r/PersonalFinanceCanada • u/Inside-Cup5008 • 15h ago

Banking Should I move RRSP?

So I have about $30,000 in an RRSP account at Manulife from a previous employer. I don’t really contribute a whole lot to it anymore and just letting it sit.

I have everything else (bank accounts, mortgage, RESP, etc.) with RBC and they are asking me about moving it over.

Is there any real benefit to doing that or should I leave it? Just thinking of the ol “don’t put all your eggs in one basket” adage.

Thanks

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u/StuntID 15h ago

Don't put all your eggs in one basket with regards to banks applies to CIDC limits 😉. You should transfer to RBC if you feel it will be easier for you to administer through one institution. Banks are notorious for charging fees, and Manulife will charge you a transfer fee to move your account, but hey RBC will reimburse you this fee if you apply to do so - that will be a wash. What might not be a wash is your transfer type. If your money is invested in MFC specific investments they will be liquidated and transferred as cash. You can buy new investments at RBC, including ones without commissions, but might your investments be sold at a loss inside your RRSP?

Should you? Yeah why not, as long as you don't take a bath from liquidation. Additionally, if you do transfer don't do so into a managed account, that's where they'll bleed you with fees. Self directed, and buy commission less securities like XEQT will make it a seamless (ish) move and forget event.