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TFSA transfer fee(s)
February 7, 2021
8:20 am
hwyc
GTA
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As the accumulative contribution room grows annually & interest rate still trending downward, TFSA is getting more attention ever than before.

FIs who don't charge a transfer fee or who will reimburse the transfer fee charged by the other side will get extra marks.

Do we already capture this kind of information for an easy comparison on this site ?

February 7, 2021
9:32 am
Dean
Valhalla Mountains, British Columbia
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hwyc said

As the accumulative contribution room grows annually & interest rate still trending downward, TFSA is getting more attention ever than before.

FIs who don't charge a transfer fee or who will reimburse the transfer fee charged by the other side will get extra marks.

Do we already capture this kind of information for an easy comparison on this site ?  

Not to my knowledge

It's part of the 'Homework' we have to do for ourselves.

      Dean

sf-cool " Live Long And Prosper " sf-cool

February 7, 2021
3:12 pm
Loonie
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Generally, those who charge a fee will reimburse a fee, although not necessarily the full amount.
Those that don't charge a fee will not reimburse.
Fees are subject to change. The listed fee when you buy may be $50, but by the time you transfer it could be $100. Fees go up faster than inflation. When comparing fees with a view to investing, I generally add $25 to allow for such changes.
The only FI that I can remember that was (proudly) no-fee when I invested but charged about $50 when I transferred out was Tangerine.
I think it would be difficult to maintain an accurate list of fees on this website even if Peter wanted to as they change more or less without notice.

February 8, 2021
5:49 am
Nehpets
Ontario
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The two FI's that have not charged a transfer out fee, nor reimburse fees for incoming funds are Hubert and Peoples Trust. I believe there is another Manitoba CU like that, but I can't recall, never having dealt with them.

Stephen

February 8, 2021
6:33 am
Donald_Trump
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February 7, 2021
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I do not believe achieva or oaken as well charge fees but check do not just take my word for it

February 8, 2021
9:37 am
Loonie
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EQ also doesn't charge a transfer fee at this time. I believe that's all of them.

February 15, 2021
3:02 pm
nassan
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February 8, 2021
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Like Loonie said, it's safe to assume that any FI that has no transfer fee will also not reimburse (with the exception of Wealthsimple/ Wealthsimple Trade).
I was looking for the information on Equity CU and came across this post. It has the transfer fees and how much will be reimbursed for some of the FIs.

Please write your comments in the forum.