I recently moved to a new town and would like to change the financial institution that my RDSP is with so that it is in walking distance from me. Am I able to do this?
Yes. Making an RDSP transfer between Financial Institutions (FI) has sometimes been complicated, but the government and FIs have worked to simplify and speed up the process.
Presently, we suggest taking the following steps to transfer your RDSP:
- Go to your new FI and open an RDSP saying that you already have one elsewhere but want to make a transfer
- Fill out the Transfer Form at the new FI, they should have them available
- Your new FI will go to the old FI and arrange the transfer
- It will probably take a number of months, like the transfer of any registered plan, including RRSPs and RESPs
- You do not have to be involved in the transfer, but if you want to help speed up the process, you can offer to carry the papers back and forth between the old and new FIs
– Plan Institute
If you need assistance please call our RDSP Helpline at 1-844-311-PLAN (7526) or email firstname.lastname@example.org. We also hold free RDSP information sessions. Click here to learn more and to register.