Transfer-in Program

Your Transfer-In checklist

To speed up the Transfer-In process, please review the 13 steps listed below.

1. Attach the green labels designating “MRS Transfer-In Program” to each document and the outside of the package. We will open the account, check the transfer form for missing information, and if eligible compensate your client for transfer fees.
2. Attach a copy of the latest client statement.
3. If the transfer is in cash, MRS will forward documents to the relinquishing institution within two business days. Applicable transfer fees will be reimbursed to the client’s MRS account or forwarded to the relinquishing institution depending on the nature of the transfer.
4. Determine how the relinquishing institution handles your client’s existing PACs and SWPs. In most cases it will be possible to set these up with MRS if necessary to avoid account disruption.
5. Check your client’s statement to verify if you need to move an RRSP whether individual, spousal or both. A T2033 and MRS application is needed for each plan.
6. The MRS version of T2033 can be filled out on a PDF, which can be downloaded from the Marketing Library (www.mrs.com.) A delay often occurs when you forget to fill out the plan type or to note whether the transfer is in cash or in kind.
7. Ensure Section (A) for Client Identification of T2033 matches up to the relinquishing institution. Problems can arise when an invalid SIN number or name is included because the client is married or divorced.
8. For locked-in plans, verify with your client or through a pension statement that the pension details on the MRS transfer forms match those from the relinquishing institution. Remember: It’s not necessarily where your client lives or works, it’s what jurisdiction the employer and pension is registered in.
9. Specify the relinquishing institution’s complete name, account number and address. And instruct the institution on the transfer form to clear up any debit balances that may exceed transfer fees compensated for by the Transfer-In Program.
10. Check your client’s holdings against the MRS Eligible Funds List. Because MRS only supports mutual funds in Canadian dollars, please convert mutual funds trading in U.S. dollars to cash or to the Canadian version of fund. Before doing so, please be aware of any fees. If the client holds worthless stock, contact the relinquishing institution to remove it from the plan.
11. If holding securities other than mutual funds, have your client contact MRS Investor Services at 416-413-7201 or 1-866-542-3403 to ensure that these holdings are transferred as well.
12. If enrolled in an RRIF, LIF, LRIF, PRIF or RLIF, inform your client that the relinquishing institution will make the minimum payout. For LIF and LRIF plan holders, instruct the relinquishing institution to pay out the maximum amount if your client requires it. Provide instructions on a T2033 or in a Letter Of Direction.
13. If there is a loan attached to the plan, either have your client pay it out or transfer it to MRS with the appropriate documents (available via AdvisorAccess). MRS 777 Bay St., Suite 2100 Toronto, Ontario M5G 2N4