If you're thinking about moving your RRSP, TFSA, RRIF, or other accounts to another financial institution, here’s what you need to know to make an informed decision and ensure it aligns with your financial goals. We also want to highlight some of the benefits of staying with Common Wealth to help you weigh your options carefully.
What is a Transfer Out?
A transfer out moves your investment accounts to another institution without triggering taxes or penalties, unlike a withdrawal. This process keeps your funds within a registered account, maintaining their tax benefits. There is a $75 + tax fee for each transfer.
How to Initiate a Transfer
Contact the New Institution: Transfers out start at the receiving institution. They will provide the necessary paperwork to initiate the transfer and will send us the documents.
Provide Your Details:
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Name and Account Number: Find your account number in your plan by clicking on your name (desktop) or menu icon (mobile). Both TFSA and RRSP use the same account number.
Common Wealth Address: 214 King Street West, Suite 314
Toronto, ON M5H 3S6 - Optional Account Statement: Some institutions might ask for a statement to help with the transfer process, but this is optional. You can provide your annual statement available in your plan if needed. Where can I find my annual statements?
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Name and Account Number: Find your account number in your plan by clicking on your name (desktop) or menu icon (mobile). Both TFSA and RRSP use the same account number.
Submit Paperwork: The receiving institution will fax the documents to +1 647-492-8552 or email support@commonwealthretirement.com.
Why Consider Staying with Common Wealth?
At Common Wealth, we aim to provide you with exceptional value for your retirement savings. Here are some benefits to consider before deciding to transfer your accounts:
- Competitive Fees: Our fees are generally lower than the Canadian average of 2% for target date funds, allowing you to keep more of your money invested and growing over time. You can view your specific fee by logging into your plan and checking the "Investments" tab.
- Top-Tier Investment Options: We offer BlackRock target date funds, a leading choice for retirement savings. These funds automatically adjust based on your age—taking more risk when you are younger and becoming more conservative as you approach retirement, providing a hands-off investment strategy that adapts to your needs.
- Personalized Support: Our team of Canadian-based representatives is here to support you every step of the way. Whether you have questions about your plan or need guidance on your retirement savings strategy, we're committed to helping you make the best choices for your financial future.
Consider Before Transferring
- Avoid Multiple Fees: Each transfer costs $75. If you're still receiving payroll contributions from your employer, consider waiting to avoid multiple fees.
- Evaluate Costs: Check fees at the new institution to ensure you're not paying more.
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