Overview

You can reverse a contribution made to an employee's account by contacting your dedicated Client Success Manager or our support team. This process involves selling the investments in the employee's account and returning the funds to the employer.

Eligibility

• Employee consent: You must have the employee's mandatory consent before we can process a reversal. We'll ask for consent from the employee on your behalf if you haven't gotten it yet.
• Account status: We can only reverse funds that are still in the employee's Wealthsimple account. If the employee has already withdrawn the funds, we're no longer liable to retrieve them.
• Timing: You must report over-contributions as soon as you recognize the error.

How to reverse a contribution

Follow these steps to request a contribution reversal:

1. Collect the employee's full name.
2. Note the exact reversal amount.
3. Identify the date of the original contribution.
4. Contact your dedicated Customer Success Manager or contact our support team with this information.

Reversal process and timeline

Once you've submitted your request, our team will begin the reversal process. This usually takes 5–10 business days. We'll handle the liquidation of holdings, the transfer of funds back to your company, and any necessary tax slip amendments. We'll notify you once the process is complete.

Frequently asked questions