What would you Like to Know?
How do I transfer an account to RBC Direct Investing?
Please visit the account transfer page for easy instructions and tools to help transfer your investment, registered, RESP or pension accounts from another institution.
What information will I need to help me complete my transfer request?
It will be helpful to have an account statement from the delivering institution
(the financial institution that currently holds your assets) handy, as the following information
will be required:
- Address
- Account type (i.e. RSP, Spousal RSP, LIRA, RIF…etc.)
- Account number
- Asset details
For RESP transfers, you'll need to print and complete CRA Form SDE 0052.
In addition, please include:
- Subscriber information
- Beneficiary information
- Subscriber authorization and transfer instructions
- RESP contract and account number
It is a good idea to include a copy of a recent account statement from the delivering
institution along with the transfer form.
How long does it take to transfer an account?
Transfers between members of the Royal Bank Group take approximately two to five business days*. Transfers from other financial institutions take about two to six weeks to complete, upon receipt of the transfer request.
* Transfer requests that include GICs may take longer.
For further details please speak with an investment services representative at 1-800-769-2560.
How do I avoid delays in having my transfer completed?
The delivering institution can delay or reject your transfer for a number of reasons.
To help prevent delays, please ensure:
- Sufficient funds are available to cover fees at the delivering institution
- Your account is in good standing (i.e., not in a margin call or short
position)
- Your transfer form is complete
- The name and/or SIN on the delivering account matches that of the receiving
account
- The delivering and receiving account types match. For example, do not
transfer a Locked-In account to a Non Locked-In account; an investment
account to a registered
account or a corporate account to a personal account.
Is there a cost to transfer my account to RBC Direct Investing?
RBC Direct Investing does not charge a fee to transfer in your account.
However, the delivering institution may charge a transfer-out fee.
Will RBC Direct Investing cover transfer fees paid to my delivering institution?
RBC Direct Investing Inc. will reimburse you up to $135 CDN in transfer
fees paid by you to another financial institution when $15,000 CDN or
more in investments is transferred into a new or existing
RBC Direct Investing account. You must provide a copy of the statement
from the transferring financial institution showing the transfer charge.
For more details on receiving the transfer rebate,
please contact an investment services representative at 1-800-769-2560.
What is the difference between transferring "in cash" and
"in kind"?
In cash
All assets in the account (or partial assets indicated) are sold or redeemed, and once settled,
are transferred to the receiving institution in cash. "In cash" transfers are completed by the
delivering institution based on market value and are subject to normal commission charges.
Once transfer instructions are executed, all outstanding client trade orders will be cancelled
without notice.
In kind (as is)
The account is transferred as is.
All investments are transferred to the receiving institution at market value on the date
of transfer. Where possible, and as allowed by Canada Revenue Agency (CRA), the book value
of securities in registered plans will be transferred to the receiving plan.
Can I make a contribution by transferring assets from my non-registered account with another
financial institution to my registered account with RBC Direct Investing?
Assets from non-registered accounts held with another institution cannot be contributed directly
to your RBC Direct Investing RSP account. You must transfer these assets to your existing non-registered
account. If you do not have a non-registered account you will need to open one. Open your account
now and take advantage of our integrated account open and account transfer online process to
complete your transfer.
Once the assets are in your new RBC Direct Investing non-registered account,
you can request a contribution in kind by contacting one of our investment service
representatives at 1-800-769-2560.
Cash contributions from your
non-registered account can be completed online via the "Transfer Funds" link in the
Self-Service menu.
Are there any securities that cannot be transferred to RBC Direct Investing?
The following asset types cannot be transferred to RBC Direct Investing:
- Restricted shares
- Hedge Funds
- Foreign Listed Positions that are not traded in North American markets
- Uncovered Options Positions
How do I deposit shares into my RBC Direct Investing account?
Please take your stock certificate to your local RBC Royal Bank branch and sign the certificate in the presence of a branch officer. Alternatively, you may complete a Power of Attorney Form 801. The branch representative will guarantee the certificate and forward the completed form and stock certificate to RBC Direct Investing for deposit to your account. Once RBC Direct Investing has received the shares and we have confirmed the shares are negotiable in your account, you will be able to (contact an Investment Representative to) trade against the shares.
|
