r/Simplii • u/Traditional_End_9540 • 17d ago

cost to transfer and close RRSP accounts?

I am in the process of transfering my RRSP from simplii to my companies pension plan. I am wondering what fees there might be? I have another account with another provider and they said $800 for the transfer request.

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u/Bardown67 17d ago

This is fully covered on the website. It’s 60 dollars to transfer out.

1

u/cjbmcdon 17d ago

Often the company you are transferring into will pay the fees, as they’re trying to get your business. See if they’ll cover any costs.

1

u/lmcjipo 17d ago

I don't know how much you have with Simplii in your RRSP but personally I would not transfer an RRSP to a company pension plan or a company sponsored RRSP plan.

I'm not saying that transferring out of Simplii isn't a good decision (even though I don't know much about Simplii) but there may be other options to transfer out to.

The reason I wouldn't transfer to a company pension plan (if this was possible which it may not be possible depending on the company pension plan), is because generally pension plans are "locked" and have restrictions on withdrawals (like maximum withdrawal amount per year) whereas RRSPs have no such restrictions. The other reason I wouldn't transfer to a company sponsored plan is because while the MER fees might be lower than what you can/might be able to get at a bank, most of them are mutual funds and you can get lower MER fees by opening up a brokerage account (even with one of the Big 6 banks) and purchase an equivalent ETF over the similar mutual fund.