Transferring your RRSP: it’s easier than you think.

                       

Last updated on November 5, 2024.

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.

Before you get started, let’s walk through what you can expect from the RRSP transfer process and the four 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.

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.    

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

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. The information contained in this article is from sources believed to be reliable; however, we cannot guarantee that it is the information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This information is for informational and educational purposes and is not intended to provide specific advice including, without limitation, investment, financial, tax or similar matters.  Using borrowed money to finance the purchase of securities involves greater risk than purchasing using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines. Please see our Terms of Use. or complete.  This material is not intended to be investment, tax or other advice and should not be relied on without seeking the guidance of a professional to ensure your circumstances are properly considered.

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