RSP's & Wealth simple

[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.

 

[GreyGhost]

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.

 

[mimico_polak]

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.

 

[GreyGhost]

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.

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.

 

[mimico_polak]

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.

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.

 

[GreyGhost]

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

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.

 

[WestBrantKid]

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.

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