To initiate an internal transfer, navigate to the Funding tab on your Wealthsimple account page and select "Moving funds between your Wealthsimple accounts" (see below).By clicking this button, you will be prompted to provide additional information on your internal transfer request (e.g., receiving/delivering account, dollar value). Typically, to complete an internal transfer, our brokerage requires signed documentation. If needed, our Relationship Management team will be in touch with further instructions.
Internal transfers can be a bit tricky because of withdrawal rules and contribution limits for certain registered accounts (like an IRA, Roth IRA or SEP IRA). We've outlined some guidelines below for things to consider when setting up an internal transfer!
Personal Accounts: These accounts do not have any withdrawal restrictions or contribution limits, so money can be moved in or out of these accounts without any special considerations. Please note that transferring out of a personal account will realize any capital gains/losses within the account.
IRAs: These accounts have contribution limits. As a result, you must ensure you have enough contribution room if you are transferring funds internally into your IRA. We encourage you to create an online account with the Internal Revenue Agency to determine if you have enough room!
When moving money out of an IRA, there may be tax implications for withdrawing early. Review this link for further details about early withdrawals.
Please contact us if you have any questions or concerns when completing an internal transfer request.