Investing

Received my package od compny retirement accouny after job lost, what to do?

  • Last Updated:
  • Dec 6th, 2020 4:53 pm
[OP]
Newbie
Oct 3, 2019
27 posts
29 upvotes
Montreal, Quebec

Received my package od compny retirement accouny after job lost, what to do?

After covid job lost, I received a letter from Company to do something with my retirement pachage which is under 70,000.$ after 14 years working.
Letter said go to your Bank to invest there or invest somewhere else. I need your advise for that. Have an appt with my bank where I do all my stuff, REER and Celi monday. Thk you for your advice. Also received company action which will be part of my income tax. Nobody in my family or friends knows about this two subjects.
3 replies
Deal Addict
User avatar
May 11, 2014
4599 posts
5433 upvotes
Iqaluit, NU
Salut Carole,

Which bank do you have your RRSP/REER and TFSA/CELI? (Quelle banque utilisez-vous?)

Did the company give the option to keep your money with the plan as well?
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Sr. Member
Dec 22, 2007
734 posts
373 upvotes
Mississauga
you have a few options.

you can have your bank/any other company sell you their products. I did say sell as that is what it is they are in it for themselves.

you can do it yourself as well by transferring the funds somewhere where you can invest your self. eg. stocks, GICs etc

lately there are companies that are kind of in between the two where they will still do the investing part for you but at cheaper prices. Wealthsimple is one, questrade has something.

look into them and see which one you are most comfortable with and go with that.

I had to do that when I left my previous employer a few years back.
Deal Fanatic
User avatar
Jun 11, 2001
9368 posts
1535 upvotes
Yeah they will usually give you 6mths or something with their discounted rates, then after it will go public rates. Just move the funds over to your investment brokerage, usually have to do some forms. When I was let go I had to do the same thing. I ended up transferring from Sunlife over to BMO investorline, lump sum.
xgbsSS wrote: Salut Carole,

Which bank do you have your RRSP/REER and TFSA/CELI? (Quelle banque utilisez-vous?)

Did the company give the option to keep your money with the plan as well?
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