Transfer an account to Wealthsimple

In this article:

Overview
Set up your transfer
Supported transfers and timelines
How we handle USD cash and dual-listed securities
Tips for a successful transfer
Check the status of your transfer

Overview

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

Transferring an account into a self-directed investing 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.

Before you begin

Check our list of supported transfers to ensure your desired transfer is supported.
Make sure you’re not transferring a chequing or savings account. To transfer funds from these accounts, consider making a deposit.
You can't transfer fractional shares into a self-directed investing account.
Wealthsimple only supports transfers from Canadian institutions. Cross-border transactions are not supported.
If applicable, review how we handle USD and dual-listed securities.

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 below.

Set up your transfer

There are 3 steps to transferring an account from another institution to Wealthsimple:

Download a statement from your investment account
Decide how to transfer your account
Request a transfer in your Wealthsimple profile

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.

Note: Mutual funds can't be transferred to Wealthsimple in-kind. You can sell them and transfer the proceeds as cash, or leave them behind.
Part of the cash in your account
Your institution will transfer a portion of cash that is in your account.
Part of your account as is (in-kind)
Your institution will transfer a portion of your assets to us as they are today. This is available for self-directed accounts only. You must reach out to our Client Success team to set up this type of transfer with your institution.
Mixed transfer (both in-kind and as cash)
You will choose which assets your institution will transfer in-kind and as cash to us. You must call our Client Success team to set up this type of transfer with your institution.

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

Sign in to the latest version of the Wealthsimple app on your mobile device
Tap the Move tab at the bottom of your screen
Tap the Move an account to Wealthsimple menu option
Tap Get started
Follow the prompts to complete your account transfer
If you've initiated a transfer for a Joint account, your co-owner will also need to accept the transfer request from their profile

Screenshot 2024-09-23 at 6.12.10 PM.png

Log in to your Wealthsimple account
Select Move from the top menu
Select Move an account to Wealthsimple
Open the Account type menu
Choose the account type you'd like to transfer
Select Next to continue
Follow the prompts to complete your account transfer

Supported transfers and timelines

Account type	Available to transfer into a self-directed investing account	Available to transfer into a managed account	Average transfer timeline
Individual Non-registered	Yes	Yes	2-4 weeks
Joint Non-registered	Yes²	Yes²	2-4 weeks
TFSA	Yes	Yes	2-4 weeks
RRSP	Yes	Yes	2-4 weeks
Spousal RRSP	No	Yes	2-4 weeks
FHSA	Yes¹	Yes¹	2-4 weeks
RRIF	Yes²	Yes	2-4 weeks
LIRA	Yes	Yes	2-4 weeks
Pension	No	Yes	2-6 weeks
LIF	Yes	Yes	2-4 weeks
RESP	No	Yes	6-8 weeks
Corporate	No	Yes	2-4 weeks

1 You must contact our support team to set up a FHSA account transfer.
2 Joint Non-Registered self-directed investing transfers can only be initiated on the Wealthsimple mobile app.

Why is my transfer taking longer than expected?

While Wealthsimple is equipped to accept most transfers electronically, some Canadian financial institutions continue to use more traditional methods to transfer accounts. Some institutions require forms to be processed at their physical location or require printed checks for depositing funds which can extend your transfer's processing time.

To check on the status of your transfer, follow these steps.

How we handle USD cash and dual-listed securities

Review the information below if you’re transferring an account with USD cash or dual-listed securities.

Note: USD accounts are not currently supported for self-directed Joint Non-Registered accounts, RRIFs, and LIFs, and currency conversion fees are applicable. USD accounts for these accounts will be available in the future, but we don't have any timelines yet.

USD cash

If you're in the Core tier and are 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 US exchange that is dual-listed on a Canadian exchange, we'll automatically convert it to the Canadian option. This is because Wealthsimple doesn't support dual-listed securities. You can verify if we hold a US asset by searching for the ticker symbol in your Wealthsimple app.

Tips for a successful transfer

To ensure a smooth transfer, review the tips below.

Verify that your Wealthsimple account information matches your bank's

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-out fees from your institution

Your institution may charge a transfer-out fee, and this will be deducted from your account value. Transfers of at least $15,000 are eligible for a transfer-out fee reimbursement. Conditions apply. Learn more about our transfer fee reimbursement policy.

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. Additionally, for LIRA/LIF transfers, please ensure that the jurisdictions between your Wealthsimple account and external institution's account match.

Check the status of your transfer

To check on the status of your transfer, follow these steps in your account.