Transfer an account to Wealthsimple

If you have an existing investment account at another banking institution, you can transfer it into Wealthsimple. 

Transferring an account into a self-directed trading account 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 managed account instead. 

For a full list of supported transfers, see the table below:

Account type

Available to transfer into a self-directed trading account

Available to transfer into a managed account

Average transfer timeline

Personal

 Yes Yes 2-4 weeks
TFSA Yes Yes 2-4 weeks
RRSP Yes Yes 2-4 weeks

Spousal RRSP

 No Yes 2-4 weeks

LIRA

 No Yes 2-4 weeks
RESP No Yes 6-8 weeks

Before you begin

  • Make sure you’re not transferring a chequing or savings account. If you’d like to transfer funds from either of those accounts, consider making a deposit instead.
  • You can't transfer fractional shares into a trading account.
  • Wealthsimple only supports transfers from Canadian institutions. Cross-border transactions are not supported.

How we handle USD cash and dual-listed securities when you transfer an account to Wealthsimple

USD cash
If you're a Basic subscriber transferring an account with a USD cash balance, we'll automatically convert it into CAD upon receipt. Please note that we charge a 0.4% fee when converting funds from USD to CAD for an incoming account transfer. 

USD accounts subscribers can transfer USD into their trading accounts without converting it into CAD.

Dual-listed securities
If you hold a security on a U.S. exchange that is dual-listed on a Canadian exchange, we'll automatically convert it to the Canadian version. This is because Wealthsimple doesn't support dual-listed securities.

Tip: You can verify if we hold the US asset by searching for the ticker symbol in your Wealthsimple app.

Set up your transfer

There are three steps to transferring an account from another institution to Wealthsimple:

  1. Download a statement from your investment account
  2. Decide how to transfer your account
  3. Request a transfer in your Wealthsimple profile
Some accounts require additional information before we can transfer them. See the below guides for more information:

For all other eligible transfers, continue with the instructions listed in this article.

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. Decide how to transfer your account

We'll ask you to choose between the following options when you request a transfer:

  • Entire account as cash
    Your institution will sell your holdings and move the money to us.
  • Entire account as is (in-kind)
    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. If you are opening a managed account, your holdings will be sold once they are transferred to Wealthsimple.
  • 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.

Step 3. Request a transfer in your Wealthsimple profile

Wealthsimple app Web
  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Dollar sign at the bottom of your screen
  3. Tap the Move funds option
  4. Select Move an account to Wealthsimple
  5. Tap Get started
  6. Follow the prompts to complete your account transfer
  7. Once completed, submit your transfer request

Transfer an account into a managed account

  1. Head to my.wealthsimple.com and sign into your Managed Investment & Save account
  2. Select Move funds from the top menu
  3. Select Transfer an account
  4. Follow the prompts to complete your account transfer
  5. Once completed, submit your transfer request

Transfer an account into a self-directed trading account

  1. Head to my.wealthsimple.com and sign into your Stocks, ETFs & Crypto account
  2. Select Add or transfer an account
  3. Select that you want to transfer an existing account to Wealthsimple
  4. Follow the prompts to complete your account transfer
  5. Once completed, submit your transfer request
Note: The ability to transfer into a DIY (self-directed) trading account from the web platform is a new feature as of May 2023. If you're not seeing the option on your desktop, please transfer an account via the app instead. 

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.
  • Create the most accurate digital signature you can
    If you notice that the signature on your transfer form is drastically different from your regular signature, then it is possible that your financial institution may reject our request.
  • 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.

If you want to check on the status of your transfer, you can find it directly through your account.

 

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