via Interac e-Transfer® to your EQ Bank Business Account, you can receive:
- Up to $25,000 per transaction
To view the dollar limits associated with your Business Account, visit the Business Account Fees & Features page.
How do I make transfers from my Personal Account to my Business Account?
Once both accounts have been successfully opened under the same email, you will be able to transfer money between the two accounts seamlessly. Select the profile you wish to transfer "from" and start an 'Internal Transfer'. Then select the other account to transfer "to" and submit.
How do I find my Business Account number?
Sign in to EQ Bank and, from the dashboard, click on your business account. Each account has a unique nine-digit number associated with it.
Can I deposit mobile cheques into my Business Account?
Unfortunately, our Business Account does not offer a mobile cheque deposit feature at this time.
Can I use the EQ Bank mobile app to access my Business Account?
You can access your account using the mobile app for iOS—and we’re working on making it available for Android soon.
How do I update my business information after my account is opened?
If you are a registered business, please make sure you have updated your information with your applicable registry agency. You will then need to contact our Support team to confirm the updates and depending on the changes, additional validation might be required with our third-party vendors.
How do I close my account?
Please contact our Support team to close your account – you will be required to move the funds out first.
How many accounts can I have under my Business Account?
You can open an account for up to 12 businesses – each business can have up to 10 Business Accounts and 20 Business GICs.
How many Business GICs can I buy?
You can buy up to 20 GICs per business. Each GIC purchase must be for at least $100. The per GIC investment limit is $100,000. Aggregate GIC investment limit of $2,000,000 per business.
What happens when my Business GIC matures?
Once your GIC reaches the maturity date, the funds will be placed in your Business Account (the one from which your initial investment was funded). You will receive an email or SMS alert notifying you of the GIC maturity.
Can I redeem Business GICs before they mature?
Unfortunately not. Once the cancellation period has passed, your GIC is non-redeemable, and your funds are locked in. For more information, please refer to the EQ Bank GIC Agreement.
Is the interest earned from my Business GIC taxed?
Yes. Any interest you earn from your GIC investments will be included on your T5 tax slip in the applicable tax year.
Will I get a physical certificate for my Business GIC purchase?
No, but you can view your current and previous GIC purchases by signing in to your Business account.
Are Business GICs available in Quebec?
Business GICs are not currently available in Quebec.
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EQ Bank is a trade name of Equitable Bank.