In this article:
Overview
You can now hold mutual funds in a trading account. You can consolidate your investments by transferring existing mutual funds from other financial institutions to Wealthsimple without having to sell them first.
Once you transfer your mutual funds to Wealthsimple, you can view your holdings, track their performance through historical charts, and sell them directly through the Wealthsimple app or web.
Eligibility
To transfer mutual funds into Wealthsimple, they must meet the following criteria:
- Funds must be transferred into a trading account
- We currently support CAD mutual funds that are Series A, D, or E
- Series A (retail series sold through banks or advisors),
- Series D (self-directed series built for discount brokerages), and
- Series E (no-advice series for cost-conscious investors).
You can usually find your fund's series listed in its name on your account statement.
What's not supported
- Buying new mutual funds
- Internal transfers of mutual funds between different Wealthsimple accounts
- We don’t support mutual funds that charge Deferred Sales Charge (DSC) or trailer fees. Learn more about these fees.
- You can't transfer in mutual funds managed by an advisor. Only mutual funds held in a trading account are eligible for transfer.
How to transfer mutual funds
You can start an in-kind institutional transfer through the Wealthsimple app or web. To transfer your funds:
- Log in to the Wealthsimple app
- Tap the Move tab at the bottom of your screen
- Scroll down and tap Transfer an account to Wealthsimple under Accounts
- Tap Get started
- Follow the prompts to complete your account transfer
- When asked "Does your account have any of the following assets?", select the mutual funds that apply
- Tap Next
- Complete the transfer request
- Log in to your Wealthsimple profile
- Select the Move money menu in the top right corner
- Select Move an account from the menu
- Select Get started
- Follow the prompts to complete your account transfer
- For joint accounts, your co-owner must accept the transfer request from their profile
- When asked "Does your account have any of the following assets?", select the mutual funds that apply
- Select Next
- Complete the transfer request
Note: If you'd like to transfer eligible mutual funds in-kind in partial amounts, you'll need to contact our support team to complete the request.
How to sell mutual funds
You can sell your mutual fund holdings through the Wealthsimple app or web.
- Log in to the Wealthsimple app
- From the Home page, tap Holdings
- Select the mutual fund from your holdings
- Tap Sell
- Enter the quantity you want to sell in units, or toggle to enter a CAD value
- Tap Review to see the order details
- Tap Submit to place your order
- Log in to your Wealthsimple profile
- From the Home page, navigate to Holdings on the right-hand side
- Select the mutual fund from your holdings
- Select Sell
- Enter the quantity you want to sell in units, or toggle to enter a CAD value
- Select Review to see the order details
- Select Submit to place your order
Important details about selling
- All sell orders are processed as market orders at the fund's end-of-day Net Asset Value (NAV).
- You must place your order before 3:00 pm ET for it to be processed on the same business day.
- You can cancel a pending sell order as long as you do so before the 3:00 pm ET cutoff.
Frequently asked questions
Can I buy mutual funds on Wealthsimple?
No, you can't buy new mutual funds at this time. You can only transfer in, hold, and sell funds you already own at another institution.
How do I know if my mutual funds have DSC or trailer fees?
To find out if your mutual funds have DSC or trailer fees, you can review your account statements or your fund's "Fund Facts" document, which details all costs. You can also ask your advisor directly for this information. DSC fees are charges that apply if you sell your fund before a set date, often within seven years, while trailer fees are ongoing annual costs paid to an advisor.
Why can't I find a mutual fund using the search bar?
Mutual funds aren't searchable in the app right now. They'll only show up in your account holdings after you've successfully transferred them from another institution.
Are there tax implications for transferring my funds?
Transferring your mutual funds "in-kind" (without selling them) is generally not a taxable event. However, selling those funds later from a non-registered account could result in a capital gain or loss for tax purposes.
Why was my fund sold at a different price than what I saw in the app?
Unlike stocks, mutual fund prices are only calculated once per day after the market closes. Your order is processed at the official end-of-day Net Asset Value (NAV), which may differ from the last known price shown when you submitted the order.
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