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Avoiding RRSP Fees For Transfers Out
May 27, 2018
3:40 pm
moneyhelp
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Top It Up said

I guess, although I will say, that $50 looks more like an RRSP Withdrawal fee rather than their standard $135 RRSP Transfer Out fee. It's good that you have the rate confirmed.

I have a high-value, self-administered RRSP with them BUT, since we're no longer on speaking terms, I'll be paying the posted rates while closing out the account.  

Hmmm, I'm a bit worried now since you use the term "standard", makes me think perhaps they thought I meant close the account (where one would then be subject to taxation) rather than transfer. I will have to contact RBC and re-confirm, thank you for pointing that out for us.

May 27, 2018
4:49 pm
Bill
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I don't get why people are even dealing with the sending FI. In my minimal experience I never had any dealings with the FI where I currently had my plan, I arranged everything from the other end, the new FI to which my funds were going. They then go and execute the transfer from my current FI, who knew nothing until that point. And in the course of doing that I arranged with the new FI that they'd reimburse me any fees that the sending FI might impose on the transfer out, once I'd provided proof to them of paying those fees.

May 27, 2018
4:58 pm
Top It Up
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As far as I know you can only excute a 'pull' of an RRSP account Transfer Out.

In the case of my receiving FI, I have to fill out the paperwork, mail it to them, and they Fax the request on to the forwarding FI. Other than an email from my now estranged advisor telling me that a transfer out request has been received, no verbal communication takes place with the forwarding FI, but obviously I am aware of what the holding FI is charging me to excute the partial transfer out.

It appears as though only the blessed people get their transfer out fees reimbursed by their receiving FIs.

May 28, 2018
5:15 pm
moneyhelp
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Top It Up said

I guess, although I will say, that $50 looks more like an RRSP Withdrawal fee rather than their standard $135 RRSP Transfer Out fee. It's good that you have the rate confirmed.

I have a high-value, self-administered RRSP with them BUT, since we're no longer on speaking terms, I'll be paying the posted rates while closing out the account.  

So just got confirmation from RBC, the standard transfer fee through RBC retail is $50. The standard fee through RBC Direct Investing is $135. 🙂

May 28, 2018
5:23 pm
Top It Up
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moneyhelp said

So just got confirmation from RBC, the standard transfer fee through RBC retail is $50. The standard fee through RBC Direct Investing is $135. 🙂  

NICE!

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