How to Transfer a TFSA or RRSP to Another Broker in Canada (2026 Guide)

You can move a TFSA, RRSP, FHSA or non-registered account from one Canadian broker to another without selling anything, without triggering tax, and without losing a dollar of contribution room.

Most people don't, because they assume it's complicated or that they'd have to liquidate. Neither is true. The receiving broker does nearly all the work, the process runs on a national electronic network, and the fee your old broker charges is usually reimbursed by the new one.

Here's exactly how it works.

Why people move

Usually because they're overpaying. If you're at a bank-owned brokerage paying $9.95 per trade while Questrade, Wealthsimple, Qtrade and National Bank Direct Brokerage offer $0 commissions on stocks and ETFs, every trade is money left on the table. Twenty-four trades a year at $9.95 is $240.

Other common reasons: your current broker doesn't offer an account type you want (FHSA, for example), doesn't support USD-side holdings, or has an interface you avoid using.

The mechanism: in-kind transfers and ATON

Canadian brokerages transfer accounts through ATON — the Automated Transfer of Account Numbers system, an electronic network connecting Canadian financial institutions.

You initiate the transfer at the receiving broker, not the one you're leaving. You'll need a recent statement showing the account number, exact account type, and institution name.

You then choose the transfer mode:

• In-kind — your securities move as-is. Nothing is sold. This is what you want in almost every case.
• In-cash — everything is sold, and cash moves. Avoid this in a non-registered account.
• Mixed — some positions move, some are sold.

You also choose full or partial. You can move just your TFSA and leave your RRSP, or move only selected holdings.

The old broker validates the request, freezes the account, and delivers the securities.

What it costs — and who pays it back

Your old broker charges a transfer-out fee. Typical ranges as of 2026:

The fee is charged per account. If you hold a TFSA, an RRSP and a non-registered account at the same broker, that's three separate fees — roughly $450 before a single dollar moves.

The reimbursement is where the money is. Most receiving brokers rebate the transfer-out fee, applied as a credit to your new account's cash balance after you submit proof of the charge. As of 2026:

• Wealthsimple reimburses up to $200 per account transferred, generally where the qualifying transfer from that account meets a minimum threshold (commonly $25,000). It has also run cash bonuses of 1–3% on transferred amounts in tiers based on total size.
• Qtrade has run offers including a 1% match on net new transfers between $25,000 and $2 million, to a maximum bonus of $20,000, paid in equal monthly instalments over 24 months, with clawback provisions if you withdraw more than a set percentage during the hold period.

Two important limits:

• You must pay the fee first, then claim. It is a rebate, not a waiver.
• Check whether the cap is per account or per client. A $150-per-account cap covers a TFSA and RRSP moving together ($300). A per-client cap might only cover $150 of it.
• Cash bonuses received from a brokerage may be taxable as income. Budget for that.

Registered accounts: the rule that protects your room

This is the most important paragraph in the article.

A direct institution-to-institution transfer is neither a withdrawal nor a contribution. Your TFSA room stays intact. Your RRSP deduction limit is untouched. No tax applies.

Never withdraw the money yourself to re-deposit it at the new broker. If you withdraw from a TFSA, that room does not come back until 1 January of the following year — and re-depositing in the same calendar year is an over-contribution that attracts a 1% per month penalty on the excess. If you withdraw from an RRSP, it is taxable income with withholding tax, and the contribution room is gone permanently.

Also: open the same account type at the new broker. TFSA to TFSA. RRSP to RRSP. FHSA to FHSA. Mixing types is treated as a withdrawal plus a contribution, with all the consequences above.

Note that RESPs, RRIFs, LIFs and RDSPs are commonly excluded from transfer promotions, even though they can usually still be transferred.

Non-registered accounts: why in-kind matters for tax

In a taxable account, an in-kind transfer does not trigger tax. Your securities move without being sold, so there is no disposition and no realised capital gain. Your adjusted cost base carries over.

An in-cash transfer sells everything first, which is a disposition, which triggers capital gains tax. On an appreciated portfolio that can be an expensive mistake made by ticking the wrong box on a form. See capital gains tax in Canada for what that actually costs.

Timeline and what to expect

• 7–20 business days is typical for a standard ATON transfer; some in-kind transfers run 2–6 weeks.
• Bank-to-independent transfers tend to take longer. Independent-to-independent moves are often faster.
• Your assets will be frozen. You typically cannot trade in the old account once the transfer is initiated. Don't start one the week before an earnings report you care about.
• Market movement during processing can matter if a promotion has a minimum threshold. A transfer that starts at $25,100 and arrives at $24,600 can fail the minimum. Leave a buffer.

Your post-transfer checklist

1. Verify every position — same securities, same number of shares.
2. Check your displayed book cost. This is the most common problem. Book cost frequently transfers incorrectly or arrives blank, and in a non-registered account that directly affects your capital gains calculation later. Compare against your old statements and correct it with the new broker immediately.
3. Watch for the residual cash sweep. Small amounts — dividends paid after the transfer, interest — arrive weeks later in a second transfer.
4. Submit your fee reimbursement claim with proof of the charge.
5. Re-establish automatic contributions and DRIPs. These do not carry over.
6. Reconnect any portfolio tracking you use.

Frequently asked questions