Quote:
Originally Posted by AMG_G
First you go to the bank you want the funds transferred to. Just bring your account number and they will do the rest. They will request your old bank to liquidate your funds and what actually gets moved over is money not the type of investment. With the money you can invest it back into the new banks as rrsps with no penalty or if you move it to a TFSA you will be taxed at your current tax rate for the full amount. I paid no fees to either bank when I did this 6 months ago. It was from TD to CIBC. The amount was 45k which just didn't grow at all from TD. Their service was next to none. They are suppose to contact me once a year to review my investments but I never got a call the 6 years I was with them. I got feed up and moved it all to CIBC. The ETFs I selected have grown 12% over 6 months....best decision ever.
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This isn't totally accurate. You can move it all in cash (which is obvioulsy what you did), but there are also lots of times when you move them in kind (in the same positions as you currently hold), or partially in kind.