Personal Finance

Scotia Itrade RRSP to RIF

  • Last Updated:
  • May 1st, 2020 1:33 pm
[OP]
Sr. Member
Aug 25, 2005
600 posts
33 upvotes
Mississauga

Scotia Itrade RRSP to RIF

I turned 70 in late 2019 and need to convert my RRSP at iTrade to RIF. I called Scotia itrade but was on hold for a long time and gave up. I sent them a secure email a week ago and no answer.

My research shows that I have to open a new RIF account at any financial institution and then transfer my RRSP assets from iTrade to the new RIF.

Can someone confirm if this process is correct?
Thank you in advance to all who help
3 replies
Member
Dec 22, 2018
201 posts
77 upvotes
Markham
yes. Pre corona virus days you have to 1. open a RRIF account 2. to sign a form for the transfer.Dont know about now
[OP]
Sr. Member
Aug 25, 2005
600 posts
33 upvotes
Mississauga
TomF62003 wrote: yes. Pre corona virus days you have to 1. open a RRIF account 2. to sign a form for the transfer.Dont know about now
Thank you - I will open an account online with iTrade to make the transfer easier.
[OP]
Sr. Member
Aug 25, 2005
600 posts
33 upvotes
Mississauga
I started an application online and one of the questions was minimum inital deposit - e.g. $100. Where does this come from? Is this from my RRSP? as cash deposit into RIF are not allowed?

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