In this article, you will learn about:
- Moving cash balances between your Wealthsimple accounts
- Considerations before transferring funds between accounts, such as account restrictions and settlement periods
- The timeline for transferring funds between different types of accounts
- Steps to move money between accounts using the Wealthsimple app
- Restrictions and guidelines for transferring funds in and out of different types of accounts, including personal non-registered accounts, TFSAs, retirement accounts (RRSPs, GRSPs, Spousal RRSPs, LIRAs, RRIFs, Spousal RRIFs), and RESPs.
- When you'll need to contact the support team for assistance with specific account transfers
You can move a cash balance of any amount from one of your Wealthsimple accounts to another.
Before you begin
- It's not always possible to move money in or out of certain types of accounts, like RRSPs. See: What accounts can I move money in and out of?
- If your funds are already invested in a stock, ETF, or cryptocurrency, you'll need to sell your holdings before you can transfer the cash to a different account.
- After selling a stock or ETF, it can take 2 business days for the cash to settle in your account before you can transfer the funds. There is no settlement period when you sell a cryptocurrency.
- Remember to check if your transfer will affect your income taxes or contribution room for registered accounts.
- New deposits take 5 business days to clear before you can transfer the funds to a different account.
- It’s currently not possible to move USD between USD accounts.
How long does it take to move money between my accounts?
|Stocks, ETFs & Crypto||Stocks, ETFs & Crypto||Instant|
|Stocks, ETFs & Crypto||Managed Investment||Instant|
|Stocks, ETFs & Crypto||Save||Instant|
|Stocks, ETFs & Crypto||Cash||Instant|
|Managed Investment||Managed Investment||5-7 business days|
|Managed Investment||Stocks, ETFs & Crypto||5-7 business days|
|Managed Investment||Cash||5-7 business days|
|Save||Stocks, ETFs & Crypto||Instant|
|Cash||Stocks, ETFs & Crypto||Instant|
Move money between your accounts
If you’d like to move money between your Stocks, ETFs & Crypto and Managed Investment & Save or Cash accounts, you’ll need to use the Wealthsimple app.
- Sign in to the Wealthsimple app on your mobile device
- Tap the Move tab at the bottom of the screen
- Select Transfer
- Select a Wealthsimple account from which you’d like to transfer funds
- Tap Next
- Select an account where you want to move the funds to
- Tap Next
- Enter an amount to transfer and tap Continue
- Tap Confirm to begin the transfer
What accounts can I move money in and out of?
Personal, non-registered accounts
You can transfer funds quickly and easily between your personal, non-registered accounts. These accounts do not have any withdrawal rules or contribution limits.
Example accounts in Wealthsimple Managed Investment are:
- Joint Save
Tax-Free Savings Accounts (TFSAs)
You can also move money into or out of your Managed Investment TFSAs without restrictions. However, TFSAs have contribution limits, so you need to know your remaining contribution room before you transfer funds in.
Going beyond your contribution limit may incur a penalty from the CRA. If you're moving money between two of your TFSA accounts, this won't affect your contribution room for the year.
Note: The amount you withdraw from a TFSA won't get added back to your contribution limit until the following calendar year.
Retirement accounts have restrictions on both contributions and withdrawals. Example retirement accounts include:
- RRSPs, Group RRSPs and Spousal RRSPs
- Pension accounts
- RRIF and Spousal RRIF
See the following table for specific restrictions related to moving funds to/from your existing Wealthsimple accounts to/from specific retirement accounts:
|Account type||Moving funds into your account||Moving funds out of your account|
|RRSP||You can move money into your Wealthsimple RRSP from another Wealthsimple account directly in your profile.||You cannot move funds from your RRSP to another account on Wealthsimple as there are tax considerations involved with withdrawing funds from an RRSP.|
|GRSP||You are not able to move funds into a GRSP from another Wealthsimple account. Only your employer is able to contribute to your GRSP.||You cannot move funds from your GRSP to another Wealthsimple account as there are tax considerations involved with withdrawing funds from a GRSP.|
|Spousal RRSP||You cannot move funds from another account into your spousal RRSP through your profile. However, our support team can help you do so if you are the annuitant for your Spousal RRSP.||You cannot move funds from your Spousal RRSP to another account on Wealthsimple as there are tax considerations involved with withdrawing funds from a Spousal RRSP.|
|LIRA||You are not allowed to make contributions to a LIRA, so you are unable to move funds from another Wealthsimple account into one of these accounts.||You cannot move funds out of your LIRA as they are locked in.|
|RRIF/LIF||You are not able to contribute funds to an RRIF or LIF, so you will not be able to move funds from another Wealthsimple account into these accounts.||You cannot move funds from your RRIF or LIF to another account on your Wealthsimple profile by yourself. However, if you contact our support team, we can help you do so.|
|Spousal RRIF||You are not able to contribute funds to a Spousal RRIF, so you will not be able to move funds from another Wealthsimple account into these accounts.||You cannot move funds from your Spousal RRIF to another account on your Wealthsimple profile by yourself. However, if you contact our support team, we can help you do so.|
Registered Education Savings Plan (RESP)
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 Relationship Management 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.
Please get in touch with our team if you need to transfer funds between two Corporate accounts that are owned by the same entity and also have the same name.