Comments on: Reader question on transferring a RRSP account

By: Canadian Capitalist

Canadian Capitalist — Thu, 04 Aug 2011 02:25:32 +0000

@Ro: I’ve done multiple transfers between different institutions at various times in the past. In my experience, transfers take about 10 business days. Although when you send in the transfer application, the institution will advise you that it could take up to six weeks (I think).

By: Ro

Ro — Wed, 03 Aug 2011 23:33:34 +0000

Any idea what the timeline should be on transferring and RSP from one institution to another? Weeks or months?
Thx

By: Shawka

Shawka — Thu, 05 May 2011 20:44:31 +0000

I would like to transfer from child inc to RBC. Initially CHILD Inc. informed me that they would charge CAD 50 for each kid. (I have three kids). Now they charged CAD 719 in total for all kids wich is one third of the total amount I deposited. Could you please guide me what to do. I do need to transfer from this CHILD Inc. as they are not trust worthy. Please help me out.

Thanks…..

By: Darryl

Darryl — Thu, 21 Apr 2011 19:56:39 +0000

How would you handle moving a bank RRSP account (their own mutual funds + cash) to another bank’s self directed RRSP account? I presume all the mutual funds would have to be liquidated.

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Tue, 14 Dec 2010 00:32:07 +0000

[...] This post was mentioned on Twitter by John Willis, Tanya Cederholm. Tanya Cederholm said: Transferring a TFSA or self direct your RRSP! Reader+question+on+transferring+a+RRSP+account http://t.co/rxH8oQ3 via @AddThis [...]

By: Canadian Capitalist

Canadian Capitalist — Sun, 08 Aug 2010 14:54:24 +0000

@Jenn:

1. When you do a “transfer”, you are simply moving your account from one institution to another. Hence, it is not a taxable event. If you “withdraw” from a RRSP, your withdrawals will be added to your income in the current year. There are losses/ / gains within a RRSP.

2. Yes. If you sell investments in a taxable account, any disposition creates a taxable event. Look up the basics of how capital gains are taxed on the CRA website.

By: Jenn

Jenn — Sun, 08 Aug 2010 03:10:32 +0000

Am I correct in assuming the following?

1. If I transferred RRSPs in cash from TD to Mackenzie, any losses/gains can’t be claimed since it’s still a registered plan?
2. If I cashed out any non-Registered to invest, any losses/gains would be considered taxable? And if so, how is that calculated? Is it the book value compared to the market value at the time it was sold?

Lastly, if #2 is a capital loss but I was late in including it to offset a capital gain from last year, am I still able to claim it or do I wait for another gain to apply this to?

Thanks in advance!!!

By: Canadian Capitalist

Canadian Capitalist — Wed, 15 Apr 2009 14:28:35 +0000

JC NewGrad: Yes. If I recall correctly, there is no fees involved in transferring a TD mutual fund account into a TD Waterhouse account. TDW allows you to hold e-Series funds, while allowing you to invest in even lower cost ETFs. Great plan and wish I had started out like this instead of tech funds and tech stocks

By: JC NewGrad

JC NewGrad — Wed, 15 Apr 2009 13:21:38 +0000

Hi CC,
Your blog is great. I’m new to investing and it’s been really helpful (especially for folks like me with modest incomes who can’t afford to do large portfolios).
Recently I began investing in some e-series funds within a TFSA (my asset allocation is similar to your mini sleepy portfolio) and it’s going well.
I’m now contemplating doing a similar set-up within an RSP (e-series, through a pre-authorized payment program).
Just wondering if you might know: when my portfolio gets a bit larger, I might think about doing some ETFs and generally expanding my options — will my e-series funds through TD Canada Trust transfer easily to a TD Waterhouse self-directed RSP?

By: Canadian Capitalist

Canadian Capitalist — Tue, 10 Feb 2009 22:38:59 +0000

AFAIK, ING does not charge a transfer fee. However, you may not be able to tranfer GICs out of ING (not sure about this; call and ask ING) but you should be able to transfer a cash RRSP out of ING to TD Mutual Funds. Then you have to apply for web-only account to buy e-series funds. Good luck!