RSP's & Wealth simple

Jampy00

Jampy00

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I have a few smaller RSP'S scattered in different banks that I do not use. Most are from previous employers.
I'd like to transfer them to my wealth simple RSP account. Reading online it appears pretty straight forward. I was wondering if anyone has had experience doing this and if it as easy as it appears. Thanks.
 
I haven't used ws. Most places make transfers in easy. It's just paperwork and time. Obviously, not all securities may transfer as ws may not offer them, but those just show up as cash. If you are above a threshold, most places reimburse you the fees the other guys charged you to transfer out.

Ws/qt/ibkr are close to even in my opinion for discount brokerages.
 
Going through this now, and went through it before but to Questrade from previous employers.

I've got 2/5 already transferred and the BIGGEST issue is the financial group currently holding your money as they may it stupidly annoying with all the paperwork (which I understand).

You need to get a form signed by your new institution, the account that it's going to, and the account it's coming from. Then submit a CRA form that confirms the same as above.

Annoying, but doable. I've got 110k laying in a single account that I want transferred. The other ones I'm still searching as it's been 20 years since I worked there...that's the annoying part.
 
mimico_polak said:
Going through this now, and went through it before but to Questrade from previous employers.

I've got 2/5 already transferred and the BIGGEST issue is the financial group currently holding your money as they may it stupidly annoying with all the paperwork (which I understand).

You need to get a form signed by your new institution, the account that it's going to, and the account it's coming from. Then submit a CRA form that confirms the same as above.

Annoying, but doable. I've got 110k laying in a single account that I want transferred. The other ones I'm still searching as it's been 20 years since I worked there...that's the annoying part.
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I did tangerine to Scotia RRSP transfer. No CRA forms needed for that. Maybe CRA forms come into play for pensions as they go into a LIRA not RRSP? Submitted the forms, about a week later money disappeared from tangerine, about 1-2 weeks later it appeared at scotia.
 
GreyGhost said:
I did tangerine to Scotia RRSP transfer. No CRA forms needed for that. Maybe CRA forms come into play for pensions as they go into a LIRA not RRSP? Submitted the forms, about a week later money disappeared from tangerine, about 1-2 weeks later it appeared at scotia.
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Transfer from Tangerine / previous employer was super simple. The account I've got 110k in is being a real pain to move the transfer. Need to update my forms as QT added a '12' to my account number and now that's causing major issues. Idiots.

I'm transferring everything from locked accounts to my own self-directed LIRA as there's no tax implications to that.

While tempting...I don't think it's worth pulling from other locked accounts to accounts that allow easy withdrawals / movements.
 
mimico_polak said:
I'm transferring everything from locked accounts to my own self-directed LIRA as there's no tax implications to that.
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There's no tax implications now but they need to maintain the locked status. That adds even more complication as depending on the origin of the locked funds (normally province where employer has most staff), the future ability to unlock is affected. I assume this means QT may need to create separate accounts for various LIRA's to keep continuity of restrictions. RRSP is much more flexible as you could withdraw it all tomorrow if you wanted to.

As for being a pain, sunlife/manulife etc really really want to maintain assets under management as that is a huge source of revenue. They can't stop you from withdrawing but they sure as hell don't want to make it easy.
 
Tangerine and Scotia are practically the same bank. Same owner anyway. Scotia is their brick and mortar, while Tangerine is online only.

I haven't dealt with RSPs, only TFSAs. I transferred from Tangerine to Questrade, then Tangerine to Wealth Simple after I found out Wealth Simple allows you to buy partial ETFs, while Questrade only allows you to buy full shares. I already used Wealth Simple for taxes and to hold crypto, so it worked well for me.
As far as TFSAs, it was extremely easy to transfer the money from one to the other, but for TFSAs, you only transfer teh money, do not transfer the account, because the transfer of funds is free, but the transfer of the account costs $150. You can close your TFSA for free once you've emptied the account.
I don't know if there are similar fees and loopholes for RSPs, but I'd look into it.

Btw, Anyone who has TFSAs, RRSPs, or RESPs, if you aren't already, look into ETFs. Far better than GICs, especially since you can't even get 5% on GICs anymore. Over the last year I've averaged over 30% with ETFs, and I'm a financial idiot.
 
WestBrantKid said:
Btw, Anyone who has TFSAs, RRSPs, or RESPs, if you aren't already, look into ETFs. Far better than GICs, especially since you can't even get 5% on GICs anymore. Over the last year I've averaged over 30% with ETFs, and I'm a financial idiot.
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Yeah GIC and HISA interest rates are chit. I'm doing 3 month jumps on some cash with introductory rates at the banks.

Just had a talk about ETF's with a friend of mine, seems mutual funds are on their way out and many are switching over to ETF's, because of the lower fee's (for now), and avoids a lot of the fee layering.

That is a great return, I take it you are using WealthSimple for ETF's?
 
sburns said:
Yeah GIC and HISA interest rates are chit. I'm doing 3 month jumps on some cash with introductory rates at the banks.

Just had a talk about ETF's with a friend of mine, seems mutual funds are on their way out and many are switching over to ETF's, because of the lower fee's (for now), and avoids a lot of the fee layering.

