No way to swap different currency in/out of RRSP, correct?

Sep 15th, 2021 11:43 pm

#1

cheapshopper [OP]: Deal Fanatic; Jan 31, 2007; 5883 posts; 6199 upvotes; Center of Canada

Sep 15th, 2021 11:43 pm

No way to swap different currency in/out of RRSP, correct?

Here is my issue:
- I have RRSP account that only hold CAD ETF and TD e-Series fund right now.
- I have some USD in non-register account (Cash).

What I actually want is put my USD into RRSP account to buy USD ETF inside my RRSP account, and hold CAD ETF in my non-register account.

There is no way to swap asset between RRSP and Non-Register account. Correct?

I play with the FX tool, it look like if I sell my CAD ETF in RRSP account, convert to USD and buy USD ETF. Than I use my USD Cash convert to CAD to buy CAD ETF in my non-register account. It will cost me approx. 2.6% in currency exchange.

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Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
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Sep 16th, 2021 12:45 am

#2

neatooo: Sr. Member; Oct 20, 2014; 914 posts; 436 upvotes; Trenton, on

Sep 16th, 2021 12:45 am

Ask broker to open a USD RRSP for you. If you are with TD, you buy TDB166 from within CAD RRSP or other CAD holding accounts and transfer to USD RRSP.

Sep 16th, 2021 7:31 am

#3

HammerRFDer: Deal Addict; Jul 13, 2007; 1210 posts; 728 upvotes; Toronto

Sep 16th, 2021 7:31 am

It might make sense to buy something with your USD cash in your cash account, and then in-kind transfer or securities transfer that into your RSP, which is free to do.

Then the trading commission won’t come out of your rsp.

At least that’s how it works at TD.

That’s if you’re contributing.

I don’t think you can swap assets anymore, but I think you could back in like 2009, as long as the value wasn’t changing, they didn’t treat it as a withdraw/contribution.

If you can’t do that, and you need to exchange funds, look into Norberts gambit to swap currencies for almost free.

+1

Sep 16th, 2021 7:35 am

#4

will888: Deal Expert; Dec 12, 2009; 28481 posts; 19102 upvotes

Sep 16th, 2021 7:35 am

I don't believe you can do asset swaps in the RRSP account. Anything going in would be a contribution and anything going out would be a withdrawal.

Last edited by will888 on Sep 16th, 2021 11:32 am, edited 1 time in total.

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+1

Sep 16th, 2021 11:04 am

#5

cheapshopper [OP]: Deal Fanatic; Jan 31, 2007; 5883 posts; 6199 upvotes; Center of Canada

Sep 16th, 2021 11:04 am

Ok, Thanks. So can't be done is the short answer.

******************************************************
Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
******************************************************