How to transfer an RRSP, TFSA or FHSA to another institution without tax or lost room

To move an RRSP, RRIF, TFSA or FHSA to another institution, open the same type of account at the new institution and ask it to request a direct transfer; never withdraw the money yourself. For RRSPs and RRIFs the form is the CRA's Form T2033; for TFSAs and FHSAs the receiving institution uses its own transfer form. A direct transfer is not a withdrawal: there is no tax, no withholding, and no effect on your contribution room. A withdrawal followed by a deposit, by contrast, is taxable for an RRSP (and the room is lost) and uses new room in a TFSA.

This guide is part of the mistakes and official sources hub. General information only.

Direct transfer vs withdrawal

	Direct transfer	Withdraw and re-deposit
RRSP or RRIF	No tax, no withholding, room unaffected	Withdrawal taxed and withheld; re-deposit uses new room; old room lost
TFSA	Room unaffected	Re-deposit uses room; may create a 1% a month excess
FHSA	Room unaffected (FHSA-to-FHSA)	Withdrawal taxable unless qualifying; re-deposit uses room
Paperwork	Receiving institution handles it	You handle it, and the consequences

Step by step

Open the receiving account of the same type (RRSP to RRSP, spousal RRSP to spousal RRSP, TFSA to TFSA, FHSA to FHSA, RRIF to RRIF).
Get a recent statement of the old account showing the account number and holdings.
Choose cash or in-kind. In kind moves the same securities; in cash means the old institution sells first.
Sign the transfer request at the receiving institution (T2033 for RRSP or RRIF; its own form for TFSA and FHSA). Specify full or partial transfer.
Check the fee schedule of the old institution for a transfer-out fee, and ask the receiving institution whether it reimburses it.
Do not trade or withdraw in the old account once the request is sent.
Confirm completion: holdings arrive at the new account; the old account shows a transfer out (not a withdrawal); keep both statements.

Cash or in kind?

Consideration	In kind	Cash
Out of the market	No, holdings move as they are	Yes, between the sale and the reinvestment
Possible at the new institution?	Only if it can hold the same securities	Always
Proprietary mutual funds	Often cannot be held elsewhere, so must be sold	–
Tax inside registered accounts	None in either case	None in either case
Legacy deferred sales charges	May still apply on redemption	May still apply

Inside a registered account, selling triggers no tax, so a cash transfer's main costs are time out of the market and any redemption charges. Check whether old mutual fund holdings still carry a DSC schedule before redeeming; new DSC purchases have been banned since June 2022, but older schedules can still run. See fees and MER.

How long transfers take

Electronic transfers between institutions that use the industry's automated transfer system are often completed in days to a few weeks; manual transfers, in-kind transfers of unusual holdings, GICs that have not matured and transfers from insurers can take longer. There is no single deadline in the rules that applies to every case; if a transfer seems stuck, ask the receiving institution for a status report first, then complain to the sending institution. Persistent delays can be taken to the external complaints body; see complaints.

GICs

A non-redeemable GIC usually cannot be transferred until it matures. Ask the receiving institution to schedule the transfer at maturity, or the funds may be rolled into a new term automatically.

Special transfers

Transfer	Form or method	Notes
RRSP to RRIF	Institution's conversion form	No tax; usually within the same institution
RRSP to FHSA	RC720	Uses FHSA room, no deduction, RRSP room not restored
FHSA to RRSP or RRIF	Institution form	Does not use RRSP room
Pension commuted value to LIRA or RRSP	T2151	Locked-in rules and maximum transfer value limits
Spousal RRSP division on separation	T2220	Requires written agreement or court order
RRSP or RRIF to a surviving spouse	Institution's estate process (CRA forms such as T2019 in some cases)	Rollover on death

Worked example: consolidating three accounts

An illustrative saver has RRSPs at a bank ($40,000 in bank mutual funds), at a brokerage ($25,000 in ETFs) and at a credit union ($15,000 GIC maturing in March 2027). They open one RRSP at a new online brokerage and submit three T2033 requests:

Bank RRSP: proprietary funds cannot be transferred in kind, so the bank sells and transfers $40,000 cash. A transfer-out fee is charged (amount per the bank's schedule; the receiving brokerage offers to reimburse fees above a stated amount, according to its promotion terms).
Brokerage RRSP: ETFs are moved in kind; nothing is sold.
Credit union GIC: the request is dated for the March 2027 maturity.

Result: one statement, one beneficiary designation, one fee schedule, and easier tracking. The MER calculator helps compare costs before and after.

Quebec notes

Direct transfers work the same way for Quebec residents. Forms are federal; your institution handles any Quebec reporting. Desjardins caisses and other Quebec institutions use the same transfer process.

Frequently asked questions

Will a transfer show up as a withdrawal on My Account?

A properly processed direct transfer should not. If it does, ask the institution to correct its reporting.

Can I transfer only part of an account?

Yes. Specify the dollar amount or the securities on the form.

Can I transfer a TFSA to my spouse's TFSA?

Not during your lifetime, except on breakdown of the relationship under the CRA's conditions. On death, a successor holder takes over.

Who pays the transfer fee?

You, unless the receiving institution agrees to reimburse it.

Official sources

Canada Revenue Agency — Forms T2033, T2151, T2220 and RC720
Canadian Investment Regulatory Organization — dealer obligations and complaints
Financial Consumer Agency of Canada — switching financial institutions
Canada Deposit Insurance Corporation — coverage while deposits move between members