I currently have a group RRSP through my employer and Iβm working up the courage to transfer a portion of the amount into my own self directed account π I wanted to know who here has does the same and if they had any regrets
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RandomYaapping @randomyaapping Β· 8dEdited
Mines locked up until I switch employers π. But yeah I would do it if it was possible π€·ββοΈ. Move it all to $XEQT instead of their higher fee fund
Tyson @timeagent Β· 8d
I have a Group RRSP which I contribute to. My employer matches a portion of that into a DPSP. But the GRRSP investments with Manulife have mutual funds that track the indexes. So probably for me, the only downsides of keeping it with Manulife is illiquidity and higher management fees. My understanding is that I can transfer the GRRSP to my own self-directed anytime but I can't touch the DPSP. However, there are fees to transfer it (on the order of $150 or so), so small transfers aren't worth it. For larger transfers, the receiving institution sometimes reimburses you for the fee. AFAIK, I can withdraw from the GRRSP for Home Buyers' Plan without any fees, and can repay it into my own self-directed RRSP.
Raj @double_oh Β· 8d
Mine was locked up until leaving the employer too. Once I left I pulled everything over to self-directed and recommend the same to everyone. Sunlife would have allowed me to stay on in their plan but why bother when they limit you so much? Just for your info, I ended up with two accounts after the transfer: - RRSP: This is all the money/gain on your contribution. - LIRA: This is the money/gain of the company paid portion. There are some more restrictive rules on the LIRA account so it's good to read up on that too. Definitely some good YouTube videos going through this too.
Azul @azul15 Β· 8d
I did it last year and never looked back! More investment options available but I kept it simple...All in one ETF.
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