Overview

You can transfer funds between an FHSA and some other Wealthsimple investment accounts. Continue below to learn how these transfers work and what to consider.

Supported account transfers

Review the supported account transfers you can make into and from your FHSA:

Transferring funds into your FHSA

Here's a breakdown of the supported transfers:

• From an RRSP to an FHSA:
  • You can transfer a cash balance or a list of holdings in the mobile app.
  • To transfer a cash balance, go to the Move (arrows) tab and tap Transfer money.
  • To transfer a list of holdings, go to your self-directed RRSP account and tap Move holdings.
  • In the rare event that the above transfer isn't supported in the app, you can complete the RC720 form via Docusign to submit a manual request.
  • There's no tax benefit for this kind of transfer.
• From a TFSA, non registered, crypto, or chequing account to an FHSA:
  • You can transfer a cash balance through the mobile app.
  • You may claim this contribution as a deduction on your income tax.

Transferring funds from your FHSA to another account

Here's a breakdown of the supported transfers and key considerations:

• From an FHSA to another FHSA:
  • You can transfer a cash balance through the mobile app.
  • There's no tax benefit for this kind of transfer.
     
• From an FHSA to an RRSP or RRIF:
  • You can transfer a cash balance or a list of holdings by submitting the RC721 form via Docusign.
  • There's no tax benefit for this kind of transfer.
     
• From an FHSA to a Wealthsimple chequing account:
  • You can withdraw a cash balance from a self-directed FHSA to a chequing account through the Wealthsimple app or on the web. Select the type of withdrawal for further instructions:
    • Make a qualified withdrawal for a home purchase
    • Make a taxable (non-qualified) withdrawal
       
  • Follow the instructions below to withdraw a cash balance from a managed FHSA to a chequing account:
    • Qualified withdrawal: Please complete the RC725 form via Docusign. Our support team is notified when it's been submitted and will respond with further instructions, if needed.
    • Over-contribution correction: Please complete the RC727 form via Docusign. Our support team is notified when it's been submitted and will respond with further instructions, if needed.
    • Taxable withdrawal: Please follow the instructions in this Help Centre article.

How to set up an internal transfer

For managed account transfers, we'll liquidate your holdings for you after you submit your transfer request. These transfers typically take 4-6 business days to complete.

For self-directed account transfers, certain source-destination account combinations allow for in-kind transfer of assets (see Supported account transfers above). If you'd like to transfer in cash, you'll need to sell your securities and let your funds settle for 1 business day before you submit your transfer request. After your funds are in your Available to withdraw balance, transfers typically take 1-3 business days to complete.

Once you're ready to move money between an FHSA and another investment account, follow the steps below:

1. Log in to the Wealthsimple app
2. Select an FHSA to transfer from
3. Tap Transfer
4. Choose an account to transfer to
5. Follow the prompts to finish setting up your transfer