Located in Ontario, Canada

I have three investment accounts with managed by a TD-bank financial planning account:

  • TFSA (currently maxed out)
  • RRSP
  • Non-Registered

All three accounts have their funds each in a high fee mutual fund (M.E.R. of around 2.33%), which is the motivation for this question.

I am looking at reducing my costs by using a TD-bank direct investing investing account, again a TFSA, RRSP, and Non-Registered.

My ultimate goal is close my financial planning accounts and do the investing myself, however, I want to minimize the tax implications of doing so.

RRSP and TFSA Plan

  1. Perform an in-kind transfer to the respective account
  2. Sell the high fee mutual funds (in new account)
  3. Purchase (low fee) ETFs that correspond with my new financial plan

Non-Registered Plan

  1. Sell the high fee mutual funds (as in-kind is not possible)
  2. Transfer cash to new account
  3. Purchase (low fee) ETFs that correspond with my new financial plan

The question

Is this the most efficient way, in terms of taxes and fees, to move my investments from different accounts and funds? What other things do I need to look out for in terms of surprises from my bank / the government?

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