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 |