Author Topic: Canadian RRSP help needed.  (Read 499 times)

debbie does duncan

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Canadian RRSP help needed.
« on: September 04, 2019, 11:16:25 AM »
I have  a RRSP with Cibc woody Gundy. How do I physically move it to Questrade? Any Canadians with some advice? Talk to me Canada.

utaca

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Re: Canadian RRSP help needed.
« Reply #1 on: September 04, 2019, 11:33:32 AM »
There is a form in Questrade for transferring funds from another institution. Fill it out with the particulars of your RRSP account and Questrade will do the rest. It took a few weeks when we recently transferred my spouse's RRSP over.

You will also need to determine if you want to transfer the account in cash or in kind. If you have CIBC mutual funds, you will want to transfer in cash and invest in low cost ETFs instead.

There may be a fee to withdraw the money from CIBC as well. It is probably still a better deal to transfer your account to Questrade.

I find the Questrade online chat pretty helpful so if you have any further questions, consider an online chat.

debbie does duncan

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Re: Canadian RRSP help needed.
« Reply #2 on: September 04, 2019, 12:13:42 PM »
So I can just swing the entire RRSP and spousal into Qtrade? And it can stay there?

Beard N Bones

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Re: Canadian RRSP help needed.
« Reply #3 on: September 04, 2019, 12:38:23 PM »
I have  a RRSP with Cibc woody Gundy. How do I physically move it to Questrade? Any Canadians with some advice? Talk to me Canada.

Step 1: Open two accounts at Questrade - RRSP & Spousal RRSP. (Most of the paperwork can be done online) In my experience, this takes a couple of weeks.
Step 2: as @utaca said, initiate the transfer from the Questrade end. (I suggest transferring "in cash" rather than "all in kind").

And yes, the entire RRSP and Spousal RRSP can be transferred to Questrade. And yes, it can stay there until the moment that you want to withdraw it. (It takes approx 2-5 business days to withdraw/transfer funds from Questrade into your chequing/savings account.) Questrade is very user friendly and they have overall really good customer service.

debbie does duncan

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Re: Canadian RRSP help needed.
« Reply #4 on: September 24, 2019, 08:58:45 AM »
So the switch is  in progress and since there are a few accounts it will take a few weeks . I may just be able to get the $150 per account deal that Q offers in transfer fees. Deadline is Sept 30!
Thanks for the help!