Transferring your RRSP, TFSA or personal investment account into Wealthsimple Trade is a good choice if you’re looking to actively manage your portfolio yourself.
If you’d prefer an automated investing service that manages your investments for you, consider transferring your funds into a Wealthsimple Invest account instead.
Before you begin
- It generally takes 1 - 4 weeks to transfer an account into Wealthsimple.
- If your cash balance or holdings are in USD, we will automatically convert the USD into CAD upon receipt.
Step 1. Download a statement from your investment account
Download an account statement from the investment account you’re looking to transfer into Wealthsimple. We’ll ask you to upload this when you request a transfer.
Double check that your current information matches the details on your investment account statement. If the information we have doesn’t match what your bank has, they may reject the transfer request. If needed, consider asking them to update your information before requesting a transfer.
Step 2. Choose how to transfer your account
You have three options for transferring your account to Wealthsimple –
- Entire account as cash (Recommended)
Your institution will sell your holdings and move the money to us.
- Entire account as is
Your institution will transfer your holdings to us as they are today. You can choose which holdings you'd like us to sell or keep.
- Part of the cash in your account
Your institution will transfer a cash amount that is in your account.
Note: There are no tax implications for transferring non-taxable accounts (like your RRSP or TFSA). If you are transferring a non-registered personal account and need to sell your investments as part of the transfer, this will trigger a taxable event and you may need to report the capital gain or loss on your next tax filing.
If you’re unsure which option to choose, consider taking a look at this guide for more information.
Step 3. Request a transfer
- Sign into the Trade app on your mobile device
- Tap the Profile icon on the top left corner of the screen
- Select the Funding menu item
- Select Transfer an account
- Choose an account type to transfer
- Select your institution and enter an account number
- Choose whether you’d like to transfer your funds in cash or as is
- Enter an estimated value of the account you’re transferring in
- Upload an account statement
- Submit your transfer request
Tips for a successful transfer
- Make sure the information in your Wealthsimple account matches the information your bank has on file
Double check the account number, full name, SIN, residential address and date of birth. Ask your bank to update your details if the information doesn’t match. Alternatively, send us an email and we can amend the transfer form for you.
- Be aware of transfer fees from your institution
Your institution may charge a transfer fee up to $150, and this will be deducted from your account value. You can request a transfer fee reimbursement for transfers over $5,000.
- Make sure you’re transferring into the same type of account
When transferring investment accounts, it is important that the account you have with your bank matches the investment account you have at Wealthsimple. For example: if you're transferring a RRSP, make sure you open a RRSP at Wealthsimple.