Will I get taxed when I transfer my RRSP or TFSA?

There is no tax penalty for transferring your RRSP or TFSA from one institution to another. Think of it as your account being picked up from your current institution and dropped off at Wealthsimple. Before transferring your account, make sure you have the same type of account open at Wealthsimple.

When transferring your account, you'll be asked whether you'd like to transfer your account “as cash” or “holdings as is” and depending on the investments you hold, there can be fees associated with choosing one over the other. We'd suggest reading our guide to institutional transfers before transferring your account, just to make sure you don't end up paying unnecessary fees.

Was this article helpful?
0 out of 0 found this helpful