Transfer funds between your Wealthsimple accounts

In this article:

Note: This article covers cash balance transfers between Wealthsimple accounts. For information about in-kind share transfers between Wealthsimple accounts, please review this article. 

Overview

You can move a cash balance of any amount from one of your Wealthsimple accounts to another. Please review the information below before transferring funds:

Account restrictions

Review the 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.
Tip: Check if your transfer will affect your income taxes or contribution room for registered accounts.

Settlement periods

New deposits take 5 business days to clear before you can transfer the funds to a different account.

After selling a stock or ETF, it can take 1 business day for the cash to settle in your account before you can transfer the funds. There is no settlement period when you sell a cryptocurrency.

Transferring from a managed account

Transfers from a managed account take 5-7 business days before they land in the destination account. This is because the funds in the managed portfolio must be liquidated before the cash can be transferred to the destination account.

USD to USD transfers

It’s currently not possible to move USD between USD accounts.

Transfer money between your accounts

Some accounts have restrictions and guidelines that you should review before initiating a transfer.

To transfer a cash balance between your Wealthsimple accounts:

Mobile app Web
  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Move tab at the bottom of the screen.
  3. Select Transfer
  4. Select a Wealthsimple account from which you’d like to transfer funds
  5. Tap Next
  6. Select an account where you want to move the funds to
  7. Tap Next
  8. Enter an amount to transfer and tap Next
  9. Confirm your transfer details and tap Submit
  10. Tap Done
Tip: If you're unable to move funds between two accounts, there may be a restriction that applies to one (or both) of the accounts. Learn more about account restrictions below.
  1. Log in to your Wealthsimple account
  2. Select Add Money on the Home page
  3. Choose a destination account (To)
  4. Choose a funding source account (From)
  5. Enter an amount to transfer and tap Next
  6. Confirm your transfer details and select Submit
  7. Tap Done

If you’d like to transfer money between your LIRA and RRIF accounts, you’ll need to use the Wealthsimple app.

Tip: If you're unable to move funds between two accounts, there may be a restriction that applies to one (or both) of the accounts. Learn more about account restrictions below.

Check the status of a pending internal transfer

If you've recently made an internal transfer, you can check its status directly through your profile in the Wealthsimple mobile app. 

Note: Statuses aren't available for instant and manual in-kind internal transfers.

To view the status of a pending internal transfer:

  1. Sign into the Wealthsimple app on your mobile device
  2. Tap the Activity tab at the bottom of the screen
  3. Tap the Filters icon in the top right, then select Type
  4. Uncheck All, then scroll down and check Transfers
  5. Tap Done to view your withdrawal history
  6. Select an internal transfer to view its Status and details
Tip: Internal transfers out of Cash accounts are automatically cancelled if they are in-progress for more than 5 business days. This happens when your transfer experiences an error. If Wealthsimple cancelled your internal transfer, please contact support.

Cancel a pending internal transfer

Most internal transfers are instant and can't be cancelled. You can only cancel a pending internal transfer from a managed portfolio to another Wealthsimple account.

To cancel a transfer from a managed portfolio:

Mobile app Web
  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Activity tab at the bottom of the screen
  3. Tap Pending from the options at the top of the screen
  4. Select the In progress transfer you'd like to cancel
  5. Tap Cancel
  1. Log in to your Wealthsimple profile
  2. Select Activity from the menu at the top of the page
  3. Select Pending from the Quick filters menu
  4. Select the In progress transfer you'd like to cancel
  5. Select Cancel

How long does it take to move money between my accounts?

From To Timeline
Self-directed investing & Crypto

Self-directed investing,
Managed investing,
Crypto,
Cash,
Save

 Instant
Managed investing Self-directed investing,
Managed investing,
Crypto,
Cash
 		4-6 business days
Save Self-directed investing,
Managed investing,
Crypto,
Cash
 		Instant
Cash Self-directed investing,
Managed investing,
Crypto,
Save 		Instant
Note: Save accounts are no longer available to open. You can continue to use your existing Save accounts. 

Restrictions and guidelines for transfers between accounts

You can transfer between any of the following types of accounts:

  • TFSA
  • Crypto
  • Cash
  • Non-registered
  • RRSP
    Note: You can only transfer to an RRSP from the account types listed above. Transfers from an RRSP have limitations. 

