When transferring investment accounts, it is important that the account you have with your bank matches the investment account you have at Mercer Invest Wise. For example, if you're transferring a Spousal RRSP with TD, then you'll want to open a Spousal RRSP at Mercer Invest Wise.
If there is an account mismatch, then your bank will reject the request which can delay the transfer. To keep things simple, just remember that you can only transfer an investment account if the same account is open with Mercer Invest Wise!
Some useful tips to keep in mind:
Below is a list of account type mismatches that are popular with the following investment accounts:
- Personal/non-registered account - If you're trying to transfer funds from a non-registered to a registered account, such as a TFSA or RRSP, then it would be faster to request a withdrawal with your existing bank and deposit the funds into your registered account at Mercer Invest Wise.
- Spousal RRSP - Please ensure that the annuitant (the individual receiving the contribution) is setting up the transfer. They must also have a Spousal RRSP open with Mercer Invest Wise.
- Locked-in RSP or LIRA - If the funds are locked, then they will need to be transferred into a Locked-In Retirement Account (LIRA). LIRAs are especially tricky because each account is associated with a specific jurisdiction (either provincial and federal), and can be rejected by your bank if the jurisdiction does not match.
How do I prevent account type mismatches?
We've created a check-list to prevent mismatches from occurring:
- When setting up the transfer, double check your account statement to ensure that the account type matches the account at Mercer Invest Wise
- If possible, upload your account statement so we can investigate further if needed
- If you're transferring a LIRA, contact your other institution to determine the jurisdiction
I've noticed a problem but my transfer is already in progress. What do I do?
Download and upload your account statement, and then send us an email with the title as, “Transfer - Account Type Mismatch”. Our team will investigate and correct the transfer form for you!
Is there anything else that I can keep in mind when transferring my funds?
Check out our other help articles 👈, and if you have any additional questions, send us an email!