Transfer Types
| Transfer Type |
What Moves |
Tax Implication |
Speed |
| In-kind (recommended) |
Investments transfer without selling |
No tax triggered |
10–20 business days |
| Cash transfer |
Investments sold, cash transferred |
Capital gains tax may apply (non-reg only) |
5–10 business days |
| Partial transfer |
Only some holdings or a portion of the account |
Depends on what’s sold |
10–20 business days |
| Full transfer |
Entire account moves and old account closes |
Depends on type |
10–20 business days |
What You Can Transfer to Wealthsimple
| Account Type |
Transfer Supported? |
Notes |
| TFSA |
✅ Yes |
No tax implications on transfer |
| RRSP |
✅ Yes |
Must be direct transfer (not withdrawal) to avoid tax |
| FHSA |
✅ Yes |
Direct transfer only |
| RESP |
✅ Yes |
Grants transfer with the account |
| LIRA |
✅ Yes |
Locked-in — cannot become RRSP |
| RRIF |
✅ Yes |
Minimum withdrawals must continue |
| Non-registered |
✅ Yes |
In-kind avoids capital gains; cash transfer may trigger gains |
| Corporate account |
✅ Yes |
Check supported investment types |
Step-by-Step: How to Transfer to Wealthsimple
| Step |
Action |
Details |
| 1 |
Open a Wealthsimple account |
Download the app, verify ID, open the same account type you’re transferring from |
| 2 |
Go to “Transfer” in the app |
Funding → Transfer from another institution |
| 3 |
Enter your current institution |
Select from the list or search |
| 4 |
Enter your account number |
Found on your statement from your current institution |
| 5 |
Choose transfer type |
Full or partial, in-kind or cash |
| 6 |
Confirm and submit |
Wealthsimple sends the transfer request to your current institution |
| 7 |
Wait 5–20 business days |
You’ll get a notification when complete |
| 8 |
Verify your holdings |
Check that all investments transferred correctly |
Important: RRSP Transfers Must Be Direct
| Method |
Tax Impact |
Correct? |
| Direct transfer (institution to institution) |
No tax |
✅ Correct |
| Withdraw from RRSP, then contribute to new RRSP |
Full withdrawal taxed as income + withholding tax |
❌ Wrong (very costly) |
Never withdraw from your RRSP to transfer it. Always use the direct transfer process through your brokerage.
RRSP Withdrawal Withholding Tax (If Done Incorrectly)
| Withdrawal Amount |
Withholding Tax |
| Up to $5,000 |
10% |
| $5,001–$15,000 |
20% |
| Over $15,000 |
30% |
This is in addition to the withdrawal being added to your taxable income for the year. Always do a direct transfer.
Transfer-Out Fees by Institution
| Institution |
Transfer-Out Fee |
Wealthsimple Reimburses? |
| RBC Direct Investing |
$150 |
✅ Yes (on transfers $5,000+) |
| TD Direct Investing |
$150 |
✅ Yes |
| BMO InvestorLine |
$150 |
✅ Yes |
| Scotiabank iTRADE |
$150 |
✅ Yes |
| CIBC Investor’s Edge |
$100 |
✅ Yes |
| Questrade |
$150 |
✅ Yes |
| National Bank Direct Brokerage |
$135 |
✅ Yes |
| Desjardins |
$150 |
✅ Yes |
| Mutual fund company |
$50–$150 |
✅ Yes |
| Wealthsimple (out) |
$0 |
N/A |
Transfer Timeline
| Stage |
Timeline |
| Wealthsimple processes request |
1–2 business days |
| Request sent to old institution |
1–2 business days |
| Old institution processes transfer |
5–15 business days |
| Assets appear in Wealthsimple |
1–2 business days after receipt |
| Total typical timeline |
7–20 business days |
Why Some Transfers Take Longer
| Reason |
What Happens |
| Proprietary mutual funds |
Must be sold before transfer (adds 3–5 days) |
| Incomplete paperwork |
Old institution requests additional info |
| Account holds or restrictions |
RRSP maturity locks, GIC terms, DSC funds |
| High transfer volumes |
January/RRSP season can be slower |
What Happens to Your Investments During Transfer
In-Kind Transfer
| Investment Type |
What Happens |
| Stocks (TSX/NYSE/NASDAQ) |
Transfer as-is — you keep the same shares |
| ETFs (Canadian-listed) |
Transfer as-is |
| ETFs (US-listed) |
Transfer as-is |
| Bank mutual funds |
Usually must be sold first (proprietary funds) |
| Independent mutual funds |
May transfer in-kind or require sale |
| GICs |
Cannot transfer until maturity (most cases) |
| Options |
May not transfer — check with Wealthsimple |
Cost Base Tracking
| Detail |
What to Know |
| Adjusted cost base (ACB) |
Your old institution should send ACB data with the transfer |
| Verify ACB |
Check that Wealthsimple shows the correct cost base after transfer |
| Missing ACB |
If not transferred, you’ll need to manually enter or contact your old institution |
| Why it matters |
Incorrect ACB means incorrect capital gains/loss calculations |
Tax Implications of Transferring
| Account Type |
Tax Impact of Transfer |
| TFSA |
None — no tax on any transfer type |
| RRSP |
None (if direct transfer) — avoid withdrawing |
| FHSA |
None (if direct transfer) |
| RESP |
None — grants are maintained |
| Non-registered (in-kind) |
None — no sale, no tax event |
| Non-registered (cash) |
Capital gains tax on any gains realized from selling |
Wealthsimple Transfer Bonuses
Wealthsimple periodically offers cash bonuses for transferring:
| Transfer Amount |
Typical Bonus |
| $5,000–$14,999 |
$50 |
| $15,000–$24,999 |
$100 |
| $25,000–$49,999 |
$150 |
| $50,000–$99,999 |
$500 |
| $100,000–$249,999 |
$1,000 |
| $250,000–$499,999 |
$2,500 |
| $500,000+ |
Up to $10,000 |
Bonuses vary by promotion. Check Wealthsimple’s current offers.
Checklist Before Transferring
| Item |
Action |
| ☐ |
Download current statements (for ACB records) |
| ☐ |
Check for deferred sales charges (DSC) on mutual funds |
| ☐ |
Check GIC maturity dates (may not transfer until maturity) |
| ☐ |
Note any automatic contribution plans to cancel at old institution |
| ☐ |
Open the matching account type at Wealthsimple |
| ☐ |
Screenshot your current holdings and ACB for verification |
| ☐ |
Check for transfer-out fees at your current institution |
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