Transferring a Group RRSP is similar to transferring an existing investment account (ie. RRSP, TFSA, Personal, etc.). You'll want to follow the below steps:
- Login to your Wealthsimple account
- Select, "Add or Transfer an Account"
- Fill in the details of your transfer and upload an account statement*
- Review and submit your transfer request
- We will take it from here! We will get into contact with your financial institution to initiate the transfer and all that's required from you. You will see the estimated completion date in your Wealthsimple dashboard once we've sent off the transfer request.
- If you notice that your funds have left your existing investment account but they have yet to show up in Wealthsimple, then this is completely normal and a good sign that your transfer is in its final stages! Most institutions send us a cheque through the mail, and once we receive the cheque we will deposit the funds in your account and immediately notify you!
- If anything further is needed from you, we'll be in touch via email. Otherwise, we'll let you know when your transfer has completed!
*When transferring Group RRSPs you may be provided additional forms from your financial institution. If you receive these forms please complete them and send a scanned copy to our Relationship Management team. It is important that we receive these forms so we can send this to your institution.
When you transfer an account, you'll be asked whether you want to transfer your investments “as cash” or “as is.” There can be fees associated with how you transfer your investments, so it's really important to understand what the options are. You can read more about that here, and if you're still not sure, please create a request and our Relationship Management team can assist.