RRSP and TFSA transfer fees at Canadian banks
Moving a registered plan to another bank can cost a fee even when the transfer itself is not a taxable withdrawal. This page is the transfer-out dollar each institution printed on 20 October 2026. A withdrawal you take in cash is a different line.
Last updated: October 20, 2026
Last checked: Oct 2026
The transfer-out fee
Opened 20 October 2026. Match the product. A bank RRSP savings account and a self-directed brokerage account at the same brand can print different dollars. Closing a chequing account is a different fee, on account closing fees at Canadian banks. The line on your own statement is the one that counts. Upload it on the upload page. The PDF stays on your device. Expenvo lists the lines. It does not sign in to the bank.
| Plan | Fee the page prints | What the same page also says |
|---|---|---|
| RBC Royal Bank RRSP | $150.00 | The RRSP page says a transfer to a financial institution outside RBC and its affiliates is $150.00. The rules page opened the same day says the fee is $150 at RBC Royal Bank, $135 at RBC InvestEase, and $150 at RBC Direct Investing. A group RRSP FAQ prints $50. That is a different plan. |
| TD Canada Trust RSP and TFSA | $150.00 per transfer | The list of services effective 5 March 2026 prints $150.00 to transfer an RSP to another financial institution, plus tax. It does not apply to a Home Buyers' Plan or Lifelong Learning Plan withdrawal, or to a transfer between TD investment options or to another TD registered plan. The TFSA transfer to another institution is also $150.00, and it does not apply to a transfer between TD investment options or to another TD TFSA. An RSP withdrawal is a different line: $100.00 if the plan has been open 180 days or less, and $50.00 if it has been open longer. |
| Scotia Registered Savings Account and TFSA | $150 | The fees-at-a-glance table prints $150 to transfer a Scotia Registered Savings Account (RSP, LIRA, LRSP, RLSP) or a Scotia TFSA to another financial institution. A transfer to another member of Scotiabank is free. An eligible RSP withdrawal on that table is $50. A TFSA withdrawal is free. |
| BMO InvestorLine Self-Directed | $0 | The FAQ says BMO InvestorLine is bringing the transfer-out fee from $150 to $0, along with several other administration fees. This row is Self-Directed. It is not every BMO investment account. |
| CIBC RRSP Daily Interest Savings, GIC, and TFSA | $100.00 per transfer | Additional service fees print $100.00 to transfer a CIBC RRSP, RRIF, or LIF Daily Interest Savings Account or GIC, and $100.00 to transfer a CIBC TFSA Tax Advantage Savings Account or GIC. The fee schedule PDF prints the same $100.00 for a full or partial transfer to a financial institution other than CIBC. |
| CIBC Imperial Investor Service | $150 CDN | The other-fees section prints $150 CDN for full and partial transfers. The fee is waived if the plan moves within the CIBC group of companies. This row is Imperial Investor Service. It is not the $100.00 bank savings and GIC row above. |
A transfer is not a cash withdrawal
TD prints a withdrawal fee and a transfer fee on the same list. Scotiabank prints an eligible withdrawal fee and a transfer fee on the same table. Use the column that matches what you asked the institution to do. A direct transfer of an RRSP to another RRSP is the transfer row. Cash in your pocket is the withdrawal row, and tax can apply to an RRSP withdrawal.
The receiving institution sometimes offers to repay a transfer fee the other side charged. TD Direct Investing's getting-started page says it will cover transfer fees up to $150 when you move from another Canadian brokerage. That sentence is about money coming in to TD. It does not cancel the fee the bank you are leaving prints.
Questions
- Is an RRSP transfer to another bank taxable?
- RBC's rules page says you can transfer RRSPs between financial institutions without paying taxes on them. The fee on this page is the service charge for doing that move. A cash withdrawal is a different request.
- Does every CIBC registered account cost $100 to leave?
- No. The bank savings and GIC schedule prints $100.00. CIBC Imperial Investor Service prints $150 CDN, waived for a move inside the CIBC group.
- Does BMO still charge $150 to transfer out?
- The InvestorLine Self-Directed FAQ opened on 20 October 2026 says the transfer-out fee is now $0. Use that FAQ for Self-Directed. A different BMO plan can still print a fee.
Sources
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