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Home Uncategorised

Reader question on transferring a RRSP account

by Ram Balakrishnan
August 12, 2008
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Today’s question is from Christine:

How can I move a self-directed RRSP account from my broker to a self-directed RRSP account with TD Waterhouse?

It’s quite simple to transfer a RRSP account between different institutions — look for a transfer authorization form from the institution you want the account transferred to (the TD Waterhouse form for transferring a registered account can be found here). The form is fairly self-explanatory but the key decision you have to make is whether to transfer each security in-cash or in-kind. When an in-cash transfer is made, your investment will be sold and the proceeds transferred to the receiving institution in the form of cash. In-kind means the account is transferred as is, without any changes to the extent possible (it may not be possible to transfer some securities such as TD e-Series funds to another institution). Note that if you request an in-cash transfer of taxable accounts, you may be on hook for capital gains taxes.

As you could probably guess, a transfer out fee is charged by the institution you are transferring out of. TD Waterhouse, for instance, the transfer out fee is $125 plus applicable taxes. If your account is large enough, the receiving institution could agree to refund the fee. So, be sure to call and ask for a refund before you initiate a transfer. If an agent agrees to a refund, write down the name of the agent and don’t forget to follow up and call in the refund request once the transfer is complete.

Also, dividend payments received in the old account after a successful transfer will be moved later automatically.

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