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Discussion Starter #1
Anyone know if its complicated or expensive to transfer my rsp fund from tangerine to an rrsp fund at rbc? I'm looking for guiddance, or should I simply call RBC or tangerine?
 

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I think you should google and read up on your "how" and "is it complicated" questions and then read Tangerine's terms & conditions for the "expensive or not" questions. This can save you abit of time and other members in answering your questions unbiasedly.

At this point I can tell a newbee is it can be frustrating and time-consuming (even with no mistakes) to move RRSPs. So my first question "why do you want to transfer from T to R"? Can't you simply open an RRSP at RBC bank (of which I'm sure would be more than happy to help you in taking your contributions). But for RBCDirect Investing (the brokerage), you pretty much on your own albeit some paperwork questions.
 

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Discussion Starter #3
im scared of tangerine,since they have few real buildings might disappear with my money
 

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I hope you're not serious with that response. Otherwise why did you open up the RRSP at T in the first place instead one of the big 5 banks in Canada.
 

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If you had to borrow the funds to contribute to an RRSP, then suggest you just leave your RRSP at T alone because the moving about to R is going to set you back something like $135 + tax (unless you negotiate with R to pick up that fee which may be outdated now).

As for your reason in post #3 for a transfer, that's a needless irrational whatever. You have better things to worry about such as the investments in your RRSPs. And if you say you invested simply in GICs, then T is a better place for that than RBC.
 

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Discussion Starter #7
ok thanks, i plan to use the rrsp to borrow for first time home buying plan
 

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Usually you'll go to the receiving branch to initiate the transfer.

Tangerine will have a small admin charge for closing the account, but often the receiving branch will pay the fee.

Just go to the physical RBC bank and get them to open the new account at the broker and eventually it'll get done once you finish filling out their forms.

It's not difficult at all. I remember doing it at TDDI for a Tangerine RSP.

ltr
 

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^ I wouldn't encourage a transfer in this case unless the T doesn't allow the poster to use his RRSP for the home-buyer's plan.

OTOH, maybe it's a good exercise for a newbee to practice exerting patience and gain whatever experience that comes with it. My opinion of course.

Good luck.
 

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Its a very simple process.
Go to RBC and fill a form with tangerine account details and wait for 3-4 weeks. Funds will be deposited in your RBC RRSP Account. RBC covers part of the fees if the amount is > 15k.
 
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