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
Low Cost RRSP accounts
Re: Low Cost RRSP accounts
$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.
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- Veteran Contributor
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Re: Low Cost RRSP accounts
If you have another RRSP, consider consolidation. It makes management much easier.
IOW, you're less likely to misplace $9G.
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- Veteran Contributor
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Re: Low Cost RRSP accounts
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.
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.
Re: Low Cost RRSP accounts
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