In this article:
Overview
You can add money to your group account by Electronic Funds Transfer (EFT) or internal transfer, the same way you would for any other Wealthsimple account. You can also transfer in holdings or cash from another financial institution. This is separate from your regular payroll contributions. If you have a Deferred Profit Sharing Plan (DPSP), only your employer can contribute to it.
How to add money to your group account
Add money by EFT (from a linked bank account)
- Log in to the Wealthsimple app
- From the Home tab, tap your group account
- Tap Add
- Choose your linked bank account as the source
- Enter the amount you'd like to contribute
- Review the details and confirm
- Log in to your Wealthsimple profile on a computer or laptop
- From the Home tab, select your group account
- Select Add
- Choose your linked bank account as the source
- Enter the amount you'd like to contribute
- Review the details and confirm
Add money by internal transfer (from another Wealthsimple account)
- Log in to the Wealthsimple app
- Tap Add or Transfer
- Select the Wealthsimple account you're transferring From
- Select your group account as the account you're transferring To
- Enter the amount and confirm
- Log in to your Wealthsimple profile on a computer or laptop
- Select Add or Transfer
- Select the Wealthsimple account you're transferring From
- Select your group account as the account you're transferring To
- Enter the amount and confirm
Add money by external transfer (from another financial institution)
If you have an eligible account elsewhere, you can transfer your existing holdings or cash into your Wealthsimple group account.
- Log in to the Wealthsimple app
- Tap the Move (two arrows) tab at the bottom of your screen
- Scroll down and tap Transfer account to Wealthsimple, then tap Get started
- Choose your group account as the destination
- Select Entire account as is, Entire account as cash, or Part of your account, then follow the remaining steps to submit your request
- Log in to your Wealthsimple profile on a computer or laptop
- Select the Move money menu in the top-right corner
- Select Move an account, then select Get started
- Choose your group account as the destination
- Select Entire account as is, Entire account as cash, or Part of your account, then follow the remaining steps to submit your request
For more information on setting up and completing a transfer, see Transfer an account to Wealthsimple.
Understanding your contribution limits
Additional contributions count toward the same annual CRA contribution limits as your payroll contributions and any employer contributions. Direct transfers from the same type of registered account at another institution (for example, an RRSP to your Group RRSP) don't count toward these limits. Keep track of your available room to avoid over-contributing. Learn more in Monitor your group account contribution limits.
Frequently asked questions
Can I make an additional contribution to my group account?
Yes, you can add money using EFT or an internal transfer, the same way you would with other Wealthsimple accounts. You can also transfer in holdings or cash from another financial institution.
Can I transfer money from my old plan at another institution into my group account?
Yes. If you have a Group RRSP, Group TFSA, Group FHSA, or Group non-registered account with Wealthsimple, you can start an external transfer to move eligible holdings or cash from another financial institution into that account. This includes a personal RRSP at another institution. It doesn't need to be a group plan to transfer into your Group RRSP.
How long will my transfer take?
Most transfers complete within 16 business days if you're moving your existing holdings, or up to 28 days if you're moving cash. You can track your transfer's progress in Checking the status of your account transfer.
Which institutions can I transfer from?
You can transfer from the same institutions supported for other account transfers to Wealthsimple, including RBC, Sun Life, Manulife, and Desjardins.
My employer is migrating our whole group plan to Wealthsimple. Do I need to do this myself?
No. If your employer is migrating your entire group plan, that's handled separately by our team. This self-serve option is for moving money in on your own, separate from any employer-led migration.
Why can't I add money to my DPSP account?
Only your employer can contribute to your DPSP account.
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