# RRSP Transfer Question



## young_gun (Jan 20, 2010)

Hello everyone,

I had an old RRSP that I finally decided to transfer out to my self-directed account. I had to pay a $150 fee and $7.50 in GST. Does the CRA view this as a withdrawal on my RRSP account? Furthermore, the self-directed account is getting a reimbursement for these fees. Will this be viewed as a RRSP contribution and a loss of contribution room?

I tried googling this, but didn't find anything relevant. I realize this won't be very much, but am curious to know before tax season.

Thanks.


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## AltaRed (Jun 8, 2009)

Usually the insitution transferring out deducts the 'administrative' fee from within the RRSP, and the receiving institution counteracts it by applying a negative 'administrative' fee from within the RRSP. No effect on contribution room. Just ask the receiving insitution first how they plan to do that so that contribution room is not affected.

Some years ago when RBC DI had their 1% bonus to transfer accounts to them, the bonus was applied as a negative 'administration' fee within the new transfered accounts, both registered and non-registered. No effect on contribution room in registered accounts, and non-taxable income in non-registered accounts.


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## young_gun (Jan 20, 2010)

Thank you for the info. Much appreciated.


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