Definition
Effective May 27, 2024, Canadian and U.S. equity, ETF, and most fixed-income trades settle one business day after trade date (T+1), shortened from T+2. Mutual funds typically still settle T+1 or T+2 depending on the fund. Shorter settlement reduces counterparty risk but compresses the time clients have to deliver funds.
Source
CSA Staff Notice 24-318; CIRO transition guidance