How to Transfer Your RRSP, TFSA or Other Account to Wealthsimple

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