Moving RSP from EQ to Oaken | RRSPs and RRIFs | Discussion forum

Haven't done EQ->Oaken specifically, but have done some registered transfers over the years from bank/CU/lifeCOs, including Oaken. The acquiring institution (Oaken in this case) will prepare the required transfer form from your information. They usually require a "wet" signature on these, so you may have to print out their form, sign it, and upload it back to them, or something like that.

Oaken would then send the form to EQ. Except between two brokers, this is often done by fax (and mail is not unheard of), and the cash is quite often delivered by a physical cheque. You also have the transfer desks on both sides, and whatever backlogs or delays they might introduce. I know a few years back did a couple of registered transfers to Oaken from a Manitoba credit union during a big GIC sale, and also in December, and the combination of all those above factors made at least one transfer miss the 30-day rate hold on the GIC purchase, and I had to get them to make an exception. With bad luck or Canada Post both ways, some can take longer, but some might be better.

Aside from consolidating remaining things at Wealthsimple, I try and avoid registered transfers for this reason. For RRSP, there isn't really an alternative, but for TFSA, sometimes things can be planned to do a withdrawal at the end of December and recontribute the cash at the beginning of January when the contribution room becomes re-available, saving an official transfer.

Norman1 said
Distance won't be an issue. Both EQ Bank and Oaken Financial are in downtown Toronto.  

And have some cross-ownership as well... 😉 I'm hoping one of them will offer discounted subscriptions to the Economist!

Unfortunately my transfers to Oaken were from Canada Life (London, ON, requests were probably faster back in the 19th century before the Grand Trunk Railroad was built) and Hubert (Selkirk, MB; I'm convinced Oaken routed requests via Red River carts). The Oaken GIC desk was also swamped from the GIC sale and things sat there for a few days.

It was interesting last year when I brought a small amount of FHSA money from EQ to Wealthsimple, the funds appeared at WS very quickly (next day?) after they disappeared from the EQ side. Might just have been intra-city cheque delivery, but I know WS asked me once to check if Hubert could do Fundserv's ad-hoc A$M money system, so it is possible that they can do electronic transfers of registered cash with certain non-brokerage FIs. EQ->WS would seem a likely pair to be trying stuff like this out.