This guide explains how to move an existing RRSP, TFSA or other investment account from another institution to Wealthsimple: the types of transfer, what can move, the steps, how long it takes and what it can cost. For other brokers you could move to, see the online broker comparison. Details below are from Wealthsimple’s help centre and pricing page as of September 2026.
Transfer types
| Transfer type | What moves | Tax implication |
|---|---|---|
| In-kind (entire account as is) | Whole shares of stocks and ETFs, and eligible mutual funds, move without being sold | No sale, so no tax triggered |
| Cash (entire account as cash) | Your old institution sells the holdings and sends the cash | Capital gains tax may apply in a non-registered account |
| Partial | Specific holdings (by number of whole shares), a cash amount, or both; trading accounts only | Depends on what is sold |
If you transfer holdings into a managed portfolio, Wealthsimple sells them and reinvests the proceeds once they arrive.
What you can transfer to Wealthsimple
| Account type | Supported? | Notes |
|---|---|---|
| TFSA | Yes | No tax on a direct transfer |
| RRSP and spousal RRSP | Yes | Must be a direct transfer, not a withdrawal |
| FHSA | Yes | Cash only |
| RESP | Yes | Individual RESPs only, into a managed Wealthsimple RESP, and always in full |
| LIRA and LIF | Yes | The plan’s pension jurisdiction must match |
| RRIF | Yes | Minimum withdrawals continue at the new institution |
| Pension | Yes | Takes longer than most transfers |
| Non-registered (individual or joint) | Yes | In-kind avoids a sale; a cash transfer may trigger gains |
| Business | Yes |
Step by step: how to transfer to Wealthsimple
| Step | Action | Details |
|---|---|---|
| 1 | Open the matching account at Wealthsimple | The account type must match the one you’re transferring (an RRSP to an RRSP, for example) |
| 2 | Download a recent statement from your current institution | Check that your name, SIN, address, date of birth and account number match its records |
| 3 | Start the transfer | In the app, tap the Move tab, then “Transfer account to Wealthsimple”; on the web, choose Move money, then Move an account |
| 4 | Choose the transfer type | Entire account as is, entire account as cash, or part of the account |
| 5 | Enter your account details | Select the division that manages the account and enter the numbers exactly as they appear on your statement (on the web, some statements can be uploaded instead) |
| 6 | Wait for the transfer | Avoid trading in the old account until it completes |
| 7 | Check your holdings and cost base | Confirm that everything arrived and that the adjusted cost base is right |
For a joint account, both owners must be Wealthsimple clients and both must accept the request. If your institution isn’t listed, Wealthsimple asks for a full statement and adds the institution, which it says typically takes 3 to 5 business days.
RRSP transfers must be direct
| Method | Tax impact |
|---|---|
| Direct transfer (institution to institution) | No tax, and it doesn’t use contribution room |
| Withdraw from the RRSP, then contribute to a new RRSP | Tax withheld on the withdrawal, the full amount added to your income, and the room used is not restored |
Withdrawing instead of transferring means the institution withholds tax on the withdrawal and the full amount is added to your income for the year, and the contribution room used is not restored. The withholding rates and rules are in RRSP withdrawal rules. A direct transfer from an RRSP to an FHSA is also possible, but it uses FHSA participation room.
Transfer-out fees
The institution you leave charges the transfer-out fee, usually per account, so moving a TFSA and an RRSP can mean two fees. Examples from brokers’ fee schedules as of September 2026:
| Institution | Transfer-out fee |
|---|---|
| Questrade | $150 per account |
| Qtrade | $150 per account (plus $100 to close in the first year) |
| TD Direct Investing | $150 per account, full or partial |
| Scotia iTRADE | $150 per registered account, full or partial |
| Other bank brokerages (RBC Direct Investing, BMO InvestorLine, CIBC Investor’s Edge, National Bank Direct Brokerage) | Check the current fee schedule |
| Mutual fund companies and bank branches | Check with the institution; deferred sales charges may also apply |
Wealthsimple notes that the fee is deducted directly from the account being transferred. Wealthsimple says transfers of at least $25,000 may qualify for reimbursement of the transfer-out fee, with conditions; the policy can change, so read the current terms before you transfer.
Transfer timeline
Wealthsimple’s published average timelines:
| Account type | Average timeline |
|---|---|
| Most accounts (TFSA, RRSP, FHSA, RRIF, LIRA, LIF, non-registered, business) | 2 to 4 weeks |
| Pension | 2 to 6 weeks |
| RESP | 6 to 8 weeks |
A transfer can take 6 to 8 weeks if the other institution rejects the first request.
Why some transfers take longer
| Reason | What happens |
|---|---|
| Paper-based institutions | Some institutions process forms at a physical location or send cheques |
| Details that don’t match | A name, account number or signature that doesn’t match the old institution’s records can get the request rejected |
| Holdings that can’t move in kind | GICs, bonds, options and some mutual funds must be sold or left behind first |
| Mutual fund series switch | After the transfer, some funds are moved into a lower-cost series of the same fund, which can take up to 15 business days |
What happens to your investments
In-kind transfer
| Investment type | What happens |
|---|---|
| Stocks and ETFs (Canadian, US and dual-listed) | Whole shares transfer as they are |
| Fractional shares | Not accepted in kind |
| Mutual funds | Eligible funds transfer; funds with a deferred sales charge or low-load charge, or from a fund company without a dealer agreement with Wealthsimple, cannot |
| GICs and bonds | Not accepted; sell them or leave them at the old institution |
| Options and warrants | Not accepted; close them or leave them at the old institution |
When a transferred mutual fund is moved into a lower-cost series of the same fund, Wealthsimple says the switch is not a taxable disposition and doesn’t change your adjusted cost base.
Cost base tracking
| Detail | What to know |
|---|---|
| Adjusted cost base (ACB) | In most cases the ACB transfers automatically with your assets |
| Missing ACB | If your old institution can’t send it, Wealthsimple emails you to upload a recent statement |
| Verify ACB | Check that Wealthsimple shows the right cost base after the transfer |
| Why it matters | An incorrect ACB means incorrect capital gains or losses |
Tax implications of transferring
| Account type | Tax impact of transfer |
|---|---|
| TFSA | None on a direct transfer |
| RRSP | None on a direct transfer; a withdrawal is taxed |
| FHSA | None on a direct transfer |
| RESP | None when the beneficiary stays the same; grant money moves with the plan |
| Non-registered (in-kind) | None: no sale, no tax event |
| Non-registered (cash) | Capital gains or losses on anything sold must be reported |
Transfer promotions
Wealthsimple regularly advertises transfer offers, such as a match on the amount transferred. Their size, minimums and holding periods change, so read the current terms on Wealthsimple’s site before transferring; an offer is a one-time benefit, separate from the ongoing costs covered in the Wealthsimple review.
Checklist before transferring
| Item | Action |
|---|---|
| ☐ | Download current statements (for ACB records and the transfer request) |
| ☐ | Check for deferred sales charges (DSC) or low-load charges on mutual funds |
| ☐ | Check GIC and bond maturity dates, since these can’t be transferred in |
| ☐ | Note any automatic contribution plans to pause at the old institution |
| ☐ | Open the matching account type at Wealthsimple |
| ☐ | Record your current holdings and ACB for verification |
| ☐ | Check the transfer-out fee at your current institution |
Related articles
Sources
The figures and rules on this page come from these sources. How we check facts.