How to Transfer Your TFSA or RRSP to Another Broker (2026 Canadian Guide)

This is one of those tasks that is genuinely simple and genuinely easy to get expensively wrong. The expensive mistake takes about thirty seconds to make.

The mistake: withdrawing instead of transferring

If you withdraw $50,000 from your TFSA at Broker A and deposit $50,000 into a TFSA at Broker B in the same calendar year, you have not moved your account. You have made a withdrawal and a new contribution.

Withdrawn TFSA amounts are only restored to your contribution room on January 1 of the following year. If you don't have $50,000 of unused room sitting there, you've over-contributed — and the CRA charges a penalty of 1% per month on the excess amount, for every month it stays there.

With an RRSP it's worse. An RRSP withdrawal is fully taxable income in the year you take it, subject to withholding tax at source, and the contribution room is gone permanently.

The correct method never has the money in your hands. The institutions move it between themselves, and the CRA sees a transfer rather than a withdrawal-and-contribution.

Step 1: Open the account at the new broker first

You cannot transfer into an account that doesn't exist. Open the matching account type — TFSA to TFSA, RRSP to RRSP, non-registered to non-registered.

You can transfer between account types in some cases (a TFSA to an RRSP, for example), but that is a withdrawal and a contribution with all the tax consequences, not a transfer. Match the types.

Step 2: Decide in-kind or in-cash

This is the real decision.

In-kind transfer moves your actual holdings — your shares of a given ETF arrive as shares of that ETF. You stay invested the entire time. There is no sale, therefore no tax event in a non-registered account.

In-cash transfer sells everything at the old broker and moves the proceeds as cash. You then rebuy.

Choose in-kind when:

• You are transferring a non-registered account. Selling triggers capital gains tax. In-kind avoids it entirely.
• You want to stay invested through the transfer window.
• Your holdings are transferable — most listed stocks and ETFs are.

Choose in-cash when:

• You hold proprietary products the new broker cannot accept. Bank-branded mutual funds and some robo-advisor portfolios frequently cannot move in kind.
• You were planning to sell those holdings anyway.
• You hold fractional shares, which typically cannot be transferred and are usually liquidated automatically.

Mixed transfers are possible. You can move most holdings in kind and liquidate the ones that can't move.

Step 3: Submit the transfer form at the receiving broker

The new broker initiates. Not the old one. You'll need:

• The old broker's name and institution number
• Your account number at the old broker
• A recent statement — most brokers ask for one from the past 30–90 days
• Whether you want full or partial transfer
• In-kind or in-cash election

Check every digit of the account number. A transposed digit is the single most common reason a transfer sits in limbo for three weeks.

Step 4: Wait — and know what's normal

Typical timelines:

• Non-registered and TFSA: about 2–4 weeks
• RRSP and locked-in accounts: 3–6 weeks, sometimes longer
• Anything involving a bank's mutual funds or a manual process: longer still

During an in-kind transfer, your investments stay invested; you simply may not be able to trade them for a period. During an in-cash transfer, you are out of the market while the money moves — which is a real risk. Markets don't pause for paperwork.

Do not panic if the assets briefly appear in neither account. That's normal mid-transfer. It is also why you should keep the old statement.

Step 5: Get the transfer fee rebated

The outgoing broker charges the fee, typically in the range of $135–$200 per account plus tax. Note "per account" — moving a TFSA and an RRSP means two fees.

Most competitors will reimburse it. Common terms:

• A minimum transfer size, frequently around $15,000 in assets
• A cap on the amount reimbursed
• A requirement to submit the statement showing the fee after it appears

That last step is where people lose the money. The rebate is rarely automatic. Take a screenshot of the fee on your final statement and send it to the new broker's support team.

The checklist before you pull the trigger

• Do you have anything the new broker can't hold? Check first, not after.
• Are you mid-DRIP? Dividend reinvestment plans need re-enrolling at the new broker.
• Do you have pending trades or unsettled positions? Let them settle.
• Do you have automatic contributions set up? Cancel them at the old broker and recreate them at the new one, or your deposits will keep landing in the wrong place.
• Is your book value going to transfer correctly? For non-registered accounts, your adjusted cost base matters enormously for future tax. Brokers often transfer book values inaccurately or not at all. Save your old statements — the responsibility for accurate ACB is yours, not your broker's. Our Canadian capital gains guide explains why.
• Are you leaving for a good reason? A sign-up bonus is a one-time payment. Fees, FX spreads and available account types affect you annually.

Frequently asked questions