RRSP Transfer Fees: Compare Direct Transfers, Exit Charges and Reimbursement Terms

Budget for More Than the Transfer Fee

Compare the exact RRSP product’s transfer-out fee, tax, asset liquidation or redemption costs and verified reimbursement. Wealthsimple’s educational guide gives a general $50–$150-per-account administrative-fee benchmark, usually plus tax.[3] Use the sending institution’s current product schedule for the actual move rather than treating that benchmark as a universal fee.

Use this calculation before authorizing a transfer:

Estimated one-time cost = outgoing fee for each RRSP account + applicable tax + confirmed liquidation or early-redemption costs − any verified reimbursement.

• Count the accounts. Because the benchmark is per account, ask whether each RRSP will incur a separate charge.[3]
• Specify full or partial. These are distinct transfer types, so request the fee for the transaction being authorized.[3]
• Separate transfer and asset costs. Ask whether selling or redeeming any holding will add costs.
• Do not assume reimbursement. Confirm eligibility, coverage and proof requirements before deducting it from the budget.[3]

GIC terms illustrate the distinction. Scotiabank says its GICs have no service charges, but an interest penalty may apply when early withdrawal is permitted.[6] Ask the sending institution for a written, product-specific total showing the transfer fee, tax and costs triggered by selling or redeeming holdings.

Verify the Fee for the Exact RRSP Product

A bank’s name is not enough to identify the fee. Bank RRSPs, brokerage accounts, registered savings accounts, GICs and investment-fund accounts may appear under different schedules.[4][5][6][7]

CIBC’s published fee schedule, version June 2022 and still available when checked on 14 October 2026, lists $100 per full or partial transfer of an RRSP Daily Interest Savings Account to a non-CIBC institution, and $100 for transferring the listed RRSP GIC products, including locked-in RRSPs.[7] These are the listed product terms, not a fee quote for every CIBC brokerage or investment account.

Tangerine’s official FAQ, checked on 14 October 2026, lists $50 for transferring a Tangerine RSP to another institution.[4] Have Tangerine identify the exact product and confirm whether that FAQ applies to it; do not extend the amount to every Tangerine investment product.

Scotiabank’s official page, checked on 14 October 2026, lists $150 for transferring a Scotia Registered Savings Account to another financial institution.[6] Use the schedule for the exact legal issuer and product; another brokerage or registered-product schedule may differ.

Ask the sending institution to confirm in writing:

• the exact product name and applicable transfer fee;
• whether the fee differs for full and partial transfers;
• whether it is charged per account or per request; and
• whether tax or another closing charge will be added.

Wealthsimple’s main transfer page describes automatic administrative transfer-out fee reimbursement for transfers of $25,000 or more, subject to conditions.[10] Its Transfer fee reimbursement policy, updated 13 October 2026 and checked on 14 October 2026, describes one such fee for every $25,000 transferred, full or partial transfers and a 90-day funded-account requirement. That policy gives ordinary timing of up to two business days after completion, a separate USD support process, excluded trading/commission, account-closing and specified redemption charges, and limits on multiple-fee reimbursement. These are Wealthsimple’s published terms; obtain confirmation for the actual transfer and currency before subtracting a credit from the budget. Another institution may use different conditions.

Choose an In-Kind or In-Cash Transfer

Have the receiving institution confirm whether it supports every investment being moved. An in-kind transfer moves investments such as stocks or ETFs without selling them, but is available only when the receiving institution supports those holdings.[2][3] An in-cash transfer liquidates the investments, transfers cash within the RRSP system and allows reinvestment at the destination.[2]

Keep either method as a direct institution-to-institution transfer. CRA says certain payments must move directly from the payer to remain tax-deferred, and amounts transferred directly to an RRSP generally do not affect the RRSP deduction limit.[1]

A full transfer moves the entire balance and holdings. A partial transfer moves selected assets and leaves the remainder in the original RRSP.[3]

Ask the receiving institution

• Is each stock, ETF, mutual fund, GIC or other security supported for an in-kind transfer?[2][3]
• Which holdings must be sold before transfer?
• Can unsupported holdings remain in the original RRSP through a partial transfer?[3]
• Will the institution confirm the transfer method for each holding in writing?

