It looks like RRSP season will be a washout this year, according to the latest numbers from the Investment Funds Institute of Canada.

After modest net redemptions were recorded in January, IFIC estimates, based on a sample of preliminary data from some of its members, net new sales for the month of February will be between $150 million to $450 million.

“Net sales in February came in as expected given the global political environment and indifferent stock market performance this past month,” said Tom Hockin, IFIC president and CEO. “These figures do not include the sales or redemptions on the last day of this RRSP season.”

“If history is any guide, we expect some investment in long-term fund categories later this spring as investors and their advisors move out of GICs and money market funds to make longer term commitments,” he said.

According to the early numbers, TD fared best, with $220 million in net sales for the month. But this was the only firm to generate more than $100 million in net sales. AIM Trimark clocked in with $81 million, in second place, followed closely by BMO at $79 million. Manulife turned in $7 million in net sales.

On the downside, there were hefty net redemptions in several big independent firms, including AGF, Fidelity and Franklin Templeton.

IFIC also estimates that net assets of the industry at the end of February will be in the range of $372 to $377 billion, down approximately 1.7% from last month’s total of $381.6 billion.