You can transfer funds between an FHSA and certain other investment accounts with Wealthsimple.
Read below to learn about the different possible transfers you can make between an FHSA and another investment account.
Moving funds to an FHSA from another investment account at Wealthsimple
Refer to the chart below to learn about moving funds to an FHSA from another investment account:
From (account type) |
To (account type) |
Supported? |
Things to consider |
RRSP |
FHSA |
Yes, in-cash managed and self-direct transfers supported. Contact support to make this transfer. |
There is no tax benefit for making this kind of transfer. Please note that you will be required to complete an RC720 form via DocuSign as part of the internal transfer process. |
TFSA |
FHSA |
Yes, in-cash managed and self-directed transfers supported |
You may claim these contributions as a deduction on your income tax. |
Non-registered or Crypto |
FHSA |
Yes, in-cash managed and self-directed transfers supported |
You may claim these contributions as a deduction on your income tax. |
Cash or Save |
FHSA |
Yes |
You may claim these contributions as a deduction on your income tax. |
Spousal RRSP, RRIF, RESP, LIRA, LIF, Corporate account, Joint account |
FHSA |
No |
N/A |
Moving funds to another investment account from an FHSA at Wealthsimple
Refer to the chart below to learn about moving funds from an FHSA to another investment account:
From (account type) |
To (account type) |
Supported? |
Things to consider |
FHSA |
FHSA |
Yes |
There is no tax benefit for making this kind of transfer. |
FHSA |
TFSA |
No |
N/A |
FHSA |
RRSP, RRIF |
Yes |
There is no tax benefit for making this kind of transfer. Contact support to make transfers from one FHSA to another RRSP or RRIF. You will be required to complete an RC721 form via DocuSign as part of the internal transfer process. |
FHSA |
Non-registered or Crypto |
No |
N/A |
FHSA |
Spousal RRSP, RESP, LIRA, LIF, Corporate account, Joint account |
No |
N/A |
Set up an internal transfer
Wealthsimple only supports in-cash internal transfers at this time.
- 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 investing account transfers, 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:
- Log in to your Wealthsimple mobile app
- Select an FHSA to transfer from
- Tap Move money
- Select Transfer
- Tap Next
- Choose an account to transfer to
- Follow the prompts to finish setting up your transfer
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