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Overview
Your employer determines whether you can transfer funds from your group account to a personal Wealthsimple profile or another financial institution. If allowed, these transfers help you consolidate savings or manage investments more directly.
As the plan sponsor, your employer sets withdrawal and transfer rules for your group plan. These rules define when and how you can access your money while still employed. Some plans allow periodic transfers, while others restrict access until you leave the company.
How to transfer funds
If your plan permissions allow for transfers, follow the steps below based on your destination:
Transfer to a personal Wealthsimple account
You can move money from your group account to a personal Wealthsimple profile directly through the app or web.
- Log in to the Wealthsimple app
- From the Home tab, scroll down and tap on the group account you want to transfer from
- Scroll down and tap Transfer money
- Select the destination account (your personal account) from the drop-down menu and tap Next
- Input the amount you wish to transfer and tap Submit
- Log in to your Wealthsimple profile on the web
- From the Home page, select your group account
- Select the option to Transfer money
- Choose your personal account as the destination and click Next
- Enter the transfer amount and confirm your request
Transfer to another financial institution
If your employer allows external transfers, you must initiate the request through the institution receiving your funds.
- Open an account at the new institution that matches your Wealthsimple group account type (for example, RRSP to RRSP).
- Initiate the transfer with the receiving bank by providing them with a recent Wealthsimple statement.
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Provide Wealthsimple's details to the other institution:
- Relinquishing Institution: Wealthsimple Investments Inc.
- Address: 201-80 Spadina Avenue, Toronto, ON, M5V 2J4
- FINS#: T003
How transfer requests affect your account activities
When you request a transfer to another institution, Wealthsimple will halt all activity in your account, including withdrawals and trading, to prevent the transfer from being rejected. The process typically takes between 2–4 weeks to complete.
Frequently asked questions
Are there tax implications for these transfers?
Direct transfers between the same registered account types (like a Group RRSP to a personal RRSP) are generally tax-deferred and do not impact your contribution room. However, moving funds from a registered account to a non-registered account is considered a withdrawal and will trigger taxes.
Does Wealthsimple charge a fee to transfer out?
Wealthsimple doesn't charge any fees to transfer your account to another institution. Note that the institution you are moving to may have its own fees or requirements.
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