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TFSA Transfer Fees

in Bank Fees, TFSA

I wrote about things to do at the end of the year, and I “poo poo’ed” someone who mentioned (in a comment) that you could skirt the TFSA transfer fees  if you took the money out at the end of December, and then deposited it in your new TFSA at the start of January. I thought, “How expensive could that transfer fee be?“, and luckily my friends at TD sent me a helpful update on my accounts that helped clarify it.

TFSA Year to Year Swap to Change Providers

“… TD Investment Services Inc. is introducing a new Transfer Fee of $75.00 plus taxes per transfer, effective March 1, 2016. This fee applies to each transfer of a TD Mutual Funds TFSA to another financial institution. The fee does not apply to a transfer to another TFSA within TD Bank Group. This fee will be collected from the bank account associated with your TD Mutual Funds TFSA that is currently used for purchases, pre-authorized purchase plans and redemptions. If you do not wish to accept this fee you may close your TFSA or transfer it to another financial institution without cost or penalty.

You can do so by informing us no later than 30 days after the date the fee comes into effect. Please note that, by using your TFSA or keeping it open after March 31, 2016, it means that you have accepted this fee. If you are considering a TFSA transfer, or require additional information, please visit your TD Canada Trust branch or call us at 1-866-222-3456 to speak to a Mutual Funds Representative today….”


Seventy Five Dollars? $75? Holy cow, talk about, “don’t let the door hit you on the way out customer service. Notice that you can avoid this fee, if you choose to close or transfer your account from your TD Mutual Funds TFSA vehicle. As I have mentioned I have had many interesting issues with my TD Mutual Funds RESP account. My opinion would be to open an account elsewhere in the next month or so, and transfer your account there.

Also, my sincerest apology to any commenter who mentioned the idea of the transfer TFSA at end of year gambit as well. There are situations where this might make perfect sense.


  • Paul T January 6, 2016, 8:10 PM

    Most receiving institutions will cover some or all of the transfer out fees.

    Might be worth investigating if you really want to leave TD

    • bigcajunman January 6, 2016, 8:19 PM

      Good to know, I don’t have my TFSAs with TD Mutual Fund Services, they are with TD Waterhouse, and I guess I need to figure out what the xfer fees are for them? Not really, they haven’t overly pissed me off (lately (since the latest RDSP cock-up)).

      • Paul T January 6, 2016, 8:29 PM

        Then it might be even easier to get them covered.

        I managed to get CIBC IE to give me 50 “free” trades because I was a loyal customer. Mainly because other Discount Brokerages were offering more than that if I transferred my account to them. Just gotta ask sometimes 🙂

        • bigcajunman January 6, 2016, 8:41 PM

          Excellent point, you need to ask if you are a good customer, to be treated better! 💩

      • B January 7, 2016, 7:45 PM

        The transfer out was $135 as of 2014. Perhaps the fee has increased in the last year,… Most of their other fees have.


  • Michael James January 6, 2016, 7:39 PM

    Wow! Can you avoid this fee if you take your money in a duffel bag? I’m going to keep cheering on the lower-cost start-up financial institutions.

    • bigcajunman January 6, 2016, 8:17 PM

      I do like the duffel bag comment, well put!


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