RRSP and TFSA Transfer Fees in Canada 2022

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by Enoch Omololu


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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 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 Out 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 and TFSA Transfer Fees

If you transfer your RRSP or TFSA account from RBC to another financial institution that is not an RBC subsidiary, you pay a $50 transfer out fee.

For RBC Direct Investing transfers, the following fees apply:

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

Note that RBC waives transfer fees up to $200 when you transfer $15,000 or more in assets to your RBC Direct Investing account.

To qualify for the fee waiver, you must provide proof of the transfer fee payment to RBC within 6 months of making the transfer.

CIBC RRSP and TFSA Transfer Fees

Transferring your RRSP, TFSA, RRIF, or LIF from CIBC to another financial institution will cost you:

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

If you are moving your registered account from CIBC Investor’s Edge to another bank, the transfer out fee for a full account is $135.

TD RRSP and TFSA Transfer Fees

Transferring your RRSP and TFSA account at TD to another financial institution costs:

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

For registered account transfers from TD Direct Investing to another brokerage firm or bank, the transfer-out fee is $150 (both full and partial transfers).

If you transfer-in assets from another bank to TD (cash or in-kind), TD will reimburse the transfer fees you pay up to $150.

Scotiabank RRSP and TFSA Transfer Fees

The cost to transfer your TFSA or RRSP account from Scotiabank to another financial institution is:

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

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

BMO RRSP and TFSA Transfer Fees

When transferring your TFSA or RRSP account from BMO SmartFolio to another financial institution, you pay:

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

For BMO InvestorLine accounts, a $150 transfer out fee applies to both TFSA and RRSPs.

When you move assets from another bank to BMO InvestorLine and it exceeds $15,000, they waive the transfer fees up to $200.

Wealthsimple RRSP and TFSA Transfer Fees

  • 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.

Questrade RRSP and TFSA Transfer Fees

The fees to transfer your RRSP or TFSA account from Questrade or Questwealth to another bank are:

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

Partial transfers to another financial institution cost $25. Questrade covers your transfer-in fees up to $150.

Tangerine RRSP and TFSA Transfer Fees

The fees to transfer your registered investment accounts (GICs or savings) from Tangerine Bank to another bank are:

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

When you transfer a Tangerine Investment Fund account to another financial institution, the transfer fee is $125.

Simplii RRSP and TFSA Transfer Fees

Simplii Financial transfer out fees for TFSA and RRSP accounts are:

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

Transfer Fees FAQs

Can I transfer an RRSP to a TFSA without penalty?

You can’t transfer an RRSP to your TFSA without first selling the assets in your RRSP account and paying withholding taxes.

How much does it cost to transfer a TFSA?

You can generally expect to pay anywhere from $50 to $150 when transferring your TFSA between banks. Transfers from a Wealthsimple TFSA are free of charge.

Can you transfer your RRSP to another RRSP?

Yes, you can transfer your RRSP account from one bank to another RRSP at a different bank without penalty.

How do I avoid taxes on RRSP withdrawals?

There are three ways to avoid paying taxes when you withdraw funds from your RRSP, including taking out funds under the Home Buyers’ Plan and Lifelong Learning Plans, as well as withdrawing RRSP funds in years when your total income is below the basic personal amount.


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!

Related reading

How much did you pay to transfer your RRSP or TFSA account? Let us know in the comments.

RRSP and TFSA Transfer Fees in Canada 2022

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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. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, 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.

2 thoughts on “RRSP and TFSA Transfer Fees in Canada 2022”

    • @Gabriel: Yes, Questrade covers up to $150 in transfer fees when you move your investment account from another financial institution to Questrade.

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