How does it calculate TFSA/RRSP contribution when you deposit USD with WealthSimple?

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You mentioned doing this with WS (Dan). From what I gather you can directly deposit from a US dollar bank account into WS (I haven’t tried yet). For a TFSA/RRSP how does it calculate the contribution amount in CAD? It uses the WS exchange rate I guess?

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Asked on October 13, 2024 12:25 pm
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Yes, as far as the official rules go, the contribution will be calculated based on the rate on the day of your contribution.

A lot of people get confused with this and think it's the rate at which they converted at. It isn't. If you converted CAD to USD a month ago, it isn't the rate at which you got when you converted a month ago. It's the rate when you make the deposit into your TFSA or RRSP.

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Posted by Dan Kent
Answered on October 14, 2024 7:56 am
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