A survey on TFSA direct transfer cost | Tax Free Savings Accounts | Discussion forum

Hubert has been free in the past but I think Accelerate has a fee approx $50. It will be interesting to see how that situation develops.

You should assume that whatever fee is cited when you buy will have increased by the time you transfer out (especially if a longer term) and there will be nothing you can do about it except hope for reimbursement elsewhere.

typically "plus HST"

I concur there is no need to have a column on transfer-in fees. FIs may have minimum thresholds to avoid monthly account minimum fees but I have never heard of a transfer-in fee. Reimbursement of transfer out fees from a sending institution might theoretically be considered a negative transfer-in fee but the specific conditions are so complex and variable, there is no way to put that info in a column.

Speaking about discount brokerages as a group, every big bank discount brokerage I have had direct or anecdotal experience with does not charge for transfer-ins. In most cases as a receiving institution, they will cover some, or all, of the transfer out charges from a sending institution up to perhaps $150 with the amount depending on asset values being transferred. It is usually booked as a 'negative' account administrative charge to avoid any implications of the reimbursement being considered taxable income, or in the case of a registered account, a contribution.

Additionally, the anecdotal information I have observed over decades is most investors with discount brokerage accounts appear to stay put with very little institution hopping, especially in registered accounts.

While exempt from GST, some provinces may charge provincial sales taxes, such as BC's PST. BC does not have a combined HST (GST+PST).

Also, you may want to clarify that when you refer to the 6 banks, that you are indeed referring to their banking division, not their brokerage divisions.... e.g. Royal Bank rather than RBC corporately.

I don't think they are obliged to disclose the tax in advance. As with any other purchase; it just shows up on your bill. They may not feel it's in their best interests to tell you in advance as it gives you more to complain about. On the other hand, they may judge that it's best to tell you in advance so that you will have fewer surprises to complain about. Or maybe they never thought about it much at all.

A column for how long it takes to transfer it out is needed.

hwyc said
I don't think so. It's a matter between a combination of two FIs. It would be futile. It may be better to hear it directly from your FIs and then hold them responsible to that timeframe.  

hold them responsible? lol

RetireEd, I've come to see that's correct. Charges for moving money from A to B (which is essentially what transferring an account is) shouldn't attract GST/HST.