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How to transfer your RRSP
KEY FINDINGS
- RRSP transfers are tax-free. When completed using a direct transfer (T2033 form), no tax is triggered and contribution room is preserved.
- You don’t move the money yourself. The receiving financial institution manages the transfer—withdrawals made personally may be taxed.
- Transfer fees may apply but can be reimbursed. Most institutions charge $50–$150, though many will cover the cost to attract new clients.
- Multiple transfer options are available. Investors can choose full or partial transfers, and move assets in-kind (unchanged) or in-cash (liquidated), depending on their strategy.
- Transfers are typically completed within 1–2 weeks. While timelines vary, most RRSP transfers are finalized in approximately 10 business days.
Updated: June 2, 2026.
Originally written: October 19, 2023
You can transfer your Registered Retirement Savings Plan (RRSP) in Canada by opening an account with a new financial institution and completing a T2033 transfer form. This lets you move your savings directly between providers without triggering taxes.
You would likely need to transfer your retirement savings to a new financial institution if you're looking to consolidate accounts, reduce investment fees, or explore new investment options.
Before you begin, it's important to understand the transfer process, what fees may apply, and the options available to you. Let’s walk through the essentials of transferring your RRSP in Canada.
Read more: What is an RRSP?
What is an RRSP transfer?
An RRSP transfer involves moving your existing RRSP savings and investments from one financial institution to another. It's essentially a process of changing the custodian of your retirement savings while maintaining the tax-advantaged status of the funds.
Changing providers allows you to continue growing your retirement nest egg, lower management fees, and potentially improve investment opportunities.
RRSP withdrawal and transfer comparison
| Action | Taxable? | Contribution Room Lost? |
|---|---|---|
| RRSP Transfer | No | No |
| RRSP Withdrawal | Yes | Yes |
| Home Buyers' Plan (HBP) Withdrawal | No* | No |
| Lifelong Learning Plan (LLP) Withdrawal | No* | No |
* Repayment rules apply.
Why you might want to transfer your RRSP
There are several compelling reasons why you might consider transferring your RRSP:
- Consolidation: If you have multiple RRSP accounts with different institutions, consolidating them into a single account can simplify your financial management and reduce paperwork.
- Reducing fees: Some financial institutions charge higher fees or offer limited investment options. Transferring your RRSP to a more cost-effective or diversified provider can help you save on fees and potentially increase your returns over the long run.
- Legal requirements: When you reach the age of 71, Canadian law requires you to convert your RRSP into a Registered Retirement Income Fund (RRIF) or an annuity. Transferring your RRSP can help you meet this legal obligation.
- Life changes: In the event of divorce, separation, or death, you may want to transfer your RRSP to your spouse or common-law partner as part of a financial settlement. This transfer may incur taxes. Essentially, you'd need to withdraw the funds, pay withholding tax on the withdrawal, and then allocate the remaining amount to your spouse or partner.
- Supporting a loved one: If you have a financially dependent disabled child or grandchild, transferring your RRSP to a Registered Disability Savings Plan (RDSP) can provide critical financial support for their future. You may be able to transfer your funds without taxes under certain conditions outlined by the Canada Revenue Agency (CRA).
- Improved investment options: Transferring allows you to explore new investment options that align better with your financial goals compared to what your current RRSP provider offers.
Learn more: Ask the Expert: Kristine Beese on helping grown kids without risking retirement
Common misconceptions on RRSP transfers
There are many benefits to transferring an RRSP, but some people may be put off by popular misconceptions such as:
Misconception #1: Transfer fees are high.
It’s true that transfer fees can range from $50 to $150 plus tax. However, they don't have to be a financial burden. It's possible to negotiate with your new bank to cover some, or all, of your transfer-out costs.
Misconception #2: Transfers incur taxes, potentially negating any benefits you might gain from transferring.
Actually, transfers do not trigger taxes in Canada. You can opt for either an in-kind transfer or an in-cash transfer, depending on your financial objectives and the assets involved. We'll delve deeper into these options shortly.
Related: RRSPs: Your essential questions answered
What are the types of RRSP transfers?
To help you meet your financial goals and circumstances, you can transfer your RRSP in the following different ways:
- Partial transfers: Allow you to move specific positions within your RRSP account from one financial institution to another. This option gives you flexibility while letting you maintain some investments with your current provider.
- Full transfers: If you prefer to move your entire RRSP account from one bank or dealer to another, a full transfer is the way to go. This option simplifies your financial planning and is particularly useful when consolidating your retirement savings.
