Transferring RRSP

Discussion in 'Reality Check' started by Racer_23, Dec 18, 2020.

  1. Racer_23

    Racer_23
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    It's 2 am and I am sure CIBC is closed to answer these questions so I figured I would try RC.

    I have had a retirement plan through work with Canada Life for the last 10 years that has been making double-digit returns consistently and I also have a CIBC Daily Interest RRSP which makes way less. Is it possible to transfer the RRSP from CIBC to Canada Life without penalty as long as it stays locked in?
     
  2. HairyAss

    Cheese on Toast

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    Short answer is yes. As long as it stays registered, it’s good to go.
     
  3. Boots

    www.reality-check.ca

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    Yep you'll just pay a transfer fee to CIBC. You should just have to sign a transfer forum. Canada Life should do all the work for you since they want your money.
     
  4. Racer_23

    Racer_23
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    Thanks! I will make some calls Monday.
     
  5. David Puddy

    yeah, that's right

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    that's good to know. i also have to transfer some products to different institutions
     

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