PV pardon my jumping in....but if you want to move securities FROM an RRSP to a TFSA, then you'll have to first "deregister" them...and even if they are underwater you will have to claim the $$$ you get from the sale, all of it, as income. That's because you got a tax deduction when you registered it in the RSP...you defer the tax until you take it out.

And there is no such thing and and Unregistered RRSP....the first R in RRSP stands for Registered.