In this article, you will learn about:
- How to set up a transfer from an external investment account to an FHSA at Wealthsimple
- The types of in-cash transfers available, including FHSA to FHSA, RRSP to FHSA, and Spousal RRSP to FHSA
- The approximate time it takes to transfer funds into a Wealthsimple FHSA
If you have funds in an investment account at an external institution, you can set up an institutional transfer to an FHSA at Wealthsimple. You can set up this transfer in-cash to either a managed or DIY trading account.
Specifically, you can set up any of the following in-cash transfers:
- FHSA (external) to FHSA (Wealthsimple)
- RRSP (external) to to FHSA (Wealthsimple)
- Spousal RRSP (external) to FHSA (Wealthsimple)
In-kind transfers into an FHSA are not available at this time.
To set up your transfer, follow the steps below:
Step 1: Open an FHSA in your Wealthsimple profile
You’ll need to open an FHSA at Wealthsimple before you can begin the account transfer.
- Opening a managed FHSA with Wealthsimple means that we invest your funds on your behalf
- Opening a DIY trading FHSA means that you’ll manage your investments yourself
We cannot convert your account from one to the other, so make sure that you open the correct account type before initiating your transfer.
Step 2: Reach out to Wealthsimple’s support team
Once you’ve opened your FHSA at Wealthsimple, you will need to reach out to our support team with the following information:
- The account type you want to transfer from (FHSA, RRSP or Spousal RRSP)
- The name of your financial institution
After we receive this information, our team will send you the appropriate form via DocuSign to initiate the transfer with your external institution.