We asked you how you felt about account transfers. Here’s what you said.

Young people are facing financial headwinds generations prior did not experience, from sky high housing costs, to lower pension coverage. In this climate, investing through tax sheltered accounts has become an important and powerful tool for Canadians trying to build savings. And yet, these accounts aren’t very mobile. Today, in Canada, if you wanted to move your TFSA or FHSA from one institution to another, you would be met with a list of barriers: a confusing process, long timelines, and a hefty fee.

There are many reasons why people of any age switch investment providers: better service, lower fees, merging finances with a partner, moving to a new province, or just trying something new.

So, we decided to ask you about it. Working with one of Canada’s leading polling firms, Pollara, we surveyed 3,000 Canadians across the country to understand how Canada’s account transfer system was impacting their financial decisions. Here’s what you told us:

Most of you aren’t happy about account exit fees. 67% of Canadians said that it is unfair for financial institutions to charge transfer fees when moving a registered account. When you found out that the average fee is as high as $150 per account, that number increased to 75% of Canadians.

In fact, transfer fees discourage a lot of you from changing providers. One in four Canadians under the age of 40 said they’ve been deterred from moving an account because of an exit fee. Not surprising, given the average size of a TFSA for a Canadian younger than 40 years old is $8,000. A $150 fee to move that account is nearly 2% of the savings.

The vast majority of you want action. More than three-quarters of Canadians want Ottawa to eliminate these fees and ensure compensation when banks delay transfers. That level of support is on par with other major consumer protections Canadians have rallied behind—like cell number portability (83%), limits on overdraft fees (80%), and the Air Passenger Protection Regulations (78%). ​ 

Competition increases choice. That's true whether you're buying coffee or opening a retirement account, but only if you are free to walk into the cafe of your choice. More than half of Canadians under 40 say they would move an account within the next year if the government eliminated transfer fees entirely. 

To help future generations meaningfully save for the future, we need a dynamic and competitive financial services sector that unlocks products and services built to help Canadians take control of their financial futures. That means introducing innovative accounts like the First Home Savings Account, which over a million Canadians have already opened. It also means letting them freely choose the service provider that meets their personal needs best. 

We were encouraged to hear Prime Minister Mark Carney talk about increasing competition in Canada's banking sector. It echoes the Competition Bureau's findings that all of Canada's most concentrated sectors have grown more concentrated, more profitable, and more expensive in recent decades.  It’s something we’ve long advocated for at Wealthsimple, and we believe making it easier and more affordable to choose your financial provider is an important first step.

Survey findings come from an online survey of n=3,000 adult Canadians conducted by Pollara between June 19 and 25, 2025. Full methodology and survey results can be found here.