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.