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 –
- Personal
- Save
- 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
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
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 contributor 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.
Note: Please get in touch with our team if you need to transfer funds between two Corporate accounts.
Comments
0 comments
Please sign in to leave a comment.