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Can I transfer my mutual funds from one bank to another?
Submitted by: – Ron S.
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Our response:
You may be able to transfer mutual funds from one financial institution to another. Some mutual funds are “proprietary” and only are offered by certain financial institutions. If this is the case, you may not be able to transfer them without cashing them out. This can have tax consequences and may trigger fees.
You will need to consider how to transfer the mutual funds if they are held in an Registered Retirement Savings Plan (RRSP).
There may also be implications if they are held in a Tax-Free Savings Account.
Make sure you understand any fees that may be associated with the transfer before making a decision.
Speak to a financial representative before making a decision.
