• Last Updated:
  • Apr 19th, 2021 8:26 pm
[OP]
Newbie
Jan 5, 2021
10 posts
4 upvotes

Transfer IRA from US

Has anyone had success transferring their IRA from the US to a Canadian RRSP? I have an IRA with Fidelity and bank with TD, but there doesn't seem to be a very elegant way to conduct the transfer. Both members on Fidelity and TD are pretty uneducated about this process and keep directing me to the other party. I've visited my TD branch and called into both Fidelity / TD multiple times already.

TD tried pulling the money from Fidelity, but Fidelity is unable to transfer the funds directly unless it's to another IRA account. TD Canada does not support IRA accounts.

The alternative is to send a wire, but Fidelity's form is tailored for US institutions requires a Routing / ABA Number. TD claims that an RSP account does not have this number or there is no number associated with the account.

Has anyone does this transfer before and what information / steps did you take? I am aware that transferring early might trigger a 10% reduction, but I am hoping to withdraw from the RRSP using the Home Buyer Program, so I think it is still worth it.
2 replies
Deal Fanatic
Feb 4, 2015
8164 posts
4348 upvotes
Canada, Eh!!
Unless you cash out IRA... I don't believe there is mechanism to transfer registered account from USA to registered account in Canada.

I don't know this for sure but have never heard of it being possible.

Can you not cash out IRA to Fidelity bank acct [https://www.fidelity.com/cash-managemen ... t/overview] and from there wire to TD USD account?

Or open TD USA based USD acct and transfer to there and then to Canada TD USD account.
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Deal Addict
Nov 24, 2013
2128 posts
1462 upvotes
Toronto
You can't do this without cashing out and being hit with taxes and penalties. The best option would be to transfer from the Fidelity IRA to a TD one, but I don't think TD offers that option and even if it did, it would still be under US jurisdiction.

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