Unlocking the Complexities of Transferring RRSP Funds: How AI Legalese Decoder Can Simplify the Process from TD to Wealthsimple
- April 14, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Concerns about Investment in TD RRSP Account
## Lack of Awareness on MER Impact
Taking a rookie move, I went for the TD RRSP account for a comfort aggressive growth portfolio without realizing that it comes with a high Management Expense Ratio (MER) of 2.3%. Now, with approximately $27k invested in that account, I am concerned about the amount of money I might be losing due to this high MER.
## Need for Calculation Assistance
I am unsure of how to calculate the exact amount of money I am losing due to the 2.3% MER.
## Considering Transferring to Wealthsimple
I am contemplating transferring my funds from the TD RRSP account to Wealthsimple. I am interested in hearing from individuals who have made a similar transition and how smooth the process was.
## Investment Plans with xeqt
My plan is to invest my money in xeqt. I would appreciate any insights or advice on this investment decision.
By using the AI Legalese Decoder, one can easily understand the implications of a high MER on investments and calculate the potential losses. The decoder can also provide guidance on the transfer process from TD RRSP to Wealthsimple, ensuring a smooth transition. Additionally, by utilizing the decoder, individuals can gain valuable insights and opinions on their investment choices, such as putting money into xeqt.
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****** just grabbed a
>How much money am I losing?
2.7% per year on the value of the account calculated daily.
>I’m wondering if someone has tried transferring from TD RRSP to Wealthsimple – was it a smooth transition?
Yes
>My plan is to put my money into xeqt. Please let me know what you guys think
If it meets your risk tolerance, it’s fine.
Just initiate the transfer via wealth simple. They will do the work
Before you transfer, you should sell it at TD then buy xeqt with your td account. It’ll cost $10 but this way you won’t miss out on the market. Td mutual funds can’t be transferred in kind to Wealthsimple, if you liquidate it and transfer, you risk missing out on the market for however long the transfer takes to settle. By buying xeqt first in TD, you can do transfer in kind
TD will charge you a fee to transfer- Ask them what it is and see if the receiving party will pay it.
Yes transfer. For the long term you will loose a lot if you keep funding this in the future.
Just did this today
Talk to a help agent, from WS, and have them send you an email to enroll in the transfer bonus. 25,000$ + gets you an extra 100$
I just moved some. Fast and easy. They refunded me $150 without asking.
I found this mer calculator online as I have a more to move and have to pay high fees to do so.
https://learningtofi.com/
The transfer itself is easy, you just have to fill out the form with WS, choose “in kind” and they will take care of the transfer. It can take about a month or so, but they will notify you when it’s done.
It’s 2.7% of the account balance annually so at $27K (calculated based on daily balance), that will be anywhere from $600-850 annually depending on what your starting balance and finishing balance is for this year and your returns.
I”m a fan of wealth simple’s roboadvisor over ETF. Yes, your management fee is higher but ETFs suffer the same things that stocks do – people can (and often do) trade them. Having lived and invested through 2 extreme market downturns, do not overestimate your ability to stay the course. If you really have the stomach to see your investment drop by 30, 40, or 50% and keep investing, by all means put your money in xeqt. But if you don’t (most people don’t, which is why they never get the same long term returns as the market index they follow), robodadvisors and automatic investing will be a better option.
The rough way to calculate the fees are 2.3% x $27,000, which is $621 per year.
It’s actually calculated daily though and charged monthly. That means if today the value is $27k, but later in the year it’s $30k, then you’ll be charged appropriately as the balance changes.
$621/yr might not seem crazy, but when you consider every year’s fees and the growth that they would have seen, over 30 years it adds up to a huge amount.
The transition is actually insanely easy. Open an RRSP with Wealthsimple, then request an account transfer from Wealthsimple. There’s a fee from TD, but it’s very common for a receiving brokerage like Wealthsimple to reimburse you.
A typical account transfer option is “in kind” meaning that where possible you keep the same assets. E.g. if you had XEQT at TD, it could be transferred in kind to Wealthsimple. Since you’re not interested in keeping the same portfolio anyways, you’ll want to transfer all in cash, then buy the assets you want once the transfer completes.
You should be able to manage the whole transfer without talking to TD, which is a nice feature since they’ll give you a huge spiel about why you shouldn’t move or why other investments are risky etc.
XEQT is a fine fund to invest in. Comes highly recommended as an aggressive growth ETF.
I’ll advise that you take the time to decide what your personal risk tolerance is like and how you feel about investing in pure equities.
>How much money am I losing? Don’t know how to calculate it
The annual management cost would be ~~$2,300~~ $230 per $10,000 invested. If you instead use a risk appropriate asset allocation ETF the annual management cost would drop to $20 per $10,000 invested.
>My plan is to put my money into xeqt. Please let me know what you guys think
The basic asset allocation is similar to what you have so, as long as you did the risk assessment thoughtfully and honestly, it should be a suitable choice.
If you haven’t already written an investment plan that includes your goals, time frame, asset allocation, your contribution plan and your expected long term and “worst case scenario” returns I suggest that you do so. [This CPM page,](https://www.canadianportfoliomanagerblog.com/how-to-choose-your-asset-allocation-etf/) and [this CPM video](https://www.youtube.com/watch?v=BXUeagi_WT8) will help you to define your expectations.