I am helping my dad transfer his Locked-in Retirement Account (LIRA) from Sun Life (high MER) to low-cost ETFs with Questrade. Questrade is saying that because of the regulation over my father's existing Sun Life LIRA, he will need to open a Locked-in RRSP with Questrade, and then request that the funds in the Sun Life LIRA would be transferred to the Questrade Locked-in RRSP.
Given that the two accounts have different names, I am nervous about triggering any tax consequences. In other words, I want to ensure that the transfer will not constitute a "withdrawal" from his LIRA. Has anyone experienced this situation? Any advice/thoughts?