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Email this10:00 am
May 18, 2016
Online
I called PT to unrenew my one year RRSP GIC matures in Feb 2026. As PT does not provide RRSP saving account so my RRSP has be withdrawn to my none-RRSP saving account and pay tax. I would not have opened the RRSP GIC with PT had I known this inconvinient practice. And it can't been done online or over the phone. You have to fill up a form and print it out and signed then send it back by email.
1:52 pm
November 18, 2017
Offline
Peoples does not charge for RRSP transfer-outs. Can't you simply have them pay your maturity out to another institution? I'll be doing this in January and outputting to Oaken, so stand by and we'll see what comes by. PT's GIC rates suck at the moment.
RetirEd
6:31 am
May 18, 2016
Online
RetirEd said
Peoples does not charge for RRSP transfer-outs. Can't you simply have them pay your maturity out to another institution? I'll be doing this in January and outputting to Oaken, so stand by and we'll see what comes by. PT's GIC rates suck at the moment.
PT can transfer out your maturity RRSP GIC only to your linked external account which is none-registered. PT does not transfer out to your external RRSP account in that sense it can't charge a transfer fee. If you have a large RRSP you may consider to partially transfer out to avoid tax. PT's GIC rates are among the lowest now that triggered me to terminate my RRSP GIC since 2016.
6:39 am
May 18, 2016
Online
I had thought about to pull PT RRSP GIC from my Tangerine RRSP account. I don't know if it's possible to pull a autorenewal GIC so I decided just withdraw all as my RRSP is only 10k+.
8:03 am
September 30, 2017
Offline
Then OP, the "must withdraw" in your title is misleading. The taxable withdrawal is your choice.
An "auto renewed" GIC can be cancelled within a certain time after the renewal.
The RRSP (T2030) transfer is to be initiated from Tangerine side, in your case. It'll start earning interest on Tangerine side immediately.
... fact checking required
However, we will learn from your valuable lesson as well.
8:14 am
April 6, 2013
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I agree. I doubt it is the case that one needs to deregister the RRSP funds if one does not with to renew the Peoples Trust RSP GIC.
As hwyc described, one could have initiated a direct RRSP transfer (not a funds transfer pull) from the receiving financial institution some weeks before maturity to transfer the funds out at maturity instead of reinvesting into another Peoples Trust GIC.
I've done such direct RSP transfers at maturity many times to get rid of the many RSP GIC's I had at different issuers.
9:36 am
December 18, 2024
Offline
Way back they did not have RRIF accounts so I never gave them any RRSP $. I think they have a third party thing for RRIF.
I moved my money to oaken and take mandatory (no savings account) from them and put some in Hubert and take mandatory and extra from them.
People’s, oaken and Hubert have zero charge to transfer out.
And I see awhile back that there is legislation is coming for no charge registered $ transfers to be zero. For federal FIs.
9:44 am
May 18, 2016
Online
All RRSP GIC at PT is auto-renew unless you call them to cancel renew. When the GIC renew is cancelled, PT does not offer RRSP account to port the fund nor to transfer to external RRSP account option. The only option left is RRSP withdrawal to unregister account no matter how you call it.
10:14 am
May 18, 2016
Online
Norman1 said
I agree. I doubt it is the case that one needs to deregister the RRSP funds if one does not with to renew the Peoples Trust RSP GIC.As hwyc described, one could have initiated a direct RRSP transfer (not a funds transfer pull) from the receiving financial institution some weeks before maturity to transfer the funds out at maturity instead of reinvesting into another Peoples Trust GIC.
I've done such direct RSP transfers at maturity many times to get rid of the many RSP GIC's I had at different issuers.
Thanks Norman1. You reminded me. So I called PT to confirm then requested Tangerine to pull RRSP from PT. I was told by PT a transfer request will cancel the GIC renew and fund transferred.
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