The following account types have transfer limitations. Select the account you'd like to transfer to or from to learn more:

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 investing are:

  • Personal
  • Save
  • Joint Save

Tax-Free Savings Accounts (TFSAs)

You can also move money into or out of your Managed investing 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

Retirement accounts have restrictions on both contributions and withdrawals. Example retirement accounts include:

  • RRSPs, Group RRSPs and Spousal RRSPs
  • Pension accounts
  • LIRA
  • LIF
  • RRIF and Spousal RRIF
Tip: Transferring funds from one RRSP to another RRSP does not count as a contribution or withdrawal. 

Restrictions for transferring funds in and out of retirement accounts

Review the restrictions related to moving funds in and out of specific retirement accounts:

RRSP

Moving funds into your account

You can move money into your Wealthsimple RRSP from another Wealthsimple account directly in your profile.

Moving funds out of your account

You cannot move funds from your RRSP to another account on Wealthsimple directly in your profile because there are tax considerations involved with withdrawing funds from an RRSP.

If you would like to move funds to a different account type, please contact our support team.

Moving funds between RRSPs

You can move funds between two Wealthsimple RRSP accounts directly from the app. Follow these steps to transfer funds between your RRSP accounts. 

Spousal RRSP

Moving funds into your account

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 contributor for your Spousal RRSP.

Moving funds out of your account

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.

Moving funds between the same account type

You can move funds between two Wealthsimple Spousal RRSP accounts that have the same annuitant and contributor by contacting our support team.

GRSP

Moving funds into your account

You are not able to move funds into a GRSP from another Wealthsimple account. Only your employer is able to contribute to your GRSP.

Moving funds out of your account

You cannot move funds from your GRSP to another Wealthsimple account directly in your profile because there are tax considerations involved with withdrawing funds from a GRSP.

If you would like to move funds to an RRSP or another account type, please contact our support team.

Moving funds between the same account type

You cannot move funds between two Wealthsimple GRSP accounts.

RRIF

Moving funds into your account

You are not able to contribute funds to an RRIF, so you will not be able to move funds from another Wealthsimple account into this account.

Moving funds out of your account

You cannot move funds from your RRIF to another account on Wealthsimple directly in your profile.

However, you can withdraw to your external bank account and initiate a deposit into the account of your choice.

Moving funds between the same account type

You can move funds between two Wealthsimple RRIF accounts directly from the app. Follow these steps to transfer funds between your RRIF accounts. 

Note: The minimum amount must be withdrawn to your external bank account before you can move funds between RRIF accounts.

Spousal RRIF

Moving funds into your account

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.

Moving funds out of your account

You cannot move funds from your Spousal RRIF to another account on Wealthsimple directly in your profile.

However, you can contact our support team so we can help you do so.

Moving funds between the same account type

Contact our support team to move funds between two Wealthsimple Spousal RRIF accounts that have the same annuitant and contributor.

LIF

Moving funds into your account

You are not able to contribute funds to a LIF, so you will not be able to move funds from another Wealthsimple account into this account.

Moving funds out of your account

You cannot move funds from your LIF to another account on Wealthsimple directly in your profile.

However, you can withdraw to your external bank account and initiate a deposit into the account of your choice.

Moving funds between the same account type

Contact our support team to move funds between two Wealthsimple LIF accounts of the same jurisdiction.

LIRA

Moving funds into your account

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.

Moving funds out of your account

You cannot move funds out of your LIRA as they are locked in.

Contact our support team if you believe you're dealing with an exceptional case that may qualify for funds unlocking.

Moving funds between the same account type

You can move funds between two Wealthsimple LIRA accounts directly from the app. Jurisdictions need to match. Follow these steps to transfer funds between your LIRA accounts. 

Note: If you plan to transfer funds from a Managed investing LIRA under AB/BC jurisdictions to a Self-directed trading LIRA, you'll be required to transfer all of the funds over. Partial transfers are not available under these jurisdictions. Please get in touch with our team if you need to transfer funds from a LIRA under AB/BC jurisdictions.

First Home Savings Accounts (FHSA)

You can transfer funds between an FHSA and certain other investment accounts with Wealthsimple. Learn more about the different possible transfers you can make between an FHSA and another investment account.

Registered Education Savings Plans (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.

Corporate accounts

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.

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Moving money between Wealthsimple accounts

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