Minimum contribution to earn any bonus: $25."Contribution" and "Transfer" are different terms that have different meanings in this program.
- Contribution: a new deposit of money from a non-registered savings or chequing account.
- Transfer: movement of funds from an existing registered savings account at another institution, like an RRSP or TFSA. If transferring funds from an RRSP, your my65+ account must also be an RRSP. The same rule applies for TFSA transfers. If a member fails to ensure transfer to and from same account type, there may be unwanted tax implications.
A contribution or transfer is considered complete once funds clear both the sending and receiving institutions. A transfer that fails due to non-sufficient funds will void this contribution, except for the First Contribution bonus, which may be reattempted to earn the bonus.