Comments on: How to Transfer Your RRSP to Another Financial Institution https://www.moneywehave.com/how-to-transfer-your-rrsp-to-another-financial-institution/ Personal Finance and Budget Travel for Canadians Thu, 13 Mar 2025 11:09:58 +0000 hourly 1 https://wordpress.org/?v=7.0 By: Barry Choi https://www.moneywehave.com/how-to-transfer-your-rrsp-to-another-financial-institution/#comment-245146 Thu, 13 Mar 2025 11:09:58 +0000 https://www.moneywehave.com/?p=9126#comment-245146 In reply to Jim T.

If your receiving bank didn’t ask for it, you don’t typically need it.

]]> By: Jim T https://www.moneywehave.com/how-to-transfer-your-rrsp-to-another-financial-institution/#comment-245140 Thu, 13 Mar 2025 05:35:50 +0000 https://www.moneywehave.com/?p=9126#comment-245140 Hi, I am moving an RRSP account from one financial institution to another. The receiving institution intiated the direct transfer request……Do I need to include a T2033 form as well? Thanks

]]> By: Mike T. https://www.moneywehave.com/how-to-transfer-your-rrsp-to-another-financial-institution/#comment-218005 Sun, 19 Mar 2023 04:45:03 +0000 https://www.moneywehave.com/?p=9126#comment-218005 In reply to Barry Choi.

Thank you for the feedback, very much appreciated.

]]> By: Barry Choi https://www.moneywehave.com/how-to-transfer-your-rrsp-to-another-financial-institution/#comment-218003 Sun, 19 Mar 2023 01:02:26 +0000 https://www.moneywehave.com/?p=9126#comment-218003 In reply to Mike T..

Mike,

Yes, transfer in kind would still apply. You would just tell your new financial institution to transfer $X from your other RRSP.

]]> By: Mike T. https://www.moneywehave.com/how-to-transfer-your-rrsp-to-another-financial-institution/#comment-218001 Sat, 18 Mar 2023 21:33:54 +0000 https://www.moneywehave.com/?p=9126#comment-218001 Hi Barry,
I browsed through all the Q&A from various people and found your answers offer wealth of information. However, I did not see a question about transferring RRSP partially to another financial institution.
Situation is: I have TD Waterhouse RRSP account, holding Equity, GIC, Cash or Cash equivalent. I like to transfer x % of cash to another RRSP account of another institution, say RBC.
Is above transfer possible without triggering a taxable RRSP withdrawal?
Thank you in advance, Mike

]]> By: Barry Choi https://www.moneywehave.com/how-to-transfer-your-rrsp-to-another-financial-institution/#comment-217501 Sat, 31 Dec 2022 20:24:09 +0000 https://www.moneywehave.com/?p=9126#comment-217501 In reply to Mark M.

Mark,

Yes, that’s the case. But if you’re going to do that, it may be worth switching to a all-in-one ETF.

]]> By: Mark M https://www.moneywehave.com/how-to-transfer-your-rrsp-to-another-financial-institution/#comment-217500 Sat, 31 Dec 2022 20:10:26 +0000 https://www.moneywehave.com/?p=9126#comment-217500 Hi Barry,
A couple of posters have asked a similar question but I’m still not sure on the answer, If I hold Series A&B (high MER) mutual funds with my current full service broker and want to switch to the same mutual fund with Questrade but a lower MER series F I’m assuming I would have to sell the series A and purchase the Series F even though its the same mutual fund

]]> By: Barry Choi https://www.moneywehave.com/how-to-transfer-your-rrsp-to-another-financial-institution/#comment-216714 Fri, 26 Aug 2022 10:35:52 +0000 https://www.moneywehave.com/?p=9126#comment-216714 In reply to Victor.

Hey Victor,

First off, you should ALWAYS max out any match you’re getting from your employer. That’s free money.

Any money transferred in wouldn’t get a match, but you’d be able to consolidate. If your new plan has funds that you would have invested in yourself anyways, you might as well transfer your old RRSP over. By doing this, you can take advantage of compound interest/dividends.

However, let’s just say your employer only gives you access to funds with high fees. Depending on your investment strategy, it may be better to keep your existing Sunlife funds separate.

ALWAYS take the employer match.

]]> By: Victor https://www.moneywehave.com/how-to-transfer-your-rrsp-to-another-financial-institution/#comment-216713 Fri, 26 Aug 2022 05:25:44 +0000 https://www.moneywehave.com/?p=9126#comment-216713 Hi Barry,

Very interesting and informative article on the process of moving RRSPs. I have held an RRSP with Sunlife for about 3 years now and I am handling it myself separately. My new employer offers an RRSP matching program. I was wondering if I should transfer my current RRSP which has no such employer matching right now to this new one just because of having that contribution matching. What do you think in your opinion? Will it be advantageous to me long term or still keep investing privately without the employer matching?

]]> By: carmen https://www.moneywehave.com/how-to-transfer-your-rrsp-to-another-financial-institution/#comment-214909 Mon, 11 Oct 2021 12:59:25 +0000 https://www.moneywehave.com/?p=9126#comment-214909 In reply to Barry Choi.

Hi Barry,

We used our RRSP to fund the mortgage, TD was offering this feature, not anymore. So we are actually paying us back into the SDRSP account. Part of the SDRSP funds are the mortgage investment, monthly gained interest, payment to the mortgage are made from a checking account
The other part is cash and a TD COMM portofolio low risk .So all SDRSP parts are investments
I would prefer not to go to the hassle and transfer into another bank RRSP considering i cannot fly to Canada for that.
Being a nonresident one cannot deposit into SDRSP which I have not done, so depositing does not bother me. I just do not know how long the freezing can be on and what do I need to do to unfreeze it when I relocate to Canada.
As of closing the account, hmm…can they do that…those are my RRSP I contributed to for over 20 yrs
If they close the account I suppose I will be told…if they go that way, that means as they say, liquidations and payment as per instructions, but that means I will pay tax on the whole amount…that will be a big loss
I do have a good friend that I can ask, having a POA done now in less than 2 weeks to the due date will be a challenge. Embassies are still not seeing face to face citizens.
How realistic is it to transfer to another bank or brokerage RRSP, exactly how it is
thx
Carmen

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