This post covers the TFSA and RRSP transfer fees at many Canadian banks, credit unions, online banks and brokerages.
If you’re always looking out for the best rates on registered GICs , you may need to transfer your funds between these banks. You may also want to move your funds to a brokerage that lets you build a well-diversified portfolio quickly and cheaply.
Whatever the reason, you’ll find everything you need to know in this post.
Can I transfer my TFSA and RRSP to another financial institution?
Yes, you can always transfer your TFSA and RRSP accounts to other financial institutions. And the great news is that direct transfers between 2 financial institutions will not affect your contribution room and have no tax impact.
On the other hand, if you withdraw from one account and deposit in a new one, you may exceed your contribution limit and lose your contribution room in the case of an RRSP.
Related: Dealing With RRSP Over-contributions
Will I be reimbursed for the TFSA and RRSP Transfer Fees?
Several financial institutions are happy to reimburse the transfer fees you incur for moving your funds to them. While most of them will cover it up to a limit, a few will cover the full amount if you meet their minimum transfer requirements.
Other banks and credit unions will not cover these fees especially the ones that don’t charge any transfer-out fees.
How do I avoid RRSP and TFSA Transfer Fees?
The easiest way to avoid TFSA and RRSP transfer fees is asking the receiving bank for a rebate. If they won’t reimburse the fees, you’ll just have to accept it for RRSP transfers.
But there could be another option for TFSAs.
You may liquidate your investment yourself and request for a transfer to your chequing account. This should take a few days to complete. Once you receive the funds, simply move it to your new TFSA account.
However, be careful with this to avoid TFSA penalties. This strategy works well towards the end of the year.
Simply withdraw the funds towards the end of December. The withdrawal will be added back to your contribution room on January 1st and you can contribute to your new TFSA account.
Learn more about how TFSA contributions work and down a TFSA contribution tracker here.
RRSP and TFSA Transfer Fees
Here are the transfer out fees at some of the most popular financial institutions, including credit unions, in Canada.
Some banks will reimburse you for the transfer out fees you paid when you transfer your funds to them. But you won’t find the information on many of their websites especially the credit unions.
I reached out to many of them and the information is provided below. I’ll continue to update as I receive more responses.
And if you know of any of the banks that reimburse, including their conditions, please let me know in the comment.
RBC Royal Bank
- TFSA Transfer fees: $50
- RRSP Transfer Fees: $50
The transfer out fees at RBC Direct Investing is $135 but they will reimburse you up to $200 when you transfer in.
This applies to transfers of $15,000 or more and you must apply for the reimbursement within 6 months of the transfer.
TD Bank
- TFSA Transfer fees: $75
- RRSP Transfer Fees: $75
TD Direct Investing charges $150 for transfers out of a registered account, but they also reimburse the charges up to $150 when you transfer in.
Scotiabank
- TFSA Transfer fees: $50
- RRSP Transfer Fees: $50
A transfer fee of $150 per transfer applies to registered accounts held with Scotia iTrade.
BMO
- TFSA Transfer out fees: $50
- RRSP Transfer out Fees: $50
Transferring out of BMO SmartFolio, their robo-advisor offering, costs $135 while the transfer out fees for BMO InvestorLine is $150.
CIBC
- TFSA Transfer out fees: $100
- RRSP Transfer out Fees: $100
Questrade
- TFSA Transfer out fees: $150
- RRSP Transfer out Fees: $150
Questrade will cover your transfer fees from other financial institutions up to $150 per account. The rebate applies irrespective of the value of the account you transfer.
But you must apply for the reimbursement within 60 days of incurring the fees.
Wealthsimple
There are no transfer out fees at Wealthsimple.
- TFSA Transfer out fees: $0
- RRSP Transfer out Fees: $0
Many financial institutions that don’t charge a transfer out fees will also not reimburse you when you transfer your funds to them. But Wealthsimple is an exception.
Wealthsimple will reimburse you for transfers of your investments that are greater than $5,000. Reimbursements are usually processed in 1-2 business days.
Wealthsimple Trade also doesn’t charge for RRSP and TFSA transfer-out fees. And they’ll reimburse for transfers above $5,000.
EQ Bank
Like many other services at EQ Bank, the bank will not charge you for transferring your TFSA and RRSP out.
EQ Bank currently has a competitive savings rate 2.30% on its TFSA and RRSP high interest savings account.
So if you’re thinking of moving your funds to the bank, know that any transfer-out fees you incur will not be reimbursed.
