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I have a RRSP through Great West Life, but want to open a Self directed RRSP through CIBC. Can I transfer this GWL RRSP to a CIBC self directed. If so how to do it.

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Is this RRSP through your company? If not, then you should be able to transfer the assets from GWL to CIBC using an RRSP transfer authorization form initiated through CIBC. Once your SD RSP account is set up at CIBC, use their transfer form. There is also a universal form T2033 if CIBC doesn't have one themselves. Beware of transfer out fees at GWL.

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  • yes the rrsp is through my company, but no money contributed by the company to the rrsp...just threw payroll deduction. – jeff May 1 '11 at 1:47
  • @jeff: I'm not well-versed with corporate/group RRSP plans. Hopefully someone with experience will come along and give advice about whether or not you can actually transfer that account. – fideli May 2 '11 at 3:13
  • I have a GWL RRSP through my employer as well, and was told it couldn't be transferred while I'm still an employee without closing the account, meaning I would no longer be able to contribute via my paycheque. – Andrew Lewis Sep 2 '11 at 17:51
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If so how to do it.

Ask CIBC to open the new RRSP account, and ask CIBC to contact GWL to tell GWL to move your money from the GWL account into the CIBC account.

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  • Usually, transfers are initiated through the receiving institution. Is this info specific to GWL? – fideli May 1 '11 at 23:03
  • @fideli - Isn't that what I'm telling him: to initiate it through the receiving institution, i.e. through CIBC which will be the new account which should receive the money from GWL? – ChrisW May 1 '11 at 23:12
  • whoops, missed the "ask CIBC" part of your answer. – fideli May 2 '11 at 3:11

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