RRSP and TFSA Bank Transfer Fees in Canada

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by Enoch Omololu


Advertiser Disclosure

Canadians can transfer their RRSP or TFSA accounts from one financial institution to another without penalty or tax consequences.

Of course…so long as you do it the right way.

Your reason for moving your registered assets could be to DIY your investment portfolio and save on fees or simply to consolidate all your accounts in one place.

You could also be interested in one of Canada’s online portfolio managers and the cheap hands-off approach they offer.

This post details the transfer out fees you can expect to pay when you transfer RRSP, TFSA or even RRIF and locked-in registered accounts to a different bank or financial institution.

For more details about the types of transfers you can do (i.e. in-cash or in-kind) and the associated forms (i.e. T2033 and T2151), read this post.

RRSP and TFSA Transfer Fees

These banks below will charge you transfer fees when you move your RRSP or TFSA account to another financial institution.

Some receiving institutions cover transfer fees if your account value meets a minimum threshold. A transfer may take between 10-25 business days.


  • RRSP transfer out fees: $135
  • TFSA transfer out fees: $135


  • RRSP transfer fees: $100
  • TFSA transfer fees: $100


  • RRSP transfer fees: $75
  • TFSA transfer fees: $75


  • RRSP transfer fees: $50
  • TFSA transfer fees: $50

For ScotiaiTrade accounts, a $150 per transfer fee applies.


  • RRSP transfer fees: $50
  • TFSA transfer fees: $50

For BMO InvestorLine accounts, a $150 transfer out fee applies.


  • RRSP transfer fees: $0
  • TFSA transfer fees: $0

Wealthsimple does not charge a transfer fee for moving your accounts out or for making a withdrawal. When you transfer to Wealthsimple, they reimburse the transfer fees on accounts with $5,000 or more in assets.

See how you can get a $75 cash bonus when you open an account.


  • RRSP transfer fees: $150
  • TFSA transfer fees: $150

Partial transfers cost $25.


  • RRSP transfer fees: $125
  • TFSA transfer fees: $125

Related reading


There you have it. The majority of banks will charge you a fee to move your account to a different bank. The only exception on this list is Wealthsimple.

If you are considering changing financial institutions, think it through before proceeding. Check with the receiving institution if they are willing to cover any transfer fees incurred.

If the assets you are transferring are significant, even some of the big banks may cover your transfer fees. It never hurts to ask!

RRSP and TFSA Bank Transfer Fees in Canada
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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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