Answer a few questions about your situation. Get a straight answer — not a sales pitch — about whether switching makes sense for you right now.
This matters because some accounts have restrictions on what you can switch to.
Different banks have different low-cost options available internally.
Check your Fund Facts document or latest statement. If you have multiple funds, pick the one with the most money in it.
This determines how much you'd actually save in dollar terms by switching.
DSC funds charge you a penalty for selling within 5-7 years. They were banned in June 2022, but old ones still apply. Check your Fund Facts or call your advisor.
Be honest — this affects which alternative is realistic for you.
Your time horizon affects how much fee savings actually compound.
Most "should I switch" advice online falls into two camps: bank advisors telling you to stay (because they earn trailing commissions on your fund), or fintech marketing telling you to switch immediately (because they want your assets).
The real answer depends on your situation. A $15,000 TFSA in a 2.2% MER RBC Select fund is a different problem than a $200,000 group RRSP with employer matching. A DSC fund with 2 years left on the penalty schedule is different from one that expired last year.
This tool doesn't collect your email. It doesn't recommend a specific platform. It just runs the math on your inputs and tells you what the numbers say.
Want the detailed breakdown? See exactly how much your MER costs over time with our MER fee calculator, or read the step-by-step switching guide for your specific bank.
You opened a TFSA or RRSP at your bank branch. The advisor put you in RBC Select Balanced (RBF577, 2.03% MER), TD Comfort Growth (TDB886, 1.98% MER), or BMO SelectTrust Equity Growth (1.97% MER). You've been in it for years. Switching to a portfolio of ETFs at 0.20% MER or a robo-advisor at 0.50% would save you 1.5%+ annually.
Your employer matches 50% of your contributions through Manulife or Sun Life. The fund options are limited and expensive (often 1.5–2.5% MER). The match is worth too much to give up, but you should pick the lowest-MER option available within the plan. Read our group RRSP guide.
You bought an IG Wealth or bank DSC fund before 2022. The penalty schedule might still apply — typically 5-6% in year 1, declining to 0% by year 6-7. You can redeem 10% per year penalty-free. Read our DSC exit plan for the strategy.
You have $8,000 invested. Saving 1.5% MER = $120/year. That's real money, but you need to weigh it against the time to open a new account and learn a new platform. For small amounts, a robo-advisor like Wealthsimple Invest (no minimum) is often the easiest move.
See exactly what your current MER is costing you in real dollars.
MER Fee Calculator How to SwitchNothing on this site is financial advice. This tool provides estimates based on your inputs and general assumptions — your actual situation may differ. MERs, fund codes, and availability change. Verify current information with your financial institution. Past returns don't guarantee future results. Some links on this site are affiliate links.