In this article:
Overview
You can transfer an investment account from another Canadian financial institution to Wealthsimple directly through the app or on web. This guide covers what you need to know before you start, how to set up your transfer, and what to expect along the way.
Before you begin
We support most standard investment account types and assets, but there are a few limitations to be aware of.
Supported transfer types
- Stocks and ETFs (including dual-listed securities)
- Cash transfers for all eligible account types
- FHSAs (cash only)
- Eligible mutual funds. A fund can be transferred in if it's a series that can be offered through a discount brokerage, or has an equivalent series that can be. Funds with a Deferred Sales Charge (DSC) or a low-load charge (a smaller sales charge you pay only if you sell the fund within a few years of buying it) can't be transferred. A trailer fee (an ongoing fee built into a fund's cost) doesn't by itself stop a fund from transferring in. See Transfer and sell mutual funds for the full rule.
Unsupported assets
You'll need to liquidate these or indicate you wish to leave them behind before transferring:
- GICs or bonds
- Options or warrants
- Delisted or worthless securities (must be sold or removed since you can't leave these behind)
- Fractional shares (not eligible for trading accounts)
- Mutual funds with a DSC or low-load charge
Tips for a successful transfer
- Match your account information. Make sure your name, SIN, address, date of birth, and account number on Wealthsimple match what your current institution has on file.
- Sign accurately. A signature that doesn't match your institution's records may cause your transfer to be rejected.
- Transfer into the same account type. For example, if you're transferring an RRSP, make sure you have an RRSP open at Wealthsimple.
- For LIRAs and LIFs, confirm jurisdictions match. Check your account statement or contact your institution if you're unsure.
- Avoid trading in your originating account until the transfer is complete to prevent delays.
- Be aware of transfer-out fees. Your institution may charge a fee. Transfers of at least $25,000 may be eligible for a transfer-out fee reimbursement, conditions apply.
- Know where your dividends go. A dividend is paid to whoever held the shares on the dividend's record date. If a dividend's record date falls before your shares arrive at Wealthsimple, your other institution pays you that dividend, not us.
How to transfer your account
Step 1: Open an account (if you don't have one yet)
If you don't already have a Wealthsimple account to receive your transfer, you'll need to open one first. The account type you open must match the account you're transferring from. For example, if you're transferring an RRSP, open an RRSP at Wealthsimple.
Step 2: Download a statement
Download a recent statement from the investment account you want to transfer. You may need to upload it during the transfer request. Confirm that your personal information matches what's on file with your institution before proceeding.
Step 3: Choose your transfer type
When you initiate a transfer, you'll choose one of the following options:
- Entire account as is (in-kind transfer): Your institution transfers your stocks and ETFs to Wealthsimple. If you're transferring to a managed portfolio, your holdings will be sold and reinvested once they arrive.
- Entire account as cash: Your institution liquidates your holdings and sends the cash to us.
- Part of your account (partial transfer): You build the transfer yourself by adding specific assets, a cash amount, or a mix of both. Available for trading accounts only. You select assets by number of whole shares, not dollar value, since only whole shares can be transferred in kind, and we show an estimated value plus a running total as you build your transfer. We don't automatically load your positions from a linked account or an uploaded statement, so you'll need to enter the assets and share counts yourself
Step 4: Request the transfer in your Wealthsimple profile
- Log in to the Wealthsimple app
- Tap the Move (two arrows) tab at the bottom
- Scroll down and tap Transfer account to Wealthsimple
- Tap Get started and follow the prompts
- Log in to Wealthsimple from a computer or laptop
- Select the Move money menu in the top-right corner
- Select Move an account from the menu
- Select Get started and follow the prompts
For joint accounts, both owners must accept the transfer request from their own profiles. If you're transferring employee shares from a platform like Computershare or Solium/Shareworks, follow the instructions to transfer employee shares instead.
Upload a statement instead of entering your details manually (web only)
If you're transferring an external account from a web browser, you may see the option to upload a recent account statement instead of entering your details by hand.
To upload a statement on web:
- Log in to your Wealthsimple profile
- Select Move money from the top menu
- Select Move an account
- Select Get started
- Choose the account type you'd like to transfer, then select Next
- When asked how you'd like to provide your account details, select Upload a statement
- Upload a recent account statement from your Questrade or Scotiabank account
- Review the details we've filled in and make corrections, if needed
- Select your destination Wealthsimple account
- Follow the remaining prompts to complete your transfer
We read your account number, account type, and statement balance from the document you upload. If any details look wrong, you can update them before continuing or switch to entering your details manually.
