Not every Financial Institution (FI) is right for everyone. And many different types of FIs offer RDSPs, including banks, credit unions and trust companies. See the most up-to-date list of FIs that offer the RDSP here.
Perhaps you are currently with one FI but would like to switch to another. This may be the case for a number of reasons— such as convenience, including hours of operation, online services or location—or for Financial Planning purposes, such as knowledgeable staff, flexibility in joint-account-holders or the types of investments being offered.
Making an RDSP transfer between FIs has sometimes been complicated, but the government and FIs has worked to simplify and speed up the process.
Presently, we suggest taking the following steps to transfer your RDSP:
- Go to your new Financial Institution 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
If you would like to see the transfer form ahead of time, click the following link: RDSP – Plan Transfer Form – Fillable