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Overview
You can make additional contributions to your group account using an EFT (Electronic Funds Transfer) or an internal transfer, the same way you'd add money to any other Wealthsimple account. This is separate from your regular payroll contributions.
How to make an additional contribution
Add money by EFT (from a linked bank account)
- Log in to the Wealthsimple app or your Wealthsimple profile on a laptop or computer.
- 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.
Add money by internal transfer (from another Wealthsimple account)
- Log in to the Wealthsimple app or your Wealthsimple profile on a laptop or computer.
- 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.
Tip: Additional contributions made by EFT may be subject to the same instant deposit limits as other Wealthsimple accounts. Amounts over your instant deposit limit may take a few business days to settle before you can invest them.
Understanding your contribution limits
Additional contributions count toward the same annual CRA contribution limits as your payroll contributions and any employer contributions. 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.
Why can't I add money to my Deferred Profit Sharing Plan (DPSP) account this way?
Only your employer can contribute to your DPSP account.
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