Personal Finance

RRSP Transfer Question

  • Last Updated:
  • Jul 10th, 2020 5:47 pm
[OP]
Newbie
Jan 18, 2013
24 posts
12 upvotes

RRSP Transfer Question

I am looking to transfer my RRSP investments and cash from TD to Questrade. I was told it would take around 2-3 weeks for the transfer to take place.

I wanna know if this transfer is "instantaneous"? Since the stocks in my RRSP is fluctuating every second during trading hours, will I miss out on any of the gains/losses? Will my account be frozen for period of time for the transfer?
2 replies
Member
May 4, 2010
260 posts
253 upvotes
Ottawa
Xeqtr86 wrote: Since the stocks in my RRSP is fluctuating every second during trading hours, will I miss out on any of the gains/losses?
A transfer "moves" shares from one account to another. There is no selling and repurchasing.
Will my account be frozen for period of time for the transfer?
TD declined my transfer request because I had GTC sell orders on some of my positions that I forgot to cancel. So while there is no hard freeze on your account, trying to trade will only delay your transfer.
Deal Addict
User avatar
Sep 14, 2012
2372 posts
1766 upvotes
Montreal, QC
Xeqtr86 wrote: I am looking to transfer my RRSP investments and cash from TD to Questrade. I was told it would take around 2-3 weeks for the transfer to take place.

I wanna know if this transfer is "instantaneous"? Since the stocks in my RRSP is fluctuating every second during trading hours, will I miss out on any of the gains/losses? Will my account be frozen for period of time for the transfer?
I did a somewhat similar thing (except I transferred to TD Canada Trust) and there are 2 types of transfers

If you transfer in kind, you don't lose any value. It might not be instantaneous but for the duration of the transfer which can take a few weeks, whatever you had in 1 account in terms of stocks or units remains the same when it is transferred. You only have access to your new account at the other institution to make a trade/sell existing stocks/units once the transfer is complete so if the stock/unit is going down in value and you want to sell, you can't sell until the transfer is complete.

If you transfer in cash, your investment is sold within the type of account (registered investment in my case) and then transferred to the other institution. I picked this option when I did my transfer.

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