Already have a registered account with another financial institution? Bringing it over to your Common Wealth plan is quick and easy — you can start a transfer in just a few minutes from your phone or computer, whether you're new to the plan or an existing member.
A transfer in moves an existing registered account from another institution into your Common Wealth account. It's not a new contribution — just your existing account finding a new home. No impact on your contribution room, and no tax surprises.
Why transfer your account to Common Wealth?
Consolidating your registered accounts with Common Wealth comes with a few meaningful benefits:
- Lower fees, so more of your money grows over time. Fees can quietly eat into your long-term returns — bringing your accounts to Common Wealth helps you keep more of what you earn.
- Easier to manage. Having your registered accounts in one place means less paperwork, fewer logins, and a clearer picture of your retirement savings.
- Access to Common Wealth's resources. You'll benefit from financial planning support, educational resources, and professionally managed investments like the BlackRock LifePath target date funds.
Things to know before you transfer
Before you start a transfer in, there are a few important details to keep in mind:
- Chequing and savings accounts can't be transferred. Transfers in are only for registered accounts like RRSPs/TFSAs/etc. If you're looking to deposit money from your bank account, make a lump sum, one time contribution instead.
- We accept transfers of the following account types: RRSP, TFSA, RRIF/LIF, LIRA, DPSP, and past workplace pensions.
- Transfers take time. Most transfers take a few weeks from start to finish. We move quickly on our end, but the bulk of the timeline is in the hands of your other institution — some are faster than others, and delays on their side can add extra time to the process.
- Transfers are "in cash" only. This means your current institution will sell your existing investments and transfer the cash value to Common Wealth. We are not able to accept "in kind" transfers, where the individual investments (like stocks, ETFs, or mutual funds) are moved over as-is.
- The account type must match. You can only transfer between the same type of account — for example, RRSP to RRSP, or TFSA to TFSA. You can't transfer a TFSA into an RRSP, or vice versa.
- Your other institution may charge a transfer-out fee. Most Canadian financial institutions charge a fee (typically between $50 and $150) to release your account. This fee is set by them, not by Common Wealth.
After you’ve completed your transfer-in, make sure to reduce your “Other savings” amount in your account so that your retirement plan reflects this new information. Log into your account using your computer to make the update.