Low Cost RRSP accounts

Preparing for life after work. RRSPs, RRIFs, TFSAs, annuities and meeting future financial and psychological needs.
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protectororb
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Low Cost RRSP accounts

Post by protectororb » 01 Aug 2017 15:46

Looking to transfer my RRSP balance about 9K from Sunlife Financial to some other institution with either no annual fees or low fees. Right now I am paying $10 per month in fees. After November 1st this fee gets hiked to $15.

Right now my money is parked in a money market fund. I totally forgot that i had that money sitting at sunlife. Looking for a moderate return.

Any suggestions?

Thanks :beer:

gobsmack
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Re: Low Cost RRSP accounts

Post by gobsmack » 01 Aug 2017 20:09

$9k may be too little for a brokerage account. One good option might be to open an RRSP with TD Canada Trust and invest in TD e-series funds.

fireseeker
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Re: Low Cost RRSP accounts

Post by fireseeker » 02 Aug 2017 11:20

protectororb wrote:
01 Aug 2017 15:46
I totally forgot that i had that money sitting at sunlife.
If you have another RRSP, consider consolidation. It makes management much easier.
IOW, you're less likely to misplace $9G. :shock:

OhGreatGuru
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Re: Low Cost RRSP accounts

Post by OhGreatGuru » 02 Aug 2017 15:12

I concur with both of the above comments. Also, if you have not been thorough it before, the procedure is to have the receiving institution arrange the transfer. It:
a) ensures it is done correctly to avoid problems with CRA;
b) avoids confrontation with Sun Life over why you are taking out your money; and
c) usually the receiving institution will pay for any account closing fees by SunLife in return for your business, though for only a $9K balance they might not do that.


Any of the Big Banks have no-fee investment accounts (generally in mutual funds or GIC's). TD e-funds are the lowest MER index mutual funds. If I recall from other threads, the retail bank tellers won't sell you e-funds directly. TD keeps the MER low by selling them only through on-line banking. So you have TD open an RRSP account, and arrange to transfer the money in cash to it. And after it arrives you buy the e-funds on-line.

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kcowan
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Re: Low Cost RRSP accounts

Post by kcowan » 02 Aug 2017 18:00

A TD/CT RRSP account for eFunds will probably be cheaper than a TDDI account. They like to charge $25/yr unless you have other accounts for such a low balance.
For the fun of it...Keith

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