Tips for a successful transfer

Transfers between financial institutions involve a lot of moving parts — and sometimes, the institution you're transferring from will reject a request due to small discrepancies on their end. While we can't control how other institutions review or process transfer requests, there are a few simple things you can do on your end to set your transfer up for success and help it move along as quickly as possible.

Double-check your personal information. Before starting your transfer, make sure the personal details on file with Common Wealth — like your legal name, SIN, and address — match what's on file at your other institution. Even small mismatches are one of the most common reasons transfers get rejected.

Make sure you're transferring into the same account type. Your Common Wealth account needs to match the account at your other institution. For example, an RRSP at your bank must be transferred into an RRSP at Common Wealth — not a TFSA or another account type.

Follow up with your current institution. Roughly five days after initiating your transfer, contact your current financial institution to confirm they've received the request and ask them to process it promptly — this can meaningfully speed things up. While most transfers complete in 3–4 weeks, actual timelines may vary.

Create a clear, consistent digital signature. Your signature is one of the key pieces other institutions use to verify your request. Take your time when signing, and try to match your usual signature as closely as possible. Signatures that look rushed or noticeably different from what's on file are a common cause of rejection.

Be specific when selecting your financial institution. Many banks and financial institutions operate under several different business names (for example, RBC vs. RBC Dominion Securities). Selecting the exact division that holds your account ensures your transfer request is sent to the right place.

If you're holding USD in a cash position, consider converting to CAD first. Since transfers come over in Canadian dollars, converting your USD holdings to CAD ahead of time can help prevent delays and unexpected exchange rate surprises.

Transfers are "in cash" only. This means your current institution will sell your existing investments and transfer the cash value to Common Wealth. We're not able to accept "in kind" transfers, where the individual investments (like stocks, ETFs, or mutual funds) are moved over as-is.

Make sure your account type is supported. We only accept certain kinds of transfers. Learn more about the types of transfers we support. We're not able to accept transfers of spousal RRSPs, RESPs, or FHSAs. If you're transferring an account that isn't a TFSA, RRSP, or RRIF, please reach out to support@commonwealthretirement.com before starting your transfer so we can walk you through the next steps.

Chequing and savings accounts can't be transferred. Transfers in are only for registered accounts. If you're looking to deposit money from your bank account, you can make a one time contribution instead.

Already started your transfer?

If you've already initiated your transfer and want to make changes based on anything you've read here, reach out to our support team — we're happy to help get things back on track.