With a self-directed RRSP, you (the plan-holder) make the investment decisions. Check to see if an administration fee will be charged by the trustee of the plan. Make sure your investments qualify to be held in an RRSP.
When investing your self-directed RRSP, consider if want to employ the services of a full-service stockbroker or financial planner rather than opening a self-directed account with a a discount broker who offers cheaper transaction costs but little or no advice. A full-service stockbroker or financial planner may have access to a broader range of investments.
There may be an annual administration fee of $100 to $250 a year. The administration fee is no longer tax-deductible. Transaction fees or brokerage commissions are also charged each time you buy and sell securities.
With a self-directed RRSP, you receive one statement that shows all your holdings and transactions, making it easier for you to keep track of your investments.