How do I transfer money between my Wealthsimple accounts

Internal transfers can be a bit tricky because of withdrawal rules and contribution limits for certain registered accounts (like an RRSP or a TFSA). Below are some guidelines with things to consider when setting up an internal transfer!

That being said, please contact our Relationship Management team or call us at 1-855-255-9038 to initiate an internal transfer. Please let us know the details of the transfer (i.e., which accounts you want to move the money to and from and the amount you would like move) and we would be happy to get this set up for you! For the majority of internal transfers (i.e. transfers from a non-registered account), the expected timeline for completion is approximately 5 business days!

Personal Accounts: These accounts do not have any withdrawal rules or contribution limits and so money can moved in or out of these accounts without any special considerations.

TFSAs: These accounts have contribution limits and so you will want to ensure that you have the appropriate contribution room if you are transferring money into your TFSA. We encourage you to create an account online with the Canada Revenue Agency (CRA) to determine if you have enough room!

When moving money out of a TFSA, the main thing to note is that the amount you withdraw will not be added back to your contribution limit until the following calendar year.

RRSP Accounts: These accounts also have contribution limits but the amount is based on a few different things. Again, we encourage you to create an account online with the Canada Revenue Agency (CRA) to determine if you have enough room. The contribution room you have available for the current year is also be stated on your notice of assessment.

If you are moving money out of your RRSP, be wary that there are withholding taxes associated with these withdrawals.

RESP Accounts: These accounts only have one hard limit of contributing a lifetime maximum of $50,000 per beneficiary. If you have an an RESP account with multiple beneficiaries (i.e., multiple future scholars), you will need to specify how you would like the money moved into this account allocated between them.

Withdrawals from an RESP requires a few additional details, but feel free to contact our Relationship Management team about this at or at 1-855-255-9038.

If you plan to move money into or out of an account that is not listed, please contact us about this as well!

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