Overview

We understand that you may need to move your account elsewhere, and we're here to help you understand the process. Wealthsimple doesn't charge any fees, including any deferred sales charge (DSC) fees, to transfer your account to another institution. We'll close the Wealthsimple account once your full transfer out is complete.

Eligibility

You can transfer investment accounts from Wealthsimple to another institution.

If you're transferring a self-directed investing (stock trading) account, please choose the type of transfer you're going to make and review the applicable information before you submit your request:

• Holdings transfers: We can only transfer out whole shares of stocks and ETFs to another institution. If you're transferring out a trading account, you will need to sell any fractional shares in the account before you can begin the transfer.
• As cash transfers: You must sell your holdings to transfer your self-directed account as cash.

Limitations

Please consider the transfer limitations below before continuing:

• Some account types can't be transferred out via an Account Transfer Online Notification (ATON), which is the electronic system for account transfers.
  • These transfers are completed manually and take longer to complete than ATON transfers.
• Chequing and savings accounts aren't eligible for institutional transfers — you'll need to withdraw your funds instead.
• If your TFSA is linked as collateral to a margin account, you'll need to unlink it before your transfer can proceed.

How to request a transfer out of Wealthsimple

All transfers out must be initiated by the institution you're moving your account to (the receiving institution).

The receiving institution will have its own transfer form for you to complete and sign. They will then initiate the transfer with our back office, Wealthsimple Investments Inc.

Details to provide to the receiving institution

You'll need to give the receiving institution your Wealthsimple account number, as well as the following details:

• Relinquishing Institution: Wealthsimple Investments Inc.
• Address: 201-80 Spadina Avenue, Toronto, ON, M5V 2J4
• Fax: 647-245-1002
• Email: transfersout@wealthsimple.com
• FINS#: T003
• CUID or broker code: CSIT
• Dealer number: 7829
• Rep code: HX1

Transfer delivery types

Institutions can send transfer requests through different delivery channels. If your institution is ATON eligible, the request must be submitted via ATON. Otherwise, we accept transfer requests via email, fax, or mail.

Transfer stages

Once your receiving institution submits the transfer request, your transfer moves through the following stages:

Stage 1: Request received

We receive the transfer request from your receiving institution. Your Wealthsimple account will be placed in a pending transfer-out status, and certain account actions, like trading and withdrawals, will be restricted while the transfer is in progress.

Stage 2: Transfer processing

We review your transfer request and prepare your assets to be sent. During this stage, your account may appear halted or partially emptied — this is expected and means your transfer is progressing.

For managed investing accounts, your holdings are liquidated and sent as cash. Your receiving institution will receive cash, not the original securities.

For self-directed (Trade) accounts, whole shares of stocks and ETFs are transferred in-kind. Fractional shares can't be transferred and must be sold before the transfer begins.

Stage 3: Assets sent to your receiving institution

We send your assets or cash to the receiving institution. For wire transfers, Wealthsimple marks the transfer as complete once the wire is sent, but your receiving bank may take additional time to post the funds to your account.

Stage 4: Transfer complete

Your receiving institution confirms receipt of your assets or funds. Your Wealthsimple account will be closed if this was a full transfer.

Transfer timeline

It will take approximately 2 to 4 weeks to transfer your funds after your receiving institution submits the request. Group and employer plan transfers may take up to 4 weeks due to additional plan rules.

If there are any delays, we'll contact your institution directly. They may need to coordinate with you to resolve any issues before they can complete the transfer.

What to do if your transfer is delayed

If your transfer is taking longer than expected, here are the most common reasons and what you can do:

The transfer request is incomplete or has errors (NIGO)

Transfer requests can be rejected or delayed if the information on the form doesn't match what we have on file. Common issues include:

• Name, address, or SIN mismatch between your Wealthsimple account and the transfer form
• Incorrect Wealthsimple account number
• Wrong registration type (for example, requesting a transfer from an RRSP into a non-registered account)
• LIRA or LIF jurisdiction mismatch between institutions

If this happens, your receiving institution will need to resubmit a corrected form. Contact your receiving institution to confirm the details match your Wealthsimple account information exactly.

Your assets aren't eligible for transfer

Not all assets can move via an institutional transfer. If your account holds any of the following, they may need to be handled separately before or after the transfer:

• Fractional shares: Must be sold before the transfer begins for self-directed (Trade) accounts.
• Certain mutual funds, unsupported securities, or delisted stocks: These may need to be liquidated or left behind. Your receiving institution will receive only what can be transferred.
• Managed account holdings: All holdings are liquidated and sent as cash — your receiving institution won't receive the same positions you held at Wealthsimple.

Resolving stalled transfers

If your transfer has stalled, contact your receiving institution directly. When a transfer is rejected or flagged, we send the rejection reason to the receiving institution. They'll have the details on what needs to be corrected or resubmitted to get things moving again.

Understanding the book value of your holdings

If you hold USD securities in a CAD account, we don't provide the book value of US stocks in USD because the book costs are tracked in CAD. You can use the USD to CAD conversion rates on the date of your buy and sell transaction dates to calculate the USD value of your shares.

If you hold USD securities in a USD account, we can provide your book values in USD.

Frequently asked questions