[mrcheap]

Last time I set up an account with Scotia iTRADE (a TFSA), I had nothing but problems. I recently tried to set up an RRSP account, and again they made a mess of it (they have an antiquated system where you have to fill out paper forms with tons of information they already have, and then they seem to like to lose applications that have been sent in).

I'd have preferred to keep everything at one brokerage, but I've given up on them. Does anyone have any advice for a brokerage that will let me:

-Set up an RRSP account with them
-transfer an existing RRSP from PC Financial to them
-cover the transfer fee that PC Financial will charge me
-let me set it up entirely online, if not through a web based system then at the very least letting me scan and e-mail documents to them
-low Trading fees aren't vital, as I hardly trade at all, but lower is certainly better
-that you've been generally happy with

Thanks in advance!

 

[chantl01]

I've had trading accounts with Scotia iTrade, RBC Direct Investing and TD Direct Investing. By far the simplest I've found was the TD Direct Investing set-up. Originally, I was able to do it entirely online, because I already had a TD bank account. Most recently when I was setting up an additional account with TD DI, I had to go in to a branch and show my ID along with my application. They claim all the brokerages require this now. I don't know if that's true, but I can say that by far the most challenging of the three to set up was with RBC DI. I had no end of problems with that application and long periods of silence while they were processing the application. I eventually had to call them to find out my account had been approved and to get my initial login information. It only arrived in the mail some weeks later.

 

[cainvest]

I didn't have any issues with iTrade for either TFSA, RRSP or non-reg but I did all the paperwork at my local Scotiabank branch and let them send it in. I believe for all registered accounts you need to sign paperwork, required by the government.

 

[humble_pie]

a maverick thought - since you already have a TFSA with scotia & since you seem to be fairly far along with your RRSP application to them - wouldn't it make sense to stay the course & steer the scotia application home?

they say the night is darkest just before the dawn.

plus every brokerage these days has increased its screening & ID procedures in the past few years.

 

[Causalien]

They all have paper works that you need to sign. I am guessing USA's FATCA Compliance is causing all these problems. You might as well open the brokerage account in all of them if it doesn't require maintenance.