See ya, exit fees 👋
Today's budget delivered a big win for Canadians. Banning registered account transfer fees will keep hundreds of millions of dollars in the hands of hardworking Canadians saving for retirement, for a home, for their family’s future. Exit fees have skyrocketed over the last decade, trapping people in financial products that don’t serve them. Most financial institutions charge $150 to move a TFSA or RRSP to a new provider. There is no other G7 country where consumers pay fees of this magnitude simply to move their own money. Financial freedom means being able to move your savings and investments without getting hit with arbitrary penalties, and Canadians will finally be able to do just that. At Wealthsimple, we’ve been vocal about this for years. By standing up for ordinary investors and removing this barrier to choice, the government is taking exactly the kind of bold action we need to unlock real competition in financial services. Prime Minister Mark Carney promised it, and today Minister François-Philippe Champagne delivered. I want to thank the minister and his team for listening to Canadians and taking decisive action to put more of their money back in their pockets.
Solid move, definitely a win for Canadians. I think Canada is primed for a solid growth period once the dust settles. Sweet time to invest in future!
This is incredible!
This is great for Canadians keeping more of their money in there own accounts. Always a wonderful thing.
I knew I was waiting for a reason, great timing 😅
Totally took advantage of this earlier this year when I moved my LIRA from Desjardins
Such a huge step forward for Canadians, this change finally gives people true flexibility over their own money. Great to see Wealthsimple’s advocacy helping drive real progress in the industry 👏
Would have been nice to know this was coming before I initiated a transfer with a fee that won’t be reimbursed 3 days ago! Darn!!!!!
This is great news! Also why wealthsimple is king. They are ahead of the game in many aspects and doing something truly amazing for Canadians and to encourage true wealth building with clarity, access and simplicity, its all in the name! This is exactly why i’ve been with Wealthsimple since 2018 and hope to be with them always.
Helping Steelmaker reduce Energy Consumption and Increase Production | Territory Manager - ISOMAG (Steel) Americas at Pyrotek | Father of 2 kids and 1 dog
2wNot knowing the budget, I’ve decided to move out of my actual brokerage account to Wealthsimple this morning. I would have paid the fee for it, but this is even better. Timing is perfect for me!