Fund transfer restrictions by account type

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
• Business
• Margin

RRSP restrictions

You can transfer funds

• into RRSPs from other accounts,
• between RRSPs, and
• from an RRSP to a chequing, individual or joint non-registered (including margin accounts), TFSA, FHSA, Crypto or USD savings account.

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.

Group account transfer restrictions

If you have a Group RRSP, Group TFSA, Group FHSA, Group non-registered, or DPSP account through your employer, whether you can withdraw or transfer funds depends on your employment status and your employer's plan rules.

• If you're an active plan member: 
  • You may need your employer's approval before you can withdraw or transfer funds, depending on your plan's rules.
  • For a DPSP, your employer's plan may restrict transfers entirely while you're still employed.
• If your employment has ended: You can always withdraw or transfer any vested funds from your group account.

For more help, you can reach out to our support team.

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.

If your self-directed RRIF holds USD, you can withdraw it directly to a linked USD bank account or transfer it to another Wealthsimple account. USD withdrawals can only be made as one-time transactions. Recurring and post-dated withdrawals are CAD-only. Learn more about USD RRIF withdrawals.

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.

The same USD withdrawal rules apply as for a regular RRIF: you can withdraw USD to a linked bank account or transfer it internally, but only as a one-time transaction. Recurring and post-dated withdrawals are CAD-only.

LIF restrictions

You can:

• withdraw funds to an external bank account, and
• withdraw funds from a LIF to another Wealthsimple chequing account, non-registered (including margin accounts), TFSA or Crypto account.

If your self-directed LIF holds USD, you can withdraw it directly to a linked USD bank account or transfer it to another Wealthsimple account. USD withdrawals can only be made as one-time transactions. Recurring and post-dated withdrawals are CAD-only. Learn more about USD LIF withdrawals.

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.

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 (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.

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 (including Business chequing, investing, and savings accounts) 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 accounts, 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.