How to close a Questrade account?

Questions & AnswersCategory: QuestradeHow to close a Questrade account?
Abbenzo asked 11 months ago
Hi everyone, I have a Questrade account that I no longer use/need. What is the best way to close it? Are there fees to pay?
Thank you

1 Answers
admin Staff answered 11 months ago
Closing a Questrade account is relatively simple, although you’ll need to take several steps before you can do so successfully.

If you’re looking to simply close your account and engage in no additional steps, you’ll first need to liquidate your holdings withdraw all the money you have invested in Questrade to the personal checking account you have on file. You can do this by going to the service center section under the account tab and putting in a cheque request to receive all the money you have invested in the Questrade platform. Once all of your money has been taken out, you can send an email to Questrade support at customersupport@qtrade.ca to officially close your account.

If you want to use a different brokering service, but keep your investments, you’ll need to contact whichever agency you’re planning to move funds to and talk to them about how you can start the transfer process, since most of it will be outside of Questrade’s purview. Transferring funds to a different platform will require you to pay Questrade a one-time fee of $150 in addition to tax. Once whichever service you’ve transferred your investments to contacts you about the successful account transfer, you’ll need to contact Questrade at customersupport@qtrade.ca to state you wish to close your account.

In the event you have a Tax Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP), closing your account will require you to head to the transfer funds section under the accounts tab and choose “withdraw registered funds.” This will allow you to de-register your account with Questrade and allow you to switch your account to a different institution. The same as other account-closing methods, you’ll need to contact Questrade at customersupport@qtrade.ca in order to nullify your account. As both TFSAs and RRSPs are specialty savings accounts with unique tax sheltering properties, they need to be handled separately from traditional accounts and come with an additional $125 de-registration fee plus tax.

It should be noted that if you decide to close your account with Questrade within a year of having it open, you’ll need to pay a $100 fee along with some additional taxes.
Although Questrade usually responds adequately to account closure requests through their customer support email address, they sometimes have issues, so if you’re not getting a response, you can contact the Questrade main office at 1-877-787-2330 from 5:30 a.m. to 5:00 p.m. Pacific Time Monday through Friday for assistance.

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