Registered products: know your rights
Federally regulated financial institutions must inform you about key details before you buy a registered product. They must also inform you before any changes to the terms and conditions of your agreement come into effect.
Your right to information applies to registered products such as:
- Tax-Free Savings Account (TFSA)
- Registered Education Savings Plan (RESP)
- Registered Retirement Savings Plan (RRSP)
- Registered Retirement Income Fund (RRIF)
- Registered Disability Savings Plan (RDSP)
Learn more about savings and pension plans.
Investment products available through deposit-taking institutions are limited. You can buy more investment products through different types of firms.
Learn more about other types of investment and the basics of investing.
Your right to information before you buy a registered product
Before entering into an agreement with you for a registered product in Canada, federally regulated financial institutions must disclose to you:
- information about all the charges that apply
- information about how they’ll notify you of any increase in charges and any new charges that apply
Federally regulated financial institutions other than banks must also disclose to you how to file a complaint with them if you have a problem with how they’re applying charges.
These obligations apply to registered products, not to the individual investments that you may have within your product. These individual investments may have their own disclosure and consent requirements that you can find in their agreements. You can generally hold different types of investment products within a registered plan. For example, you may have a guaranteed investment certificate (GIC) and a mutual fund.
Verbal and written information about registered products
Federally regulated financial institutions must disclose the information listed above verbally and in writing. They’re required to disclose it in language, and present it in a manner, that is clear, simple, and not misleading.
There are 2 exceptions to how they can provide the information:
When you enter into an agreement for a product by phone, they must provide the information listed above verbally. Then, they must provide the information in writing without delay.
When you enter into an agreement for a product electronically or by mail, they must provide the information in writing only. They must also provide the telephone number of a person who is knowledgeable about the terms and conditions of the product.
If your investment is with a bank, they must present the information in a single prominently displayed information box. If you bought the product over the telephone, they must verbally draw your attention to the information that must be disclosed in the information in the box.
Learn more about clear disclosure in your financial documents.
Information if the terms and conditions of a registered product change
Before changing any terms and conditions of a registered product, federally regulated financial institutions must disclose the changes to you in writing. An example could be the renewal or rollover of a GIC. Please refer to your agreements to learn more. Some products have other disclosure requirements to ensure they notify you in a timely manner about any upcoming change.
Learn more about the disclosure requirements for GICs.
More information about registered products
Federally regulated financial institutions must disclose a list of the charges that apply to registered products by:
- making it available:
- at each of their branches in Canada and points of service where they offer registered products
- on each of their websites through which they offer registered products in Canada
- by providing or sending it to you in writing, upon request
Exceptions to receiving information about registered products
Federally regulated financial institutions other than banks don’t have to provide you with the information listed above if:
- you already have a registered product and the one you want to buy will form part of the existing one
- you already received information in writing about all charges associated with the registered product
Transferring registered plans between banks
Banks that are members of the Canadian Bankers Association have agreed to follow guidelines for the transfer of registered plans between institutions.
They’ve committed to respect certain timelines when transferring registered plans.
Banks will work to process transfers of deposit type registered plans in a maximum of:
- 7 business days normally
- 12 business days during peak time (February 15 to April 8)
To ensure a smooth process, make sure that the bank receives complete and accurate documents.
Your plan may contain deposit-type instruments, mutual funds, or other investments. If you transfer it, the time your bank needs to proceed depends on the type of investments in it.
Learn more about the Guidelines for Transfers of Registered Plans (PDF).
Your registered plan may be with another type of financial institution. If you want to transfer it, ask them about their policies, practices, or procedures to complete the transfer.
When these rights apply to you
These rights apply when you’re dealing with a federally regulated financial institution like a bank or federal credit union.
Find out if your financial institution is federally regulated.