Overview

The following account types have restrictions for transferring funds. Select the account you'd like to transfer to or from to learn more:

• RRSP
• Spousal RRSP
• GRSP
• RRIF
• Spousal RRIF
• LIF
• LIRA
• FHSA
• RESP
• Corporate
• Margin

RRSP restrictions

You can transfer funds

• into RRSPs from other accounts,
• between RRSPs, and
• from an RRSP to a different account type*.

Spousal RRSP restrictions

You can transfer funds:

• from your individual or joint chequing account(s) into a spousal RRSP. Only the contributor can transfer funds.
• between Wealthsimple spousal RRSPs with the same annuitant and contributor. Please contact our support team for assistance.

You can't transfer funds from a spousal RRSP to another account type because of tax implications.

GRSP transfer restrictions

You can transfer funds from your GRSP to an RRSP. Please contact our support team for assistance.

You can't transfer funds

• into a GRSP (only the employer can contribute),
• from your GRSP to non-RRSP account types because of tax implications, or
• between two GRSP accounts.

RRIF restrictions

You can:

• withdraw funds to an external bank account, and
• transfer funds between Wealthsimple RRIF accounts.

You can't transfer funds

• into an RRIF, or
• from an RRIF to another Wealthsimple account.

Spousal RRIF restrictions

You can transfer funds

• from your spousal RRIF to another Wealthsimple account, or
• between Wealthsimple spousal RRIF accounts with the same annuitant and contributor.

You can't transfer funds into a spousal RRIF.

LIF restrictions

You can:

• withdraw funds to an external bank account, and
• transfer funds between Wealthsimle LIF accounts with the same jurisdiction. Please contact our support team for assistance.

You can't transfer funds

• into a LIF, or
• from a LIF to another Wealthsimple account.

LIRA restrictions

You can transfer funds between Wealthsimple LIRA accounts directly from the app if the jurisdictions match.

You can't transfer funds

• into a LIRA, or
• from a LIRA into another account.

FHSA restrictions

You can transfer funds between an FHSA and select Wealthsimple investment accounts. Learn more about these transfers.

RESP restrictions

You can only contribute to an RESP from

• an individual or joint chequing account,
• a TFSA,
• an individual or joint non-registered account, or
• a managed RESP (you must contact our support team for assistance). 

Please keep in mind that RESPs have a $50,000 lifetime maximum contribution limit per beneficiary.

When you'd like to withdraw from an RESP, you'll need to get in touch with our support team. We'll ask you to confirm the beneficiary is enrolled as a full-time or part-time student in a post-secondary program or institution.

For more information on RESP restrictions, see our RESP funding transfer restrictions article.

Corporate account restrictions

You can transfer funds between your Corporate account and

• another Corporate account,
• an individual or joint chequing account,
• a USD savings account, or
• an individual or joint non-registered account.

Margin account restrictions

You can only transfer excess funds not required to maintain collateral in your margin account. This also applies to your linked TFSA, if applicable. If your account is under-margined, you must make a deposit or sell some of your assets to bring your account to good standing before you can transfer funds.

Additionally, if your account is in a margin call, your margin account is restricted to closing transactions only.