Are TFSAs and RRSPs the right spot for GICs and do transfer fees make it prohibitive to consolidate accounts? (opens original article in a new tab)

The article discusses the fees associated with transferring funds between TFSAs and RRSPs, noting that while consolidation can reduce fees and improve management, transfer costs may offset these benefits. It also addresses tax considerations for placing GICs in registered accounts.

• Financial institutions charge fees for transferring RRSP, RRIF, and TFSA accounts, typically around $169 per transfer.
• Consolidating accounts can reduce multiple fees and improve asset management, though transfer fees may vary by institution.
• Tax optimization suggests placing GICs in registered accounts due to 100% taxable interest compared to 50% taxable stock gains when realized.