Supported account types for upload: TFSA, RRSP, Spousal RRSP, Non-registered, Joint Non-registered, FHSA, and GRSP. If your statement is for an RESP, LIRA, RRIF, LIF, or Pension account, you'll be routed to manual entry automatically.
Step 5: Select your division and provide account details
When initiating your transfer, select the division that manages your account and enter the required identification numbers exactly as they appear on your statement.
Contributing to your account during a transfer
Full transfers
We suggest pausing any recurring contributions or other activity at your other institution until your transfer completes. This isn't usually a tax requirement: it just helps make sure new money doesn't get left behind after your transfer amount has been calculated.
- RRSP to RRSP: The transfer itself doesn't use any RRSP contribution room. You can still contribute to your new Wealthsimple RRSP while you wait, as long as you have room. Contributions made separately at either institution still use up contribution room and generate a receipt from whichever institution received them.
- FHSA to FHSA: A direct transfer doesn't use new FHSA contribution room. You can contribute at Wealthsimple while you wait, if you have room available, just keep track of contributions made at all your FHSAs, since your Wealthsimple contribution tracker only shows what you've contributed here.
- RRSP to FHSA: This one's different. The transfer itself reduces your FHSA participation room, so you'll need to account for both the transfer amount and any cash contributions you've already made that year. We recommend confirming your available room before making additional contributions.
RESP transfers
RESP transfers are always processed in full. We recommend pausing contributions at your other institution while your transfer is underway, since new deposits made after your transfer has been prepared could be left behind or delay completion.
If you receive a government grant after your transfer is complete, contact us so we can help route those funds to your Wealthsimple RESP.
You can start contributing to your Wealthsimple RESP once it's open. Keep track of your contributions across all RESPs for the beneficiary, so you don't exceed the $50,000 lifetime contribution limit or duplicate grant-eligible contributions.
Partial transfers
Because your original account stays open for a partial transfer, you generally don't need to stop contributing altogether. A few things to keep in mind:
- New contributions usually stay at your original institution and aren't automatically added to your transfer request.
- Avoid trading the specific cash or holdings you're transferring, since this can change the amount available to transfer or delay it.
- New RRSP or FHSA contributions still use contribution room and need to be tracked across both institutions.
- A partial RRSP-to-RRSP transfer doesn't use contribution room; a partial RRSP-to-FHSA transfer does use FHSA contribution room.
Tax considerations
There are no tax implications for transferring registered accounts like your RRSP or TFSA.
If you're transferring a non-registered personal account and need to sell investments as part of the process, this triggers a taxable event. You may need to report any capital gain or loss on your next tax return.
If we switch your mutual fund to an equivalent order execution only (OEO) series of the same fund, that switch isn't a taxable disposition. It doesn't trigger a capital gain or loss, and it doesn't change the adjusted cost base (ACB) of your investment.
Frequently asked questions
Jump to:
Eligibility and account requirements
Should I let my bank know I'm transferring?
Once you've submitted your transfer request, you can notify your bank. Reaching out about five days after submitting can help speed up processing.
My institution isn't listed in Wealthsimple's system. What do I do?
If your institution isn't listed, provide a full account statement and contact our support team. We'll add the institution to our system, which typically takes 3–5 business days.
Do we both need Wealthsimple accounts for a joint account transfer?
Yes. Both owners must be existing Wealthsimple clients with open accounts, and both must sign the transfer form before it can be submitted.
Which account types and products can I transfer into?
You can transfer into trading accounts, managed portfolios (Classic, Signature, and Income), and alternative investments (Private Market Fund). Registered Savings Accounts can only accept cash transfers, not holdings.
Partial transfers
Can I transfer only part of my account instead of the whole thing?
Yes. When you start a transfer, you can choose to move specific assets, a cash amount, or a mix of both, instead of your entire account.
What's the difference between an in-kind transfer, a full cash transfer, and a partial transfer?
An in-kind transfer moves all your holdings as is. A full cash transfer liquidates everything and moves it as cash. A partial transfer lets you choose a specific mix of assets, cash, or both.
Why do I enter a number of shares instead of a dollar amount for a partial transfer?
