Investing

Transfer rrsp from one institution to another

  • Last Updated:
  • Feb 10th, 2018 10:08 pm
[OP]
Deal Addict
Dec 25, 2012
1060 posts
402 upvotes
Toronto

Transfer rrsp from one institution to another

Hi all

Has anyone done this? Looking to move from pcf to td but there seems to be fees involved.

If anyone has done this, did Td or the new institution cover the "break fee"?
JS
9 replies
Deal Addict
Jul 27, 2015
3087 posts
2498 upvotes
Main & Hastings
I just did this. I went from Sunlife to CIBC.
Sunlife charged me $75. I forgot to ask the cibc agent to tell cibc to pay the fee for me. Some place will cover the fee. Some won't.
Sr. Member
Dec 5, 2005
927 posts
572 upvotes
Cambridge,Ontario
Most institutions will cover the fee if the $ amount is enough.
Sr. Member
Oct 14, 2012
683 posts
411 upvotes
Woodstock
I've had CIBC IE pay the fee when I transferred in money. i needed to get them to agree to this BEFORE beginning the transfer. It had to be enough $$ coming in for them to be interested. I had to prove the fee by faxing in the closing statement from the other RRSP location, then they deposited the same amount back into my new RRSP.

The transfer out fee may be worth paying if you think you'll be saving on annual fees (even hidden fees like high MERs on mutual funds) etc. It can take 2-6 weeks to get the money moved, by the way, so don't expect it to go quickly.

If you're invested in GICs, you likely won't be able to transfer until they mature into cash. Check with the receiving institution if you are in GICs, though, in case they can manage it.
Deal Addict
User avatar
Dec 14, 2006
3027 posts
212 upvotes
Montreal
Did it from Desjardins to Questrade.

Did cost I think 75$ but it was LONG.
Desjardins was sleeping on the job and it took 8-10 weeks from what I recall.
I was there at the 32$ price error at dell.ca day AND at the 150$ off price error at fs.ca
RFD price error moto: "Buy now, think later." -Ahzuz
[OP]
Deal Addict
Dec 25, 2012
1060 posts
402 upvotes
Toronto
BetCrooks wrote: I've had CIBC IE pay the fee when I transferred in money. i needed to get them to agree to this BEFORE beginning the transfer. It had to be enough $$ coming in for them to be interested. I had to prove the fee by faxing in the closing statement from the other RRSP location, then they deposited the same amount back into my new RRSP.

The transfer out fee may be worth paying if you think you'll be saving on annual fees (even hidden fees like high MERs on mutual funds) etc. It can take 2-6 weeks to get the money moved, by the way, so don't expect it to go quickly.

If you're invested in GICs, you likely won't be able to transfer until they mature into cash. Check with the receiving institution if you are in GICs, though, in case they can manage it.
Yea this is the thing. Some of them are in GIC's that don't mature for a few more years. I find it kind of annoying that the money is "stuck"there until maturity date.
JS
Deal Fanatic
May 22, 2003
6167 posts
3113 upvotes
Vancouver
I switched from Sunlife to RBC when i left my previous company, RBC covered all the costs.
Member
Jan 4, 2017
366 posts
271 upvotes
Just initiated an in-kind transfer (of bit less than $30k) from Tangerine to TD, there hasn't been any mention of fees verbal or written in the forms as far as I could tell.
Deal Addict
Mar 10, 2011
2304 posts
415 upvotes
Toronto
There will be a fee from the transfer out institution. Find out what it is by calling or find it on its web site. Call your new institution and ask them to cover the transfer out fee. Most of them will cover the cost of new money coming in to a new account. Take the agents name and note the confirmation number of the call. When the money is transferred in, call the new institution back quoting the details of your previous call and they will deposit the amount agreed upon to your account from the earlier conversation. Have done this a few times before.

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