Investing

Need a clear answer about a RRSP Question

  • Last Updated:
  • Mar 25th, 2020 9:21 am
Deal Fanatic
Jun 24, 2015
8520 posts
2941 upvotes
0 downvotes

Need a clear answer about a RRSP Question

I have a good amount of mutual funds investment in my rrsp, i monitor the share price monthly, and back in Febuary it was really high and i was asking my self this, could I Sell the shares but keep the money in my RRSP as cash? Having it in shares fluxuates if something happens to economy or a virus like Covid, but having the money sitting as Cash is more "safe" you know? i was not able to go to my bank to ask them this or to do this because they were closed for construction this month. But can it be done? when people think cashing out they think withdrawing the money but that is not what I wanna do, I was getting the run around from people and family "oh why u wanna cash out your RRSP your not retired yet" they didnt seem to understand what im asking
Supermarket worker at Fortino's
I'm Not a Wise Guy but more of a Good Fella~!
Drive an Escalade
5 replies
Jr. Member
Jun 17, 2018
123 posts
100 upvotes
Hamilton, Bermuda
You could switch your current mutual funds for money markets mutual funds. It's essentially like cash.
You could also go through a full transfer to a brokerage account (in cash or in kind) and then let it sit in cash.
Deal Fanatic
Jan 21, 2014
8511 posts
6255 upvotes
^+1. I have my work pension/RRSP from work switched to all bond funds (should have done money market) on Mar 2. Since then I am still down 2.5%. Remember you have to wait 30 days before your switch to another fund(s) or you will be charged 2% of the value of the funds
Deal Fanatic
Jun 24, 2015
8520 posts
2941 upvotes
0 downvotes
I have a brokerage account already but do I NEED to use one? I remember when I opened a TFSA back in the day I was able to transfer the funds into Cash essentially so there was no market fluctuation, I mean its too late to do it NOW but if i knew how and had more free time i woulda done it. are u sure it cantt be done with a non brokerage RRSP?
Supermarket worker at Fortino's
I'm Not a Wise Guy but more of a Good Fella~!
Drive an Escalade
Member
Sep 27, 2012
363 posts
185 upvotes
GVA
GoodFellaz wrote: I have a good amount of mutual funds investment in my rrsp, i monitor the share price monthly, and back in Febuary it was really high and i was asking my self this, could I Sell the shares but keep the money in my RRSP as cash? Having it in shares fluxuates if something happens to economy or a virus like Covid, but having the money sitting as Cash is more "safe" you know? i was not able to go to my bank to ask them this or to do this because they were closed for construction this month. But can it be done? when people think cashing out they think withdrawing the money but that is not what I wanna do, I was getting the run around from people and family "oh why u wanna cash out your RRSP your not retired yet" they didnt seem to understand what im asking
Yes you can do. I understand you want to sell your mutual fund in RRSP and keep that cash still in RRSP. You will need to have cash RRSP account at the same place wherever you have an account. Then sell mutual fund and tell the representative that you do not want to withdraw from rrsp but want to keep that cash in RRSP cash account. Most difficult part is to make sure representative do it correctly (I have low confidence on bank representatives) so check multiple times with them. I am assuming you have mutual funds in one of the bank. If you have with mutual funds with brokerage of the bank then if you sell mutual fund in RRSP, it automatically goes to a RRSP cash account if you have cash account. This is what I know from my brokerage so assume it is same with all brokerages.
Deal Fanatic
Jun 24, 2015
8520 posts
2941 upvotes
0 downvotes
yes this is what i wanted but i guess im 2 weeks too late, i should have done this 2 weeks ago, damnit i took a big hit on my rrsp investments now i will just have to wait till they recover
Supermarket worker at Fortino's
I'm Not a Wise Guy but more of a Good Fella~!
Drive an Escalade

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)