In this article:
Overview
Wealthsimple supports the following types of account transfers:
| Account type | Available to transfer into a self-directed investing account | Available to transfer into a managed account | Average transfer timeline |
| Individual non-registered | Yes | Yes | 2-4 weeks |
| Joint non-registered | Yes1 | Yes | 2-4 weeks |
| TFSA | Yes | Yes | 2-4 weeks |
| RRSP | Yes | Yes | 2-4 weeks |
| Spousal RRSP | Yes | Yes | 2-4 weeks |
| FHSA | Yes | Yes | 2-4 weeks |
| RRIF | Yes | Yes | 2-4 weeks |
| Spousal RRIF | Currently unavailable | Currently unavailable | - |
| LIRA | Yes | Yes | 2-4 weeks |
| Pension | Yes | Yes | 2-6 weeks |
| LIF | Yes | Yes | 2-4 weeks |
| RESP | Yes (beta)2 | Yes2 | 6-8 weeks |
| Corporate | Yes | Yes | 2-4 weeks |
| Non-registered margin | Yes1 | Yes3 | 2-4 weeks |
1 You can initiate transfers from external non-registered accounts into a Wealthsimple margin account. You can't initiate transfers from a registered account to a margin account.
2 You can only transfer an individual RESP for yourself or someone else manually. Learn more about transferring an RESP here.
3 You can transfer your margin account into a non-registered managed account if you don't have a debit balance. Remember that if you transfer your account in-kind, we may liquidate your assets before reinvesting them in a managed portfolio.
Check the status of your transfer
To check on the status of your transfer, follow these steps in your account.
Frequently asked questions
Why is my transfer taking longer than expected?
While Wealthsimple is equipped to accept most transfers electronically, some Canadian financial institutions continue to use more traditional methods to transfer accounts. Some institutions require forms to be processed at their physical location or require printed checks for depositing funds which can extend your transfer's processing time.
To check on the status of your transfer, follow these steps.
What happens if I transfer a margin account with a debit balance?
We accept margin accounts with debit balances; however, we review all margin transfers into Wealthsimple to ensure your account supports the margin balance.
Generally, we evaluate the account's debit balance in relation to the asset values to determine whether the account will meet our margin requirements once the transfer is complete. This includes assessing the portfolio against existing concentration limits. Depending on the underlying portfolio, we may make concentration exceptions to accommodate clients.
If there's an issue with your transfer, we'll contact you with the next steps.
Note: If your account goes into a margin call because of market fluctuations, your other financial institution has the right to sell securities to cover the debt. You'll need to reach out to them directly to clear the balance.
If the margin call is happening because the debt is transferring before the investments (assets), you'll need to speak with our support team.
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