Can I transfer money from my RRSP to a GIC without having to close my RRSP?
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Our response:
A Registered Retirement Savings Plan (RRSP) is an account that can hold many types of investments including guaranteed investment certificates (GICs). The funds held within an RRSP can be used to purchase a variety of investments as long as they are considered qualified investments by the Canada Revenue Agency (CRA). As long the proceeds from an investment remain inside your RRSP your funds will remain tax deferred.
These previous questions may help to provide insight as you move forward:
- “How are RRSPs taxed?”
- “What happens if one of my RRSP GICs matures after I am 71?”
- “Is there a penalty for redeeming a GIC early?”
Speak with a registered representative to determine your options. Visit GetSmarterAboutMoney.ca to learn more about investing and various investment products.