Fund transfer restrictions by account type

In this article:

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 restrictions

You can transfer funds

  • into RRSPs from other accounts,
  • between RRSPs, and
  • from an RRSP to an individual or joint non-registered (including margin accounts), TFSA, FHSA, Crypto or USD savings account.
Note: Please contact our support team for assistance with transfers from an RRSP to a different account type.

Spousal RRSP restrictions

The actions you can take with a spousal RRSP depend on your role as either the annuitant or the contributor.

If you are the annuitant (the account owner), you can do the following:

  • Make withdrawals. You can make all types of withdrawals (taxable, Home Buyers' Plan, and Lifelong Learning Plan) to your linked bank accounts.
  • Make internal transfers. You can move funds from the spousal RRSP to other Wealthsimple accounts, including:
    • To another spousal RRSP that has the same contributor (all withdrawal types are permitted).
    • To a chequing account (all withdrawal types are permitted).
    • To a non-registered (including margin accounts), crypto, TFSA, or USD savings account (taxable withdrawals only).

When you make a withdrawal, we provide clear tax information, including any potential spousal attribution notices.

If you are the contributor (the one who adds funds), you can do the following:

  • Deposit funds from your linked bank accounts.
  • Internally transfer funds from any of your other Wealthsimple accounts into the spousal RRSP.
Note: As the contributor, you can’t withdraw funds or transfer funds out of the spousal RRSP.

GRSP transfer restrictions

You can transfer funds from your GRSP to an RRSP. If your group plan doesn't have movement restrictions, you can complete this transfer yourself in the app. If you're currently employed and your plan has restrictions, your employer must approve the internal transfer first.

For more help, you can reach out to our support team at w4bsupport@wealthsimple.com.

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, 
  • withdraw funds from an RRIF to another Wealthsimple chequing account, non-registered, TFSA or Crypto account, and,
  • transfer funds between Wealthsimple RRIF accounts.
Note: You must withdraw the minimum amount to your external bank account before you can move funds between RRIF accounts.

You can't transfer funds into an RRIF.

Spousal RRIF restrictions

If you are the annuitant (the account owner), you can move funds out of your spousal RRIF. This includes the following:

  • Withdrawals: You can withdraw funds to your linked bank accounts.
  • Transfers: You can transfer funds to other Wealthsimple accounts, including:
    • Another spousal RRIF with the same contributor.
    • A chequing account.
    • A non-registered account (including joint and margin accounts).
    • A crypto account.
    • A TFSA.
Note: You can’t contribute or transfer new funds into any RRIF account, including a spousal RRIF.

LIF restrictions

You can:

  • withdraw funds to an external bank account, 
  • withdraw funds from a LIF to another Wealthsimple chequing account, non-registered (including margin accounts), TFSA or Crypto account, and,
  • transfer funds between Wealthsimple LIF accounts with the same jurisdiction. Please contact our support team for assistance.

You can't transfer funds into a LIF.

LIRA restrictions

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

Note: If you plan to transfer funds from a managed LIRA under AB/BC jurisdictions to a self-directed LIRA, you must transfer all of the funds. Partial transfers aren't available under these jurisdictions. Please contact our support team if you need to transfer funds from a LIRA under AB/BC jurisdictions.

You can't transfer funds

  • into a LIRA, or
  • from a LIRA into another account.
Note: Please contact our support team if you believe you're dealing with an exceptional case that may qualify for funds unlocking.

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 (including margin accounts), 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.

Tip: You can set up a recurring transfer from a chequing account to automate your investing.

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.

Business account restrictions

You can transfer funds between your Business account and

  • another Business account,
  • an individual or joint chequing account,
  • a USD savings account, or
  • an individual or joint non-registered account (including margin accounts).

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.

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