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Email this4:51 am
August 19, 2022
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What is the easiest way to move my TFSA out of NB? It was forced there when Motive closed. Do they charge a fee??? Thank you.
I want to move it to Oaken or Hubert.
8:38 am
July 9, 2020
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$150 transfer out fee, which is ridiculous.
https://www.nbc.ca/personal/no.....anges.html (search for "TFSA")
9:59 am
November 18, 2017
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You can wait until December, then withdraw all your cash. There should be no fee for that. You can then deposit it anywhere you like after January first of the new year.
In the meantime, see if you can find a short-term deposit to hold your cash, but mature before December so you can make the withdrawal. Or use a high-interest TFSA.
You should ask them if you can get a better deal on the transfer because of the takeover. Maybe they'll be nice?
I think Oaken and Hubert still don't charge for TFSA transfer-outs, so you shouldn't face that next time.
RetirEd
1:30 am
November 9, 2025
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RetirEd said
You can wait until December, then withdraw all your cash. There should be no fee for that. You can then deposit it anywhere you like after January first of the new year.In the meantime, see if you can find a short-term deposit to hold your cash, but mature before December so you can make the withdrawal. Or use a high-interest TFSA.
You should ask them if you can get a better deal on the transfer because of the takeover. Maybe they'll be nice?
I think Oaken and Hubert still don't charge for TFSA transfer-outs, so you shouldn't face that next time.
What RetirEd said. Only way to go.
Paperwork & loss of interest due to lag time, (month or more in some cases), to snail-mail funds between banks isn't worth my effort
You may be able to get a portion back from the FI you transfer the funds in to, but I'm not aware of any that will refund $150.
9:00 am
December 12, 2009
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If you are transferring out just cash, yes, I would withdraw it now and park it in a non-registered HISA until January of next year when you can recontribute it. No need to wait until December to do the withdrawal. Tax savings is negligible. 
Otherwise, you could wait until later this summer when the regulatory amendments are in force banning these outrageous transfer fees. As a big bank shareholder, I am more than comfortable with their level of profitability, and would actually prefer them to be less profitable in the medium term as their valuations are out of whack and need to retrench. I would support political direction to OSFI to suspend further increases in the quarterly dividend until they equalize returns to their customer stakeholders. Banks are not unrestricted private sector businesses that can do as they will like other sectors; they enjoy licenses from the federal government to operate, and those licenses can be restricted for the public good. In extraordinary cases, they can be revoked.
Cheers,
Doug
12:24 pm
November 18, 2017
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Aside from small tax savings, earning more taxable income can affect one's retirement benefits such as GIC and rent subsidies.
RetirEd
7:29 am
November 15, 2018
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Sandy999 said
What is the easiest way to move my TFSA out of NB? It was forced there when Motive closed. Do they charge a fee??? Thank you.
I want to move it to Oaken or Hubert.
I have it in writing via an email from NB customer service that there will be NO transfer fees to transfer an RRSP or RRIF account from NB to another FI as long as your account was migrated from Motive. The only catch from what I understand is the account must be in cash so no unmatured GIC's etc.
9:50 am
December 12, 2009
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RetirEd said
Aside from small tax savings, earning more taxable income can affect one's retirement benefits such as GIC and rent subsidies.
Unlikely in this case, as the OAS clawback threshold does not begin until $100,000, per person, now, which is insane. Someone earning at or above that level in retirement is unlikely to receive any rent subsidies.
Government needs to pause the OAS clawback threshold indexation for 5-10 years to contain spending.
7:34 am
March 14, 2023
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I think RetirEd was referring to GIS, which has a much lower clawback threshold than OAS.
4:40 pm
May 20, 2016
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dommm said
I have it in writing via an email from NB customer service that there will be NO transfer fees to transfer an RRSP or RRIF account from NB to another FI as long as your account was migrated from Motive. The only catch from what I understand is the account must be in cash so no unmatured GIC's etc.
No fees for RRSP or RRIF, but $150 for TFSA?
5:45 pm
April 6, 2013
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It's regularly $150 for any registered account transfer. This is from page 27 of their Fee Guide for Personal Banking Solutions (February 15, 2026):
| Registered plans (TFSA, FHSA, RRSP, Locked-in RRSP, LIRA, RRIF, LIF) | |
| These charges apply to National Bank of Canada, Natcan Trust Company and National Bank Trust Inc. plans available through our branch network | |
| Transfer to another financial institution | $150.00 + taxes/transfer |
