The Mystery of Which GICs Can Be Transferred from CIBC to CIBC Investor’s Edge

We have had GICs in a RRSP with CIBC for several years because we believe in building a secure base for our RRSP. Recently, we decided to try to open an Investor’s Edge RRSP account. To help fund the account, we wanted to transfer some CIBC GICs into the Investor’s Edge account without cashing them first.

We asked our branch, can we transfer these GICs in kind into our Investor’s Edge account. They didn’t know. Fair enough, CIBC and CIBC Investor’s Edge are each run as separate companies. So we phoned Investor’s Edge.

This is where it gets strange: they didn’t know either!

Or to be more exact, they informed me that they would need to look up each individual certificate to tell us whether they could be transferred or not. And they needed permission (or some other form of communication) from the branch to do that.

So now we have to stage manage a connection between ourselves, our branch advisor and a phone representative from CIBC Investor’s Edge to find out whether we can move the GICs or not.

I did press the Investor’s Edge rep quite firmly, asking why they couldn’t simply state something like, “Bonus Rate GICs and Non-Redeemable GICs can be transferred in kind, but not Escalating Rate GICs.” But the rep was unable to provide even that level of information.

It all seems unnecessarily mysterious to me. But we will try to set up this three-way communication and get an answer. And once we get an answer, I’ll try to share it here.

Stay tuned!

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Have you ever transferred GICs in kind to a self-directed brokerage RRSP account? Was it possible? Did you have to wait till the GICs matured into cash before you could transfer them? Please share your experiences with a comment.

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