It's generally a quick and simple process to move funds between your Wealthsimple Invest accounts.
However, things can get a little more complicated when transferring in and out of registered accounts like RRSPs, TFSAs or RESPs.
Move money between your Invest accounts
- Head to my.wealthsimple.com and sign into your Invest & Save account
- Select Move Funds from the menu at the top of the screen
- From the Add or move funds tab, select an account to withdraw funds from
- Select an account to move funds into
- Enter an amount
- Click Submit deposit
- Log into the Invest app on your mobile device
- Tap Move funds from the menu at the bottom of the screen
- Select Add or move funds
- Enter an amount
- Select the account to move funds into
- Choose an account to withdraw funds from
- Confirm the funds transfer
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 the different kinds of restrictions below, or get in touch with our team.
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 Invest are –
- Joint Save
Tax Free Savings Accounts (TFSAs)
You can also move money into or out of your Invest 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 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
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.
Note: Please get in touch with our team if you need to transfer funds between two Corporate accounts.