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 (Series A, D, and E) without trailer fees or Deferred Sales Charges
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 — you can't leave these behind)
- Fractional shares (not eligible for trading accounts)
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.
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.
Most eligible account types can only be opened as a fully managed portfolio on web. To open a fully managed portfolio:
- Log in to your Wealthsimple profile
- Select + Add account from the Home page
- Select the Investing tab
- Choose an eligible account type
- Select Portfolios, then Next
- Select Go fully managed
- Answer the assessment questions, then select Invest in this portfolio to finish
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 (holdings 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.
- Part of your account as is (holdings transfer): You select which assets to transfer. Available for trading accounts only — contact our support team to set this up.
- Entire account as cash: Your institution liquidates your holdings and sends the cash to us.
- Part of the cash in your account: Your institution transfers a specific cash amount. Make sure the funds are available (not invested) before initiating.
Step 4: Request the transfer in your Wealthsimple profile
- Log in to the Wealthsimple app
- Tap the Move tab
- Scroll down and tap Transfer an account to Wealthsimple
- Choose and confirm the account
- Tap Get started and follow the prompts
- Log in to your Wealthsimple profile
- Select the Move money menu in the top right corner
- Select Move an account from the menu
- Select Get started
- Follow the prompts to complete your account transfer
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.
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.
Frequently asked questions
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.
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.
How are 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.
Do both owners need a Wealthsimple account 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.
What happens to my book cost (ACB) when I transfer?
In most cases, your book cost 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.
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.
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 Credit and Private Equity). Registered savings accounts can only accept cash transfers, not holdings.
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