The time required to completely transfer your account depends primarily on the type of account you are transferring and investment products you currently hold. Please note that your assets may not all be transferred at exactly the same time. Under current IIROC regulations, transfers may take approximately 2 to 6 weeks from the time of receipt by the relinquishing institution. Certain Registered Account types may take longer to transfer. These include the following:
Locked-In Accounts:
These plans generally take longer to transfer, as additional documents are required in order for the receiving institution to administer the account, as set out under the various Provincial and Federal Legislations. It is imperative to ensure that the account opened at your new firm is opened as LOCKED IN, and under the same Provincial or Federal Legislation as your current account; otherwise, this may cause a delay in the transfer of your account.
RRIF Accounts:
RRIF account transfers may exceed regulatory time frames as the delivering institution is generally required to pay to the client the full year RRIF minimum payment. This must be done before the transfer can be processed. Please ensure that there are sufficient funds in your RRIF account to cover the minimum payment to avoid a delay.
If we have a question regarding the information on the transfer form, we will reach out to you by email to clarify. You can track the status of your transfer by going to Accounts → Transfer Funds, select Transfer an Account and go to Transfer History.