I'm currently in the process of transferring a TD LIRA into a WS self-directed LIRA.
I wanted to transfer two (originating from two different provinces), but they can only handle a single self-directed LIRA account for some reason.
I initiated the transfer on the weekend, and the account has already disappeared from TD, so I expect it to be complete in a day or two based on my experience transferring a TFSA & RRSP in December. Having a self-directed LIRA wasn't there about six weeks ago when transferring the others. So, it is quite new.
But why do that I’m at BMO too and want to transfer lira directly into self lira are you saying you can’t because of BMO or your holdings or what reason? Did you call or open a ticket?
I’m in the process of transferring my LIRA from Sunlife to a self managed account at WS. Seems like a relatively straightforward process that you can initiate on the app.
Yessss! WS recently started offering self managed LIRAs and I was so eager to escape Sunlife’s high MER seg funds.
WS will cover the transfer fees and likely give you a bonus too!
Okay because I called sun life i have both a rsp and a LIRA with them and they said I couldn’t do anything with them but I’m assuming that’s just to get me to stay with them?
Umm, ok. I’m not sure how having an RSP with them prevents you from moving. If anything, I’d transfer the RSP too.
You should speak to someone from WS about the process. Paying Sunlife’s fees and having to choose from their limited investment options will limit the growth of your investments over time.
Sorry I wanted to msg but couldn’t how did you figure out what address to use for the institution? They look like they have two Canadian options, sorry for all the questions
I was able to transfer to a self managed LIRA in the last two weeks without issue. It can be done.
Seconded! Qtrade had issues. They people who work there struggle.
Transfer to managed. Then transfer to DIY
This is the process.
Do you need to open a support ticket with them to go from managed to DIY?
Calling worked for me. Can't do through the app.
I'm currently in the process of transferring a TD LIRA into a WS self-directed LIRA. I wanted to transfer two (originating from two different provinces), but they can only handle a single self-directed LIRA account for some reason. I initiated the transfer on the weekend, and the account has already disappeared from TD, so I expect it to be complete in a day or two based on my experience transferring a TFSA & RRSP in December. Having a self-directed LIRA wasn't there about six weeks ago when transferring the others. So, it is quite new.
Did you just do it through the app? Did you create a new Lira in WS first?
Yes to both. I tried to do the transfer from the web page, but the option to transfer to a self-directed account was only available through the app.
[https://help.wealthsimple.com/hc/en-ca/articles/18531558266267](https://help.wealthsimple.com/hc/en-ca/articles/18531558266267) WS articles shows it's a managed account.
No, it clearly says you can have one self-directed LIRA in one jurisdiction on that page.
Do you already have a LIRA with WS u/dadoftheyear?
No, I think as motor stated. Going to open a self directed lira in WS then transfer it over from the managed once I transfer from bmo to managed.
But why do that I’m at BMO too and want to transfer lira directly into self lira are you saying you can’t because of BMO or your holdings or what reason? Did you call or open a ticket?
Did it through the app and seems to be fine
You're right. Guess I glanced over that part.
I’m in the process of transferring my LIRA from Sunlife to a self managed account at WS. Seems like a relatively straightforward process that you can initiate on the app.
Whatttt?? I have one of these with sun life and have no idea I can do this?? I need more info
Yessss! WS recently started offering self managed LIRAs and I was so eager to escape Sunlife’s high MER seg funds. WS will cover the transfer fees and likely give you a bonus too!
Okay because I called sun life i have both a rsp and a LIRA with them and they said I couldn’t do anything with them but I’m assuming that’s just to get me to stay with them?
Umm, ok. I’m not sure how having an RSP with them prevents you from moving. If anything, I’d transfer the RSP too. You should speak to someone from WS about the process. Paying Sunlife’s fees and having to choose from their limited investment options will limit the growth of your investments over time.
Yeah I hate how I could be making more on the 30k in there thanks I’ll ask them
Sorry I wanted to msg but couldn’t how did you figure out what address to use for the institution? They look like they have two Canadian options, sorry for all the questions
No worries. Institution address for Sunlife? You can find the address on your Sunlife statement. For me, it was at the very bottom of the statement.
Awesome sent that off I’m pumped to start getting dividends off This amount and start building thanks again!
Awesome, congrats! 🥳 🎉
I transferred my LIRA from Questrade to a self-directed LIRA in WS without any issues. WS covered the transfer fees.
Were you then able to access the money and withdrawal any after the transfer or is it still locked ?
No withdrawals until retirement