Thinking of transferring your RRSP (Registered Retirement Savings Plan) to another bank or financial institution?
Maybe you’re seeking to simplify your finances or take advantage of an offer from a certain financial institution. Perhaps your job or marital status has changed, or you’re the beneficiary of someone else’s RRSP.
No matter the details, starting an RRSP transfer is probably easier than you think — especially at Vancity where, for a limited time, you can get rates up to 4.55%1 on select term deposits, or a transfer-in bonus of up to $7,0002 when you invest at least $1,000 with Sustainable Wealth Management.
Before you get started, let’s walk through what you can expect from the RRSP transfer process and the 4 steps to making it happen.
What to expect from your RRSP transfer.
RRSP transfers are usually a straightforward process. Here’s the best part: the receiving financial institution takes on most of the processing. Typically, all it takes is your signature on a form and your new financial institution will handle the rest — including any contact with your previous institution.
Once the transfer process has kicked off, keep in mind that it may take a few to several weeks to complete. Depending on the financial institution you’re moving from, you may be charged with transfer-out fees. Currently, with our Sustainable Wealth Management Investment Bonus promotion2 ,you may be eligible to be reimbursed a transfer-out fee of up to $150 when you invest with Vancity Sustainable Wealth Management.
Here’s where you need to be careful:
If you take it upon yourself to withdraw from your RRSP, you’ll need to pay taxes on that money. Instead, follow the steps below and let the receiving financial institution transfer your RRSP directly to avoid tax implications.
How to transfer your RRSP.
Starting the RRSP transfer process is as simple as booking and attending an appointment with the financial institution to which you’d like to transfer. But let’s break it down even further so you know what to expect from that appointment and in the weeks to follow.
1. Book an appointment
Kick off your RRSP transfer by booking an appointment with your receiving institution. An advisor will walk you through the process and help guide this and other investment decisions you may want to make. Transferring your RRSP to Vancity? Book a planning session with us to get the ball rolling.
2. Bring an RRSP statement to your appointment
When your appointment date comes around, be sure to bring along a statement from the RRSP you’d like to transfer out. Depending on your preferences and the financial institution your RRSP is coming from, your statement may be mailed to you or available to view and download online.
3. Connect with your advisor
At your appointment, talk to your advisor about transferring your RRSP. Your advisor can help guide you with personalized and holistic financial advice to make a decision that’s right for you.
4. Leave it with us
Your advisor will help you complete all necessary paperwork to begin the transfer process. We’ll take care of the rest, including any communication with the sending institution. Remember that an RRSP transfer can take several weeks to process and there may be transfer-out fees charged.
Once your RRSP has been successfully transferred, you can start investing.
Let’s get started.
No matter the details, starting an RRSP transfer is probably easier than you think — especially at Vancity where, for a limited time, get rates up to 4.55%1 on select term deposits, or a transfer-in bonus of $300 to $7,000, when you transfer in at least $1,000 with Sustainable Wealth Management. Terms and conditions apply2.
Need advice?
You can book a one-to-one planning appointment with one of our wealth management professionals at Vancity, to talk about options relating to your situation. They can also help advise you on the different types of investment products for RRSPs.
Not a Vancity member? Open an account today.
1 Rate is subject to change or may be withdrawn without notice at any time. Terms and Conditions for each term deposit apply:
2Terms and conditions apply. New deposits are funds that originate from sources other than an account or investment with Vancity, including accounts or investments with Vancouver City Savings Credit Union or accounts with Aviso Wealth.
Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.
