In this article:
Overview
You can easily transfer an investment account from another Canadian financial institution to Wealthsimple. This guide will walk you through the process, from deciding how you'd like to transfer your account to initiating the request in your Wealthsimple profile.
Before you begin, here are a few things to know:
- Don't transfer a chequing or savings account. Instead, you can make a deposit.
- We don't support dual-listed securities. If you hold a security on a US exchange that's dual-listed on a Canadian exchange, we'll automatically replace the stock's currency symbol with the one we support.
- You can't transfer fractional shares into a self-directed investing account.
- You can only transfer FHSAs as cash at this time.
Please be aware that the following assets are unsupported for in-kind transfers:
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Mutual funds
- If you hold mutual funds and intend to transfer them to a self-directed investing account, you'll need to liquidate these assets yourself or indicate that you wish to leave these securities behind.
- If you hold mutual funds and intend to transfer them to a Wealthsimple Portfolio, we'll liquidate the mutual funds once they're transferred to their Portfolio account.
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GICs or bonds
- If you hold GICs or bonds, you'll need to liquidate these assets yourself or indicate that you wish to leave these securities behind.
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Options or warrants
- If you hold options or warrants, you'll need to liquidate these assets yourself or indicate that you wish to leave these securities behind.
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Delisted or worthless securities
- If you hold delisted or worthless securities, you'll need to sell or remove these securities yourself. There's no option to leave these behind.
Tips for a successful transfer
To help ensure a smooth transfer, review these tips:
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Verify that your Wealthsimple account information matches the information on file with your bank. Double-check the account number, full name, SIN, residential address, and date of birth. If your information doesn't match, ask your bank to update your details. Alternatively, you can contact our support team to amend the transfer form for you.
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Create the most accurate digital signature you can. If the signature on your transfer form is drastically different from your regular signature, your financial institution may reject our request.
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Be aware of transfer-out fees from your institution. Your institution may charge a transfer-out fee, which they'll deduct from your account value. Transfers of at least $25,000 are eligible for a transfer-out fee reimbursement. Conditions apply. You can learn more about our transfer fee reimbursement policy.
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Make sure you're transferring into the same type of account. The account you have with your bank must match the investment account you have at Wealthsimple. For example, if you're transferring an RRSP, make sure you open an RRSP at Wealthsimple.
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For LIRAs/LIFs, ensure jurisdictions match. LIRAs and LIFs have jurisdictions, or a specified region the account was created in. Please confirm that the jurisdiction on Wealthsimple's side matches the jurisdiction of the account at your relinquishing institution. If you're unsure which jurisdiction your account was created in, you can check your account statement or reach out to your financial institution for help.
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For faster processing, avoid trading in your originating account until your transfer has been completed.
- You can link one of your brokerage accounts, allowing you to easily transfer any additional accounts in the future without needing to complete the entire transfer flow.
How to transfer and open an account
If you’re just getting started and haven’t opened an account yet, we’ll guide you to open an account that fits your investing needs.
- Log in to the Wealthsimple app
- Tap the Move tab at the bottom of your screen
- Scroll down and tap Transfer an account to Wealthsimple under Accounts
- Tap Get started
- Follow the prompts to fill out information about your external account
- Select your Wealthsimple receiving account. If you don’t have an open account, you’ll be prompted to open one.
Setting up your transfer
Transferring an account involves three steps:
Step 1. Download a statement from your investment account
Download an account statement from the investment account you want to transfer to Wealthsimple. You may need to upload this when you request the transfer.
Ensure your current information matches the details on your investment account statement. If the information doesn't match, your bank might reject the transfer request. If needed, ask your bank to update your information before requesting a transfer.
Step 2. Decide how to transfer your account
We'll ask you to choose between the following options when you request a transfer:
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Entire account as is (in-kind): Your institution will transfer your stocks and Exchange Traded Funds (ETFs) to us.
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If you're transferring to a self-directed account, your shares won't be sold by your institution.
Tip: To ensure a smooth transfer, please check our platform to confirm that we support all of your stocks and ETFs before proceeding. - If you're transferring to a managed account, your shares will be sold once the account lands in Wealthsimple, and the sold funds will be reinvested into a Wealthsimple portfolio.
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Part of your account as is (in-kind): You choose which assets (including stocks, ETFs, and cash) your institution will transfer in-kind to Wealthsimple. All other assets will stay with your existing institution. This option is available for self-directed accounts only. You'll need to reach out to our support team to set up this type of transfer.
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Entire account as cash: Your institution will sell all your shares and move the money to us.
- Your institution may not be able to liquidate some assets, like GICs.
- If you have mutual funds, your institution may charge additional non-refundable fees to liquidate them.
