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Drury18 · 01-30-2011, 12:58 PM

I'm hoping someone might be able to help on this as I've seen a couple different write ups about this.

At my former employer there was a Group RRSP plan in which we had part of our paycheque deducted which was matched by the company and put into a 100% GIC and Savings Deposit with no withdrawl restriction. I no longer am with this employer and the bank that they have this RRSP with is not one that I will do business with due to numerous problems in the past so I wanted to find out if there was a way to transfer the amounts in that RRSP to my current bank without huge penalities or if I can withdraw the money somehow without losing alot of it. While the amount in there is not massive to start with since it was only 14 months deposits, I still would like to do this without losing alot of what's in the account or paying excessive tax on my return.

Can you generally transfer RRSP's from one bank to another without paying tax on the RRSP as a withdrawl? Or can I have it transfered to a TFSA as I have no desire to invest in the markets at this point. On amounts less then $5000 is it worth it to just withdraw the amounts and transfer it to where you would like?

Thanks guys!

01-30-2011, 12:58 PM	#1
Drury18 Franchise Player Join Date: Apr 2003 Exp:	RRSP Question I'm hoping someone might be able to help on this as I've seen a couple different write ups about this. At my former employer there was a Group RRSP plan in which we had part of our paycheque deducted which was matched by the company and put into a 100% GIC and Savings Deposit with no withdrawl restriction. I no longer am with this employer and the bank that they have this RRSP with is not one that I will do business with due to numerous problems in the past so I wanted to find out if there was a way to transfer the amounts in that RRSP to my current bank without huge penalities or if I can withdraw the money somehow without losing alot of it. While the amount in there is not massive to start with since it was only 14 months deposits, I still would like to do this without losing alot of what's in the account or paying excessive tax on my return. Can you generally transfer RRSP's from one bank to another without paying tax on the RRSP as a withdrawl? Or can I have it transfered to a TFSA as I have no desire to invest in the markets at this point. On amounts less then $5000 is it worth it to just withdraw the amounts and transfer it to where you would like? Thanks guys!