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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 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.

RBC

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

CIBC

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

TD

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

Scotiabank

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

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

BMO

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

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

Wealthsimple

  • 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 invest up to $10,000 for free for 1 year!

Questrade

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

Partial transfers cost $25.

Tangerine

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

Related reading

Conclusion

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 Transfer Fees in Canada