If you have a taxable personal or cash account and wish to switch to a registered account (such as a Registered Retirement Savings Plan, or RRSP, or a Tax-Free Savings Account, or TFSA), you can still open a registered account. However, please note the following:
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Open a New Registered Account
If you have an available contribution room in your RRSP or TFSA, you can open a new account of that type. -
Transferring Funds
Once the new registered account is open, close your Personal/Cash account and withdraw the funds. These funds can then be re-deposited into your new registered account. Please note that this deposit will count towards your annual contribution limit for the RRSP or TFSA. - Management Fees
Any management fees and any applicable sales tax will continue to apply to the assets held in your personal/cash account until the funds are withdrawn.
If you need assistance with opening a registered account or transferring funds, please reach out to the OneVest Support Team.
Disclaimers:
*This article does not represent a tax or investment strategy recommendation. You should consult with a tax advisor or financial professional to ensure this is the right move based on your personal financial situation.
**Manzil Invest is a strategic partnership between Manzil and OneVest Management Inc (“OneVest”). OneVest offers wealth management products and services to Manzil customers. OneVest Management Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Alberta, Ontario, Newfoundland and Labrador, and Quebec. Assets in your OneVest accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). OneVest is a wholly-owned subsidiary of OneVest Technologies Inc. All trademarks are the property of their respective owners. OneVest will determine what investments are suitable for you.