Tangerine
- TFSA Transfer fees: $50
- RRSP Transfer Fees: $50
Motive Financial
- TFSA Transfer fees: $50
- RRSP Transfer Fees: $50
These fees apply to both partial and full transfer to other financial institutions. But Motive Financial will reimburse your transfer-in fees up to $50 on the first account.
That is, if you transfer both a TFSA and RRSP account, they will only cover for one of the accounts not both.
Oaken
- TFSA Transfer fees: $0
- RRSP Transfer Fees: $0
Oaken will also not cover your transfer fees when you transfer your RRSP and TFSA from other banks.
Canadian Tire Bank
Canadian Tire has one of the highest rates on a TFSA savings at 1.80%.
- TFSA Transfer fees: $0
There’s no RRSP savings accounts
Motusbank
- TFSA Transfer fees: $50
- RRSP Transfer Fees: $50
Peoples Trust
- TFSA Transfer fees: $0
- RRSP Transfer Fees: $0
Peoples Trust currently does not charge fees for transfers and won’t reimburse fees from other financial institutions.
Achieva Financial
- TFSA Transfer out fees: $0
- RRSP Transfer out Fees: $0
Steinbach Credit Union
- TFSA Transfer fees: $50
- RRSP Transfer Fees: $50
The same fees apply for RESP transfers.
AcceleRate Financial
- TFSA Transfer fees: $50
- RRSP Transfer Fees: $50
The $50 transfer out fees applies to all registered products. If you are transferring a registered product to Accelerate Financial, they can reimburse part or all the fees, but the funds must be invested for a minimum of 1 year.
| Transfer Amount | Reimbursement Amount Cap |
|---|---|
| $10,000 – $24,999 | $25 |
| $25,000 – $49,999 | $50 |
| $50,000 – $99,999 | $75 |
| $100,000 and above | $100 |
Hubert Financial
- TFSA Transfer fees: $0
- RRSP Transfer Fees: $0
According to Hubert Financial, “we do not reimburse transfer fees as we do not charge any transfer fees.”
Outlook Financial
- TFSA Transfer fees: $50
- RRSP Transfer Fees: $50
- RRIF Transfer Fees: $50
Outlook Financial does not cover transfer fees from other banks.
Parama Credit Union
- TFSA Transfer fees: $100
- RRSP Transfer Fees: $100
- RESP Transfer Fees: $100
Parama Credit Union will reimburse TFSA and RRSP transfer fees up to $50.
Implicity Financial
- TFSA Transfer out fees: $75
- RRSP Transfer out Fees: $75
Entegra Credit Union
- TFSA Transfer fees: $50
- RRSP Transfer Fees: $50
Equity Credit Union
Equity Credit Union currently has one of the highest GIC rates for both non-registered and registered GICs in Canada.
- TFSA Transfer fees: $75
- RRSP Transfer Fees: $75
Also, Equity Credit Union will reimburse up to $75 in transfer fees.
Comtech Fire Credit Union
- TFSA Transfer fees: $135
- RRSP Transfer Fees: $135
The $135 fee applies to all its registered account offerings including RRIF. However, the credit union will also reimburse you up to $135 when you transfer in.
- $50 for $5,000 in transfer
- $100 for $20,000 in transfer
- $135 for transfers of $50,000 and above
How long does RRSP and TFSA Transfers take?
There are several factors that can influence how long your transfers will take but expect it to be between 2-8 weeks. Your financial institution will provide an expected timeline – but this is just a guide.
The actual timeline can vary depending on:
- Investment type: all things being equal, a TFSA or RRSP invested in mutual funds or a managed account should take longer than one in a savings account
- Electronic processing will speed up the process if either financial institutions or both use it.
Many other factors can also influence the time. Expect longer transfer time if the receiving bank is offering a promo rate for example.
With many people trying to move their accounts at the same time, their response time may suffer.
Here are some tips to ensure your RRSP and TFSA transfers will not be delayed:
- Make sure your information (names, SIN etc.) match at both financial institutions
- Provide all the required information on the forms
- Ensure your account is funded to cover the transfer fees at the institution with your account
Can I have more than One TFSA or RRSP accounts?
Yes, you’re allowed to have multiple TFSA or RRSP accounts. In fact, 3 out of every 10 TFSA accountholders have more than one account.
So if you’re thinking of maintaining 2 accounts or just want to avoid the transfer fess, it is perfectly okay to do so.
Check here for more interesting TFSA data on its adoption and usage.
Related Posts:
Your tangerine amounts are incorrect. They are $50 in line with other banks.
Updated. Thanks
How do you know TD splits the $150 between a RRSP & TFSA and is not per account? Their brochure is not very clear: