# Moving Resp from Sunlife to TD direct investing



## purplereina (Aug 13, 2017)

Hi,

I have an Rrsp account with Sunlife from my previous employer and I've been thinking of moving it to an Rrsp account with TD direct investing. My main justification is that I want to be able to invest directly in stocks and etfs which I'm not able to do if I continue to keep it with Sunlife (unless I'm missing something).

I'd like to know if there are disadvantages to doing this. I already have Tfsa and Resp accounts with Td direct investing so opening an Rrsp account with another financial institution is also an option as long as it allows me to invest in etfs and stocks. 

Any inputs are appreciated.

Thank you


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## purplereina (Aug 13, 2017)

*Sorry, I meant "Rrsp with Sunlife" and not Resp*

Just realized I wrote Resp instead of "Rrsp" on the subject line.


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## Dilbert (Nov 20, 2016)

Yes, I move funds from Sunlife RSP into my TD SDRSP all the time. All you need to do is visit a branch with your SL account number and Waterhouse looks after the rest. Might take a few weeks sometimes.

The benefit is massive as you can direct investments freely.


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## STech (Jun 7, 2016)

I've done this a few times, and the only pain is the paperwork, and wait times between transfers. Sunlife management fees were very expensive compared to ETFs, or TD e-series funds.


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## kcowan (Jul 1, 2010)

Just make sure there are no trailer fees due in the SunLife holdings.


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## like_to_retire (Oct 9, 2016)

I like to have all my accounts under one broker, so I think it's a good idea.

The receiving party (TD) will usually pay the fees that SunLife may charge.

ltr


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## Dilbert (Nov 20, 2016)

I've never been dinged. But then, the structures may vary.


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## ian (Jun 18, 2016)

I did the same but to RBC Direct. Also moved my National Bank brokerage account.

No issue whatsoever. National Bank did charge us to move. $200. or so for each of three accounts. BUT, I asked RBC Direct about it. They had an offer to cover fees up to $700. Just sent them the statements from National and they credited our cash account with $600.

Does not hurt to ask about fees and offsets. Perhaps TD Direct has a similar plan.

When we moved out TFSA's from CIBC they wanted a service fee of $150. each. No fee for cashing them in. This is what we did in late December. Then re-invested the funds in another instution in Jan. The trick is to keep your paper trail in case CRA raises an issue.


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## milhouse (Nov 16, 2016)

Subtle point to confirm is if the account with Sunlife is in fact a RRSP or DC pension.


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