You can move an existing investment account from another institution into Wealthsimple Trade. This is a great option when your funds are tied up in non-taxable accounts (like a RRSP or TFSA) and you want to move your account without making a withdrawal.
There are three different options to choose from when transferring an account –
- Move the entire account as cash. Your institution will sell your holdings and move the money to us.
- Move the 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.
- Move all or part of an account’s cash balance. Your institution will transfer a cash amount that is in your account.
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
- Follow the prompts to fill out details associated with the account at your current institution.
Note: If you're unable to find your institution after typing it into the search bar, please click "I don't see my financial institution" and fill in the institution name manually. You may see the prompt: "This institution does not support electronic transfers. To continue, please confirm this is the correct institution name." Feel free to click "Yes, it's correct" in order to move forward in the set-up process.
The transfer request is complete once you’ve provided your digital signature. Our team will reach out if anything further is required from you in order for us to complete the request.
- If your cash balance or holdings are in USD, we will automatically convert the USD into CAD upon receipt
- Today, you can only transfer TFSAs, RRSPs, and non-registered personal accounts
Tip: There are a few best practices you can follow to prevent your transfer from being rejected.
Will Wealthsimple reimburse transfer fees?
Institutions typically charge a $50 – $150 administrative fee to transfer your account. We will reimburse this fee if your transfer is greater than $5,000 in value.
- Wealthsimple does not reimburse Deferred Sales Charges (DSC fees), Low Load Fees (LL fees), trading fees, commission fees, or account closure fees
- Partial transfers from the same account will only be reimbursed once
- Only current clients with funded Wealthsimple accounts are eligible for reimbursements
- If you are requesting multiple fee reimbursements, please fill out the survey for each individual transfer
- Eligible reimbursements are processed in 1-2 business days
- The reimbursement will show up in the cash balance of your account and will appear as a ‘refund’ in your account activity
Once your account transfer has completed, you can request a reimbursement for transfer fees.