Transfer-in From Another Financial Institution FAQs

Got questions about transferring your investments, assets or accounts to RBC Direct Investing? Check out the FAQs below, watch our video or follow the link to get started now. 

Why do only some of my accounts appear in the "Transfer to Account" drop-down menu?

The list of accounts in the drop-down menu is based on the delivering institution Account Type provided in Step 1. Only transfers between the same type or like accounts (ie. RRSP to RRSP, TFSA to TFSA etc.) are permitted so you may only see an abbreviated list of accounts in the drop down menu. Incompatible accounts will not appear on the list.

What is an in-kind transfer?

This simply means transferring some or all of your investments to your RBC Direct Investing account "as is." An in-kind transfer is one of the quickest and easiest ways to move an account and keep your existing investments exactly the way they are. There is no selling or buying involved, and your investments will be added to your account at the market value on the date they are received. Note that only “like” accounts can be transferred into one another. For example, RRSP to RRSP, TFSA to TFSA etc. 

What is all in cash transfer?

This means that your investments at the delivering institution will be sold (commissions may apply) and the cash proceeds will be transferred to your RBC Direct Investing account. If you are transferring from a non-registered account, selling investments may trigger tax consequences.

What is a mixed transfer?

This means that the account assets being transferred in will be partially in-kind (see above) and partially in cash (from sale proceeds).

What is partial transfer?

This means that only a portion of your assets will be transferred to your RBC Direct Investing account

How long does it take to complete a transfer?

Transfer times vary depending on where the transfer is from, the type of transfer and whether the transferring institution has electronic processing. 

* Transfer requests that include GICs may take longer to complete.
** Transfers from mutual fund companies, insurance companies and financial institutions without electronic processing generally take 2 to 6 weeks to complete upon receipt of your transfer request.

How do I avoid delays in having my transfer completed?

An account transfer request may be rejected or delayed by the delivering institution for a number of reasons, including:

• Insufficient funds available to cover fees at the delivering institution
• Delivering account is not in good standing (i.e. in a margin call, short position)
• Incomplete transfer form
• Name and/or SIN of the delivering account does not match that of the receiving account
• Delivering and receiving account types do not match. For example, you attempt to do a transfer from a Locked-In Account to Non Locked-In Account; a Non-registered Account to Registered Account or a Corporate Account to Personal Account.

Can I make a contribution by transferring assets from my non-registered account with another financial institution to my registered account with RBC Direct Investing?

Assets from non-registered accounts held with another institution cannot be contributed directly to your RBC Direct Investing RSP account. You must transfer these assets to your existing non-registered account. If you do not have a non-registered account you will need to open one. Once the assets are in your account you can request a contribution in kind by contacting one of our investment service representatives at 1-800-769-2560.

To transfer in securities and/or cash, please see How to Fund Your Account.

Are there tax consequences if I transfer my registered account to RBC Direct Investing?

There are no tax implications for transferring in your RRSP, TFSA or RESP to a similar, non-taxable (ie. registered) account at RBC Direct Investing.

I already have a TFSA - can I transfer into another / open another etc.?

If you have more than one TFSA, you can transfer funds between them without affecting your TFSA contribution room — as long as the transfer is done directly between the TFSAs.  

If you withdraw cash from one TFSA and contribute that amount to another TFSA, it will be considered a separate contribution – not a transfer. That contribution will reduce, and may even exceed, your TFSA contribution room for the year. Over-contributions to a TFSA will result in penalty being levied by CRA.

Is there a cost to transfer my account to RBC Direct Investing?

RBC Direct Investing does not charge a fee to transfer in your account. However, the delivering institution may charge a fee to transfer out. There may also be commissions applicable for liquidating certain securities.                          

Will RBC Direct Investing cover transfer fees paid to my delivering institution?

RBC Direct Investing Inc. will reimburse you up to $200 CDN in transfer fees paid by you to another financial institution when $15,000 CDN or more in investments is transferred into a new or existing RBC Direct Investing account. You must provide a copy of the statement from the transferring financial institution showing the transfer charge within six months to qualify for the reimbursement.

Are there any securities that cannot be transferred to RBC Direct Investing?

The following asset types cannot be transferred to RBC Direct Investing:

• Restricted shares
• Hedge Funds
• Foreign Listed Positions that are not traded in North American markets
• Uncovered Options Positions
• Warrants

Should you have any questions or are requesting a transfer rebate, please call us at 1-800-769-2560. Our Investment Services Representatives are available Monday to Friday from 7 a.m. to 8 p.m. ET. If you are calling locally or from outside of North America simply call 416-977-1255.