If you hold an RRSP or TFSA at RBC, TD, Scotiabank, CIBC, Questrade, or almost any other Canadian institution, you can transfer it to Wealthsimple without paying a cent — and potentially receive $175 in combined bonuses for doing so. Most Canadians who switch leave that money on the table simply because they don't know how the process works.
This guide covers the complete transfer process, the $25 + $150 transfer bonus stack, how the fee reimbursement actually works, and the critical TFSA contribution room rule you must follow to avoid a CRA penalty.
The Transfer Stack — What You Get
| Benefit | Amount | How to Claim |
|---|---|---|
| Wealthsimple referral bonus | $25 | Code XVJHLJ — new accounts only |
| Transfer fee reimbursement | Up to $150 | Wealthsimple pays your old broker's exit fee |
| Trading commissions after transfer | $0 forever | Automatic — no action required |
| Total first-year value | $175+ | vs. staying at old broker |
Step-by-Step: How to Transfer (Works for Any Broker)
The transfer process is the same regardless of whether you're coming from RBC, TD, Questrade, or Desjardins. Wealthsimple handles all the paperwork — you never need to contact your old institution directly.
If you don't already have a Wealthsimple account, open one at wealthsimple.com or in the app. During the signup flow you'll be prompted for a referral or promo code — enter XVJHLJ to lock in your $25 bonus. The code must be entered during signup, not after. Make a $100 qualifying deposit (this does not have to be the transfer itself) to trigger the bonus within 24 hours of the deposit clearing.
- The $25 bonus lands in your Wealthsimple Cash account, preserving your TFSA/RRSP contribution room
- If you already have a Wealthsimple account, skip the referral code — proceed to Step 2
- See the full Wealthsimple referral code guide if you need help applying the code
In the Wealthsimple app or web platform, navigate to your account dashboard and tap Transfer. Select "Transfer an account from another institution." This opens the in-app transfer form — the same form handles all account types and all Canadian institutions.
- Do not contact your old broker directly to initiate the transfer — Wealthsimple sends the request on your behalf
- You will need your old account number handy (found on your old broker's statements or app)
Wealthsimple maintains a searchable list of all major Canadian financial institutions. Type the name of your current institution or scroll to find it. If your broker is not listed, contact Wealthsimple support — most institutions are supported even if they don't appear immediately in search.
Enter your account number exactly as it appears on your old broker's statements. Select the account type: TFSA, RRSP, RRIF, or Non-Registered. Wealthsimple uses this to create the matching registered account on their end before the transfer arrives. Learn more about the differences between TFSA, RRSP, and FHSA if you're unsure which account type fits your situation.
You'll be asked whether you want to transfer your entire account or a partial amount, and whether to transfer in kind (move your existing holdings as-is) or sell and transfer (liquidate everything, send cash).
- In kind: Your ETFs, stocks, or mutual funds move as-is. No capital gains triggered. Takes longer (up to 10 business days). Preferred for TFSA/RRSP to avoid selling costs
- Sell and transfer (cash): Everything sold at old broker, cash transferred. Faster (3–5 days). May trigger capital gains in non-registered accounts — not applicable inside a TFSA or RRSP
Review the details and submit. Wealthsimple generates the transfer paperwork and sends it electronically to your old institution. You'll receive an email confirmation. Your old broker may call you to verify — this is normal and typically adds 1–2 days. Assets appear in your Wealthsimple account once the transfer completes.
- Save your confirmation email — you'll need it for the fee reimbursement claim
- Do not make changes to your old account while the transfer is processing
- Contact Wealthsimple support via in-app chat if the transfer isn't showing after 12 business days
Which Brokers Can You Transfer From?
Wealthsimple supports incoming transfers from all major Canadian brokers and banks. The most common sources are:
Coming from RBC specifically? See our detailed guide to switching from RBC to Wealthsimple, which covers RBC's exit fee schedule and how the transition compares feature-by-feature. For a full platform comparison see our Wealthsimple vs RBC Direct Investing comparison.
Transfer Fee Reimbursement — How It Works
Most Canadian brokers charge a fee when you transfer your account out — typically between $50 and $150 per account. Wealthsimple's reimbursement program covers this cost so the move is truly free on your end.
- Most brokers charge $50–$150 to transfer out (e.g., RBC charges $135, TD charges $150, Questrade charges $150)
- Wealthsimple reimburses up to $150 per account after you email them the fee receipt
- Timeline: submit the receipt to Wealthsimple support, reimbursed within 4–6 weeks via credit to your Wealthsimple Cash account
- Important: reimbursement is per transfer, not per account type — if you transfer both a TFSA and an RRSP, submit two separate claims for up to $300 total reimbursement
How to Submit the Reimbursement Claim
After your transfer completes and your old broker posts the exit fee to your statement, email Wealthsimple support (via in-app chat or [email protected]) with: (1) your old broker statement showing the transfer-out fee charged, and (2) confirmation that your assets have arrived at Wealthsimple. Submit within 60 days of the transfer completing — claims submitted later are not honoured.
In-Kind vs. Sell-and-Transfer — Which to Choose
This is the most important decision in the transfer process. The right choice depends on your account type and what you're holding.
| Transfer Type | TFSA / RRSP | Non-Registered | Speed |
|---|---|---|---|
| In Kind | Preferred — move holdings as-is, no selling costs | No capital gains triggered — good if you want to keep investments | Up to 10 business days |
| Sell and Transfer (Cash) | Acceptable — no tax consequences inside registered accounts | May trigger capital gains — evaluate your ACB first | 3–5 business days |
Recommendation: For TFSA and RRSP accounts, prefer in-kind transfers to avoid forcing a sale at your old broker's timing and spreads. For non-registered accounts, consult your tax situation — selling and transferring cash may or may not trigger capital gains depending on your adjusted cost base (ACB).
TFSA Contribution Room Warning
This is the rule most people get wrong — and getting it wrong can result in a 1% per month CRA over-contribution penalty.
Critical: Use the Official Transfer Form — Never Withdraw Manually
When you transfer IN KIND using the official Wealthsimple transfer form: your TFSA contribution room is NOT used. The CRA treats it as a direct transfer between institutions — not a withdrawal and redeposit.
If you SELL your TFSA, withdraw the cash, and redeposit it at Wealthsimple: the withdrawal counts against your contribution room. That room does not come back until January 1 of the following year. If your TFSA is full, a manual redeposit causes an immediate over-contribution.
Always initiate the transfer through the Wealthsimple in-app transfer form. Never withdraw your TFSA balance and try to redeposit it yourself. If you're unsure about your current TFSA contribution room, check your MyCRA account before taking any action.
Day-by-Day Timeline
| Day | What Happens |
|---|---|
| Day 0 | Submit transfer request in Wealthsimple app; receive confirmation email |
| Day 1–2 | Wealthsimple sends transfer paperwork electronically to your old broker |
| Day 3–5 | Old broker processes the request; may call you to confirm — answer or the transfer delays |
| Day 5–10 | Assets appear in your Wealthsimple account (in-kind takes up to 10 days; cash 3–5) |
| Day 10–14 | Old broker posts transfer-out fee to your statement; begin reimbursement process by emailing Wealthsimple support the fee receipt |
| Day 38–56 | Reimbursement of up to $150 credited to your Wealthsimple Cash account (4–6 weeks after claim approved) |