In this article:
Overview
Wealthsimple supports the following types of account transfers:
| Account type | Available to transfer into a Wealthsimple Trade account | Available to transfer into a managed account | Average transfer timeline |
| Individual non-registered | Yes | Yes | 2–4 weeks |
| Joint non-registered | Yes | Yes | 2–4 weeks |
| TFSA | Yes | Yes | 2–4 weeks |
| RRSP5 | Yes | Yes | 2–4 weeks |
| Spousal RRSP5 | Yes | Yes | 2–4 weeks |
| FHSA | Yes | Yes | 2–4 weeks |
| RRIF | Yes | Yes | 2–4 weeks |
| Spousal RRIF | Yes4 | Yes4 | 2–4 weeks |
| LIRA | Yes | Yes | 2–4 weeks |
| Pension | Yes | Yes | 2–6 weeks |
| LIF | Yes | Yes | 2–4 weeks |
| RESP | Yes2 | Yes2 | 6–8 weeks |
| Business | Yes | Yes | 2–4 weeks |
| Margin (non-registered) | Yes1 | Yes3 | 2–4 weeks |
| Predict (non-registered)6 | Yes | Yes | Instant |
Notes:
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.
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 holdings, we may liquidate your assets before reinvesting them in a managed portfolio.
4 You must contact our support team to initiate Spousal RRIF account transfers, no matter the account type.
5 RRSP to FHSA and Spousal RRSP to FHSA transfers are completed manually and take 2–6 weeks to process.
6 Wealthsimple Predict account transfers follow the same rules as non-registered account transfers. Currencies must match, and USD can't be transferred to a CAD-only account. Convert your balance first from the Wallet screen in the Predict app before transferring.
Mutual fund transfer timelines
If you transfer mutual funds to Wealthsimple, some of your funds may move into a different series of the same fund once your transfer settles. This happens on its own, separately from the transfer, so your transfer can show as complete before the change is finished.
The switch usually completes within a couple of business days, though it can take up to 15 business days after your transfer completes. We'll email you once it's done. You don't need to do anything in the meantime, and it isn't a taxable event.
| What's happening | Timeline |
| Your account transfer | 2–4 weeks for most account types, as shown above |
| Your mutual fund moving into its new series | Usually a couple of business days, up to 15 business days after your transfer completes |
The new series is the same fund with a lower management expense ratio, which is the annual cost of owning the fund. Fund companies offer this version for accounts like yours, where no investment advice is given, so more of your money stays invested.
Some mutual funds can't be transferred in at all, including funds with a Deferred Sales Charge (DSC) or low-load charge, and funds from a fund company without a dealer agreement with Wealthsimple. See Transfer and sell mutual funds for eligibility.
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 cheques for depositing funds. Either can extend your transfer's processing time.
To check on the status of your transfer, follow these steps in your account.
My transfer is complete, so why hasn't my mutual fund changed yet?
The change to your fund's series happens after your transfer settles, so a completed transfer doesn't mean it's finished. The switch usually completes within a couple of business days, though it can take up to 15 business days after your transfer completes. We'll email you once it's done.
Why did my mutual fund change to a different series?
It's the same fund, just a different series of it. The series we hold has a lower management expense ratio, so more of your money stays invested. You don't need to do anything, and it isn't a taxable event.
Do I have to pay tax when my fund moves into a new series?
No. You're staying in the same fund, so there's nothing to report.
What happens if I transfer a margin account with a debit balance?
We accept margin accounts with debit balances. We review all margin transfers into Wealthsimple to make sure your account supports the margin balance.
Generally, we evaluate the account's debit balance (the amount borrowed against the account) 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 (caps on how much of the portfolio can sit in a single holding). 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 contact our support team.
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