- In-kind transfers: Involves moving your assets directly from one account to another without having to liquidate any investments. However, the financial institution where you’re transferring your account must offer the same investment assets as your current provider. It is a seamless way to preserve your investment positions.
- In-cash transfers: Entail selling, liquidating, or redeeming assets in your old account and transferring cash to your new RRSP account. This option is typically used when the new bank does not offer an identical account or investment option. You should consult a financial advisor to navigate potential tax implications.
Note: When transferring non-registered accounts in addition to your RRSP, you might trigger capital gains tax. Seek professional advice to understand the full implications.
Read more: Should you withdraw from your RRSP?
What is the process to transfer an RRSP?
To transfer your RRSP account, you can follow these simple steps:
- Choose your transfer type: First, decide whether you want to opt for an in-kind transfer or an in-cash transfer. Your decision should align with your investment goals and assets involved.
- Consult with the new provider: Speak to the new financial institution where you intend to transfer your RRSP and provide them with a printout of your current investments.
- Ask about fees and financial ramifications: During this visit, inquire about their willingness to cover your transfer-out fees.
- Fill out your T2033 transfer form: Complete the T2033 transfer form provided by the new bank, which is a standard document for transferring RRSPs in Canada.
- Follow up with the financial institution: Confirm that your transfer is complete. RRSP transfers typically take no more than 10 business days.
Related: RRSP penalties: fewer Canadian contributing
Transferring versus withdrawing your RRSP
When you withdraw from your RRSP, you are taking money out of the account, which is subject to immediate taxation, and you lose contribution room. This withdrawal is generally reserved for financial emergencies or for receiving retirement income.
When you transfer your RRSP, you’re moving your investments to a new financial institution while keeping them sheltered from immediate taxation. It's a strategic maneuver to enhance your financial situation without losing the tax benefits of your RRSP.
Learn more: How to close your bank account in Canada
Why you might want to withdraw from your RRSP
You may at one point need to withdraw funds from your RRSP. It's essential to understand the implications of RRSP withdrawals, as they can have different tax consequences, depending on the purpose of the withdrawal. Here are some common scenarios:
Tax-free withdrawals
HBP: The Homebuyers' Plan allows first-time homebuyers to withdraw up to $60,000 from their RRSP to purchase a home without incurring immediate taxes. This withdrawal should be repaid within 15 years. If not repaid as required, it will be added to your taxable income. Participants who made their first withdrawal between Jan. 1, 2022, and Dec. 31, 2025, can defer the start of their 15-year repayment period by an extra three years.
Lifelong Learning Plan (LLP): The Lifelong Learning Plan permits you to withdraw up to $10,000 per year, to a lifetime maximum of $20,000, from your RRSP to finance your or your spouse's education. You must repay the amount withdrawn within 10 years.
Taxable withdrawals
Emergent financial need: If you find yourself in a financial crisis, you can withdraw funds from your RRSP. Keep in mind that these withdrawals are fully taxable, and you'll need to report them as income in the year you make the withdrawal.
Regular retirement withdrawals: When you retire, you'll likely begin withdrawing funds from your RRSP as a source of retirement income. These withdrawals are taxed as regular income and can have an impact on your tax liability.
Before withdrawing from your RRSP, consult with a financial advisor or tax professional to understand any specific tax implications of the withdrawal. Proper planning can help you make informed decisions about when and how to access your RRSP savings while minimizing your tax liabilities.
Related: RRSPs: Advantages beyond retirement savings
Ready to find the right RRSP?
Talking through your RRSP options with a financial advisor is an important step. Discuss your financial and retirement goals to make informed choices that minimize and provide you with a reliable source of income throughout your retirement years.
By understanding the process, addressing common misconceptions, and staying informed about the options available, you can ensure that your retirement savings continue to grow with you.
Read next: Does having a self-directed RRSP mortgage make sense?
Arshi Hossain, Associate editor
Arshi Hossain is the associate editor at Rates.ca. She has 4+ years of experience in delivering strategy-backed digital content through various mediums. Her expertise lies in breaking down complex information, meeting people where they are, and in the moments that matter.
Prior to joining Rates.ca, she worked in the editorial and digital content space at Wealthsimple, supported digital strategies, and UX writing for payment products and solutions at Bank of Montreal. She has also worked with startups to support editorial, content writing, communications, copywriting, and marketing needs.
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