# RRIF Transfer Blackout



## Retired Peasant (Apr 22, 2013)

Has anyone ever heard of this? A transfer of RRIF from National Bank to TDDI was submitted mid-November.
TDDI is saying that due to the 'RRIF Transfer Blackout' period, no transfers can be done during December. They won't send the request for transfer to NBC until January.


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## agent99 (Sep 11, 2013)

Retired Peasant said:


> Has anyone ever heard of this? A transfer of RRIF from National Bank to TDDI was submitted mid-November.
> TDDI is saying that due to the 'RRIF Transfer Blackout' period, no transfers can be done during December. They won't send the request for transfer to NBC until January.


I have heard in past that there is a cut-off for RRIF transfers. It is in about mid December. I suppose it gives time for the end of year value to be calculated accurately.


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## Beaver101 (Nov 14, 2011)

I would want to see it in writing from the brokerage as to what the "Blackout Period" is ... eg. entire month of December? despite you initiated the transfer in mid-November.


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## Retired Peasant (Apr 22, 2013)

Beaver101 said:


> I would want to see it in writing from the brokerage as to what the "Blackout Period" is ... eg. entire month of December? despite you initiated the transfer in mid-November.


Yes I have an email - it's the entire month of December. In my case I don't care if it arrives in January, I just hadn't heard there was a blackout period. Even calculating the end of year value - surely that isn't done until December 31, and done by a computer.


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## Beaver101 (Nov 14, 2011)

^ Perhaps I should have been clearer. I would want to see it "officially=legally" in some documentation / the agreement of such said "Blackout Period" (along with its length) and not some arbitrary email from the brokerage because nowadays, some of the CSRs who send those emails/responses don't know the difference between their right and left hands, making things up so that they can cloak what they're doing.

I have not yet had the chance to deal with RRIFs but have done RRSP transfers between banks (and yes, during the Christmas holidays which was painful (hindsight)) and I don't think the transfer procedures are that much different between the 2 types of accounts although the re set-up of the RRIF at the new institution would need to be closer looked at. 

This means I have not heard of a "Blackout" for RRSP transfers ... and if it does legally exists, I would be really concerned it's for the entire month (aka 1 month duration! or in your case 6 weeks of nothing ado). 

Have you asked your brokerage what happens to your account in the meantime or what are they doing with your account? Just let it sit there ... ???? 

You might want to enquire as to "exactly" when will your funds get transferred? As well as why didn't they warn you of this supposedly "Blackout" period back in mid-November when you made the application ... I mean today is December 10, some 3 weeks later. They might as well hang up a sign saying "gone ice-fishing".


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## Money172375 (Jun 29, 2018)

Beaver101 said:


> ^ Perhaps I should have been clearer. I would want to see it "officially=legally" in some documentation / the agreement of such said "Blackout Period" (along with its length) and not some arbitrary email from the brokerage because nowadays, some of the CSRs who send those emails/responses don't know the difference between their right and left hands, making things up so that they can cloak what they're doing.
> 
> I have not yet had the chance to deal with RRIFs but have done RRSP transfers between banks (and yes, during the Christmas holidays which was painful (hindsight)) and I don't think the transfer procedures are that much different between the 2 types of accounts although the re set-up of the RRIF at the new institution would need to be closer looked at.
> 
> ...



How was the transfer initiated? At NB or TD? When I started in banking in the late 90s, outgoing completed transfer forms where stockpiled and given to a junior employee so they could call the customer and try to retain the business. Transfers could be done on the spot or sent downtown to the transfer department. For customers who wanted to bring their accounts to me quickly, I would encourage them to walk into their other bank and ask for the funds on the spot.....they would then bring the cheque directly to me (for cash transfers). There is a voluntary pledge that most of the banks have signed on to regarding rsp/rif transfer times. 

https://cba.ca/Assets/CBA/Documents...20090000_guidelinesfortransfersofplans_en.pdf

I do vaguely recall that December was a blackout period and rif accounts were “frozen”. Likely a legacy issue of old computer/database infrastructure. 

There are “electronic” transfers and “manual transfers. Some details outlined below. Aton transfers can happen very quickly. As someone who spent 20 years in retail banking, most transfer delays are the result of either human oversight (the transfer form sits on a desk purposely for days before being actioned ), capacity issues (back office is operating beyond capacity...typically Jan-March) or incorrect transfer form completion.

Here a little snippet on Aton vs non-Aton transfer. I found advisors were still using the old fashion manual carbon paper forms for years after Aton became mainstream.

******ATON is an electronic transfer method that eliminates the physical exchange of paper documentation between institutions (signed documents are still required to begin the process). Electronic transfers can only be completed between two Canadian Financial Institutions. A Customer Unit Identifier (CUID) is the four letter code identifying code CDSX and the ATON system use for communications between CDS (Clearing and Depository Services Inc.) and members of the financial community. CDS assigns CUID codes to institutions that clear and settle securities trades through its services.

NOTE: not all securities are eligible to be transferred electronically, so even if the request is initiated on ATON, some securities may still be transferred manually. 

Manual (Non-ATON) transfers require documentation to be passed between the receiving and delivering institution manually. All manual requests are sent via mail, courier or messenger. *******


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