You can only transfer whole shares in kind, so you select by share count and we fill in the estimated value automatically.
Why do I have to enter my holdings myself instead of the Wealthsimple app pulling them in automatically?
This version doesn't load your positions automatically from a linked account or statement. You select the assets and share counts yourself.
What happens if I select an asset my account can't accept for an in-kind transfer?
We apply the same eligibility rules as a full in-kind transfer, so you'd need to move that specific holding as cash instead. Contact our support team if you're not sure which option applies to you.
Fees
What transfer fees will my institution charge?
Your institution may charge a transfer-out fee, deducted directly from your account. Transfers of at least $25,000 may be eligible for reimbursement, conditions apply. For questions about specific fees your institution charges, contact them directly.
You can learn more about our transfer fee reimbursement policy.
USD assets and currency
How are my USD assets and cash handled?
After your transfer is complete, USD assets and cash are automatically deposited into your account. If you've opted in to USD accounts, you can trade without FX fees. If not, FX fees apply when using USD cash for trades.
If you're a Premium or Generation client, you can opt in to USD accounts for free. If you're a Core client, you can subscribe to USD accounts for a monthly fee of $10.
Why am I asked about a USD subscription during my transfer?
If any part of your transfer is coming over in US dollars, we'll show you your USD subscription options along the way. You don't need a subscription to receive US dollars, so this is a chance to see what's available if you want full USD account features.
Dividends
What happens to dividends on shares I'm transferring to Wealthsimple?
Dividends are paid to whoever held the shares on the dividend's record date. If your shares were still at your other institution on the record date, that institution pays you the dividend, not Wealthsimple. This is true even when the shares arrive at Wealthsimple before the payment date. Any dividend with a record date after your shares arrive is paid into your Wealthsimple account.
When will I get a dividend that my other institution paid after my transfer?
Your other institution pays the dividend first, then forwards it to Wealthsimple. Most institutions do this automatically within a few weeks of the payment date. If yours hasn't arrived, contact your other institution first, since they hold the funds. If they still haven't sent it about 15 business days after the payment date, contact our support team and we can request it on your behalf.
Can Wealthsimple always request a leftover dividend from my other institution?
Not in every case. We can't request leftover amounts for pension transfers, partial transfers, or Direct Registration System (DRS) transfers. For those, contact your other institution directly to have the dividend sent to you.
ACB and mutual funds
What happens to my ACB when I transfer?
In most cases, your ACB transfers automatically with your assets. If your previous institution is unable to send this information, you'll receive an email from us asking you to upload a recent statement, just reply to confirm and we'll update your records.
What happens once my mutual funds arrive in my Wealthsimple Trade account?
What happens depends on the fund. Where a lower-cost version of the same fund is available, we move you into it after your transfer settles. This usually takes a couple of business days, though it can take up to 15 business days, and we'll email you once it's done. Where the fund is already eligible to be held here and pays a trailer fee, you keep the fund and we rebate the fee on an ongoing basis. A fund that's moved to a lower-cost version may also generate a one-time rebate covering the period before the move. See Transfer and sell mutual funds for details.
Transfer amounts and status
What's the difference between the estimated and actual amount on my transfer?
The amount you see when you submit your transfer is an estimate based on what you entered. Once your transfer is complete and fully reconciled, we replace it with the Actual amount: the real, settled value of the holdings we received, calculated from official settlement records. Your Canadian dollar and US dollar amounts are recorded separately, so the Actual amount keeps each currency as its own value rather than converting them into a single total.
Your transfer keeps showing the estimate if it isn't complete yet, if it was created before January 1, 2026, or if it was sent to us by fax or mail rather than electronically. This is expected.
Why does my transfer still show an estimated amount?
We keep showing the estimate until your transfer is complete and fully reconciled. A transfer also keeps showing the estimate if it was created before January 1, 2026, or if it was sent to us by fax or mail rather than electronically. This is expected.
I have an older transfer that never updated to an actual amount. Why?
Transfers created before January 1, 2026 continue to show the estimated amount only. This is expected and not an error.
My completed transfer isn't showing a final amount. What does that mean?
In some cases, we're not able to fully match every holding to its settlement details, so rather than show a figure we're not confident in, we leave it blank. If your completed external transfer isn't showing a final amount, reach out to our support team and we'll look into it for you.
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