You can withdraw money from the available balance in your Wealthsimple account at any time.
- In stock trading accounts, your available balance includes unused cash from your deposits, dividends you've earned, plus any proceeds from stocks, ETFs or cryptocurrencies you've sold.
- If Wealthsimple manages your account, your available balance includes 98% of the funds in your account. The additional 2% is held for any funds needed for upcoming fees.
Your available balance might be less than the total balance in your account if:
- You made a recent deposit that has been in your account for less than 5 business days. As an internal risk control, new deposits take 5 business days to clear before they can be withdrawn.
- You recently sold an asset in your account. Funds generated from selling assets must settle for 2 business days before they are added to your available balance. This is a requirement from the Canadian government and is a mandatory step for all financial institutions.
- Some cash in your account is currently reserved for funds transfers or fees.
Before you begin
If you're looking to make a withdrawal from a TFSA, RESP or another retirement account, it's a good idea to check how your taxes or contribution room will be affected:
- Withdraw from your TFSA
- Withdraw from your RRSP or spousal RRSP (including Home Buyers' Plan or Lifelong Learning Plan withdrawals)
- Withdraw from your RESP
- Withdraw from your RRIF
- Withdraw from your LIF
Make a withdrawal
- Log in to the Wealthsimple app on your mobile device
- Tap the Dollar sign at the bottom of the screen
- Select Move funds
- Tap Withdraw
- Select the account to withdraw from
- Select a bank account
- Tap Continue
- Enter an amount to withdraw and tap Continue
- Review the details and tap Submit withdrawal
- Visit my.wealthsimple.com and sign in to your Managed Investment & Save account
- Select the Move Funds menu item
- Choose Withdraw funds
- Choose a From and To account
- Enter an amount to withdraw
- Confirm the withdrawal
- Crypto accounts have a $25,000 daily withdrawal limit when withdrawing funds. There are no other limits to the amount or frequency that you are able to withdraw once your funds have cleared the five business day settlement period.
- If you upgrade to USD accounts and want to withdraw funds from a USD account, you can convert your cash to CAD and withdraw it to your connected bank account. Alternatively, you can withdraw funds you hold in a self-directed trading account to a linked U.S. dollar bank account.
- Making a withdrawal from a managed account is considered a taxable event since we need to sell investments to generate a cash balance for the amount you'd like to withdraw.
- When assets are sold in a USD account and the cash is immediately converted into CAD, the funds may be subject to a 4 business day settlement period to reduce the risk of fraud and/or delinquent accounts. This is due to the small delay in posting the transaction to the official ledger which usually takes about 1 hour. Conversions made after this process should only face a 2 business day settlement period.
How long does it take to make a withdrawal?
|Account type||Withdrawal timeline|
|Managed by Wealthsimple||up to 7 business days|
|Stock trading*||1—2 business days|
|Crypto trading*||2—3 business days|
|Cash account||1—2 business days|
*Some withdrawals may take up to five business days in stock and crypto trading accounts.
When you withdraw from a managed investing account, we sell your investments to create a cash balance for the amount you'd like to withdraw. Withdrawing funds from a managed account can take up to 7 business days to complete. Below is a timeline of the withdrawal process:
We sell investments in your account to generate cash for your withdrawal. During this time, the value of your account may change as the value of your investments could increase or decrease before they're sold.
We hold your funds for a two-day settlement period after selling your investments. This is a requirement from the Canadian government and is a mandatory step for all financial institutions.
We send the funds to your bank, and they deposit them into your bank account.
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