That is a great return, I take it you are using WealthSimple for ETF's?
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Wealth Simple, and I left some in Questrade to ride.
I have TFSA and my kids' RESP at Wealth Simple. Their RESPs are doing better than my TFSA despite similar investments.
This is how I see it, to buy and sell stocks you need to know what you're doing, and have a LOT in information available to you to make informed decisions. But ETFs are managed by the people that have that information and know what there doing. I'm just investing in them, and for the most part, letting it ride.
Btw, for anyone investing in ETFs, my best investment so for has been in HG (HydroGraph Clean Power). It's up 77.28% since January 8th. The person that give me the tip said it's supposed to list on NASDAQ, possibly this year, which will make it jump.
 
WestBrantKid said:
Wealth Simple, and I left some in Questrade to ride.
I have TFSA and my kids' RESP at Wealth Simple. Their RESPs are doing better than my TFSA despite similar investments.
This is how I see it, to buy and sell stocks you need to know what you're doing, and have a LOT in information available to you to make informed decisions. But ETFs are managed by the people that have that information and know what there doing. I'm just investing in them, and for the most part, letting it ride.
Btw, for anyone investing in ETFs, my best investment so for has been in HG (HydroGraph Clean Power). It's up 77.28% since January 8th. The person that give me the tip said it's supposed to list on NASDAQ, possibly this year, which will make it jump.
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Hydrograph is not an ETF. Many ETF's track indices and there is by design no management by people that have information. For ETF's that have some active component (eg etf's that target market segments like space or green), the etf's don't normally exist until most of the run is already over. You are playing with fire young Padawan. I'm glad it has been working for you so far.
 
Well this thread is now above my pay grade… lol
For me we’re talking a few hundred bucks nothing substantial. I’ll keep googling.
 
GreyGhost said:
Hydrograph is not an ETF. Many ETF's track indices and there is by design no management by people that have information. For ETF's that have some active component (eg etf's that target market segments like space or green), the etf's don't normally exist until most of the run is already over. You are playing with fire young Padawan. I'm glad it has been working for you so far.
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Yeah I was under the impression ETF's are automated, computerized. Part of the reason there is little to no fee's.
 
sburns said:
Yeah I was under the impression ETF's are automated, computerized. Part of the reason there is little to no fee's.
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ETF's can be many things. The ETF's most people think of track indexes (for instance VOO or QQQ) so as you say, they can be automated almost entirely. The index provides the formula, each day as people buy or sell, the fund needs to buy/sell underlying stocks in the provided proportions. That's it. No decisions, just formulas (provided by others).

At the other end, something like HDIV is an ETF where the managers pick the underlying holdings (in that case, more than 10 other ETF's), borrow money to increase returns (in either direction) and sell covered calls to increase payouts at the expense of loss of some upside potential. The computer deals with day to day mechanics but someone is making decisions on the path to follow and weightings.

Be careful with actively managed funds. Some are trying to improve your returns. Many are like fishing lures or fancy helmets and their primary purpose is attracting buyers. The more money the fund collects, the richer its proponents get.
 
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GreyGhost said:
ETF's can be many things. The ETF's most people think of track indexes (for instance VOO or QQQ) so as you say, they can be automated almost entirely. The index provides the formula, each day as people buy or sell, the fund needs to buy/sell underlying stocks in the provided proportions. That's it. No decisions, just formulas (provided by others).

At the other end, something like HDIV is an ETF where the managers pick the underlying holdings (in that case, more than 10 other ETF's), borrow money to increase returns (in either direction) and sell covered calls to increase payouts at the expense of loss of some upside potential. The computer deals with day to day mechanics but someone is making decisions on the path to follow and weightings.

Be careful with actively managed funds. Some are trying to improve your returns. Many are like fishing lures or fancy helmets and their primary purpose is attracting buyers. The more money the fund collects, the richer its proponents get.
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Thanks for the info, it was helpful! (y)
 
Jampy00 said:
Well this thread is now above my pay grade… lol
For me we’re talking a few hundred bucks nothing substantial. I’ll keep googling.
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We just did exactly what you're asking about. No problems what so ever.
We transferred RRSP's from CI investments.
TSFA's from BMO
Non reg investments from BMO.
All to Wealthsimple.
 
My non-registered accounts are invested in individual stocks. The thing that's good about ETFs is the diversification. The thing that's bad about ETFs is that they have to invest in stuff that you don't necessarily want to for whatever reason, but they have to because it's part of the index.

It didn't take much to have done ~30% in the past year. You just had to invest in a basket of Canadian stocks. A TSX index fund would have been fine.

Reminder: past gains are not a guarantee of future results.

There's a story going around about an upcoming SpaceX IPO and some shenanigans involving rule changes in the US market. If the story plays out as described, it's a bomb dropped on the US market with the gains going to ... take one guess. (And his co-conspirators.) I don't know if it's going to play out as suggested, but I'm insulating myself by not owning any US ETFs.

Disclaimer: I have never had any investment position, long nor short nor via options, of anything operated or controlled by Elon Musk, nor do I ever intend to. Not Tesla, not SpaceX, not Twitter/X.
 
AllistonGT said:
We just did exactly what you're asking about. No problems what so ever.
We transferred RRSP's from CI investments.
TSFA's from BMO
Non reg investments from BMO.
All to Wealthsimple.
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Were you able to do it all through wealth simple or did you need bank involved?
 
Jampy00 said:
Were you able to do it all through wealth simple or did you need bank involved?
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TFSA's and RRSP were all done through Wealthsimple. Easy.
Cash moved over to checking account. Again easy.
Non reg couldn't. We ended up taking a gain and moving the funds over to a newly setup non reg investment account at Wealthsimple.
 
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