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Part of the cash in your account: Your institution will transfer the amount of cash you requested to us. Please ensure you have cash available (not invested) in your account before initiating the transfer, or your institution won't be able to transfer the amount you requested.
Note: If you want to set up a partial USD cash or in-kind transfer, please contact our support team for assistance.
Step 3. Request a transfer in your Wealthsimple profile
When you’re transferring your money, it's important to select the correct account type to avoid delays. A spousal RRSP and LIRA have different rules than a standard RRSP. These accounts aren't interchangeable, so choosing the right one ensures your transfer's processed correctly.
Follow these steps to request a transfer:
- Log in to the Wealthsimple app
- Tap the Move tab at the bottom of your screen
- Scroll down and tap Transfer an account to Wealthsimple under Accounts
- After you've chosen your account, you'll see a screen where you can confirm if the account is an RRSP, spousal RRSP, or LIRA
- Tap Get started
- Follow the prompts to complete your account transfer
- For joint accounts, your co-owner must accept the transfer request from their profile
- Log in to your Wealthsimple profile
- Select Move from the top menu
- Select Transfer an account to Wealthsimple
- Open the Account type menu and choose the account type you'd like to transfer
- After you've chosen your account, you'll see a screen where you can confirm if the account is an RRSP, spousal RRSP, or LIRA
- Select Next to continue
- Follow the prompts to complete your account transfer
- For joint accounts, your co-owner must accept the transfer request from their profile
Tax considerations
There aren't any tax implications for transferring tax-sheltered accounts, like your RRSP or TFSA.
If you're transferring a non-registered personal account and need to sell your investments as part of the transfer, this will trigger a taxable event. You may need to report the capital gain or loss on your next tax filing.
Frequently asked questions
Should I let my bank know I'm transferring my account?
Once the transfer request is submitted, you can let your institution know about the incoming request. Typically, we've found that contacting your institution 5 days after you've set the transfer up can help expedite your transfer's processing time.
What fees will my institution charge me?
Your relinquishing institution may charge a transfer-out fee. Transfers of at least $25,000 are eligible for a transfer-out fee reimbursement. Conditions apply. You can learn more about our transfer fee reimbursement policy.
With that in mind, your institution may charge other fees that we don't cover. Please direct all questions about transfer fees to your originating financial institution, as transfer fee costs vary.
How do you handle USD assets and cash?
After your institutional transfer is complete, we'll automatically deposit USD assets and cash into your account. If you opt in to USD accounts, you can trade with your USD funds with no FX fees. If you don't have USD accounts, you will incur FX fees if you decide to use your USD cash for trades.
I'm transferring a joint account. Do both owners need a Wealthsimple account?
Yes. If you plan to transfer a joint account, including a spousal RRSP or RESP, please ensure that both owners are existing Wealthsimple clients with open accounts. Additionally, both owners need to sign the transfer form before our back office can send off your transfer request.
Why can't I see my institution on Wealthsimple's system to transfer from?
If your institution or brokerage isn't listed in our system, you'll need to provide a full account statement and connect with our support team. Once we receive your statement, our back office will add the institution to our system, which typically takes 3-5 business days.
What happens to my book cost (ACB) when I transfer to Wealthsimple?
In most cases, your book costs are automatically transferred over along with your assets, so there is nothing to worry about. This information transfers seamlessly between institutions for a smooth transition.
What happens if the book cost for assets that I transferred to Wealthsimple are different from my previous institution?
Most institutions automatically send your book cost details along with your transferred assets. However, in the rare case that your previous institution is unable to send the book cost details to Wealthsimple, there's no need to worry.
Once your transfer is completed, you'll receive an automated email from us asking you to upload your previous month's account statement from your former institution. After you provide this statement, simply respond to our email to let us know, and we'll update the book cost details for you in our system.
Can I transfer options to Wealthsimple?
You can't transfer options to Wealthsimple at this time.
Which products can I transfer my investments into?
You can transfer your investments into a self-directed investing account, portfolios (Classic, Signature, or Income), and Alternative Investments (Private Credit, Private Equity). However, savings accounts (like registered savings accounts) can only accept cash transfers, not in-kind securities.
Why don't I see all account types available when trying to transfer?
The options available to you depend on several factors:
- The type of account you are transferring from.
- Whether the account type you want can receive institutional transfers.
- Your eligibility for certain products (for example, Alternative Investment accounts are only available to eligible clients).
- The account types you may already have open.
What happens to my investments when transferring in-kind to a managed portfolio?
If you transfer holdings that do not match the portfolio's strategy in-kind to a managed portfolio, they will be sold and then reinvested according to your portfolio's allocation.
Can I start a transfer and decide which account type I want later?
No. You need to select your destination account type early in the transfer process, as this decision affects which assets can be transferred and how they will be managed.
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