Ask the sending institution

• Can each GIC transfer before maturity?
• If early redemption is permitted, will an interest penalty apply?[6]
• Does any mutual fund or other holding have redemption or liquidation restrictions?
• What costs would liquidation trigger?

GICs, mutual-fund companies and paper processing can lengthen a transfer.[3] Obtain the restrictions and costs for each holding before selecting an in-kind, in-cash or partial transfer.

Start and Track the Direct Transfer

Open the destination RRSP, keep both accounts active and authorize the receiving institution to request the transfer from the existing provider.[2] A direct transfer may use CRA Form T2033, but many institutions use their own authorization form, and some allow online initiation.[2]

Have the following information ready:

• the holder’s name, address and Social Insurance Number;
• the source and destination plan names and account numbers;
• the names and addresses of both issuers or financial institutions;
• the amount to transfer and whether the transfer is full or partial;
• instructions for an in-kind or in-cash transfer; and
• a recent statement from the existing RRSP.[2]

Initiation commonly occurs through the receiving institution, which usually manages the request.[3] Ask who will track the file, how to check its status, which reference number identifies it and when to follow up.

Arrange a qualifying direct institution-to-institution transfer rather than personally withdrawing and redepositing the money. CRA says a direct RRSP-to-RRSP transfer is a transfer, not a withdrawal; ordinary withdrawals generally have tax consequences and locked-in plans have restrictions.[9] Confirm the plan type, ownership and transfer instructions with both institutions; do not assume a withdrawal restores contribution room or has the same tax treatment as a direct transfer.

General guidance puts transfer times between a few days and six weeks.[2] Wealthsimple estimates approximately 3–5 business days for cash transfers, 1–2 weeks for in-kind transfers and 2–6 weeks when electronic processing is unavailable.[3] These are general estimates, so ask both institutions for the expected processing window.

What to Confirm Before Authorizing

The current sending product schedule and receiving institution’s reimbursement policy govern the move. Obtain written confirmation of the following items for the actual transfer.[4][6][7][10]

• the exact tax added to the transfer fee;
• commissions, spreads or other costs from liquidating holdings;
• any closing fee beyond the quoted transfer charge;
• the receiving institution’s official reimbursement eligibility, cap, claim process and payment timing;
• whether reimbursement covers partial transfers and asset-level costs;
• the expected processing window and escalation process; and
• any continuing management/account fee or funding condition under the receiving agreement, including any required period to retain reimbursement eligibility.[10]

Record the authorization date, transfer instructions, reference number and contact channel. Authorize the move only after both institutions confirm the fee, treatment of every holding, full-or-partial instructions, tracking responsibility and reimbursement conditions.

References

1. CRA: Transferring registered-plan funds (canada.ca, 2026)
2. How to Transfer an RRSP – NerdWallet Canada (nerdwallet.com)
3. A comprehensive guide to RRSP transfers | Wealthsimple (wealthsimple.com)
4. Are there any fees to transfer my RSP to another financial institution? | Tangerine (tangerine.ca)
5. RRSP and TFSA Transfer Fees in Canada (savvynewcanadians.com)
6. Scotia Investment Account and Scotia Registered Account Fees at a Glance | Scotiabank Canada (scotiabank.com)
7. 10619-2022/06 Page 1 of 1 TFSA, RRSP and RRIF Fee Schedule (cibc.com)
9. CRA: Making RRSP withdrawals, updated 29 January 2026 (canada.ca, 2026)
10. Wealthsimple: Transfer accounts and administrative fee reimbursement, checked 14 October 2026 (wealthsimple.com)