T+1 trade settlement

What is a settlement?
A settlement is the official transfer of securities to the buyer’s account and cash to the seller’s account.

What's happening

Effective May 27, 2024, the Canadian financial industry will shorten the standard settlement cycle for most trades in securities from two business days after the date of the trade (T+2) to one business day after date of trade (T+1).

What this means for you

This means when your advisor sells securities on your behalf, you will receive your funds sooner, and when purchasing securities, you'll be required to provide payment earlier. The details of the transaction, including the settlement date, will be included in a Trade Confirmation sent to you as per standard industry practice.