Most Canadians switching from RBC, TD, or CIBC to Wealthsimple focus entirely on the zero-commission trading benefit. They miss a more immediate win: Wealthsimple pays you to make the move.

There are two separate financial incentives available during any TFSA or RRSP transfer — a $25 referral bonus applied at signup, and a transfer fee reimbursement of up to $150 applied after the transfer completes. Neither requires special negotiation. Both are standard offers that most new clients leave on the table because they don't know to claim them.

The Transfer Bonus Stack — What You Actually Receive

Benefit Amount Requirement Timeline Stackable?
Referral Bonus $25 CAD Apply code XVJHLJ + deposit $100+ Within 24 hrs of deposit clearing ✓ Yes
Transfer Fee Reimbursement Up to $150 Transfer $15,000+ in assets 2–4 weeks after claim submitted ✓ Yes
Total Stack Value Up to $175 Both requirements met simultaneously — ✓ Fully stackable

Step 1: Apply Your Referral Code Before You Transfer

1 Open your Wealthsimple account and apply code XVJHLJ immediately

The referral code must be entered during the account signup flow — not after. Go to the Wealthsimple app or website, begin account creation, and enter XVJHLJ in the referral/promo code field when prompted. If you miss the signup field, you have a secondary window via Settings → Promotions, but only within 7 days of your first deposit.

Once the account is open, make a qualifying deposit of $100 or more from an external Canadian bank account. This triggers the $25 bonus, which appears in your Wealthsimple Cash (chequing) account within 24 hours of the deposit clearing. EFT transfers typically take 3–5 business days to clear.

  • Do this step before initiating the TFSA/RRSP transfer — the transfer can take 5–15 days and you want your code locked in first
  • The $100 qualifying deposit does not have to be the transfer itself — a small external EFT deposit is sufficient
  • Bonus is deposited to your Cash account, not your TFSA/RRSP — this preserves your contribution room

Step 2: Initiate the TFSA or RRSP Transfer In-App

2 Request the transfer through Wealthsimple — they initiate it on your behalf

You do not contact your current institution to start a transfer. Wealthsimple initiates the request directly. In the app, go to Manage → Transfer → Transfer an account from another institution. Select your account type (TFSA or RRSP), enter your current institution and account number, and specify whether you want a cash transfer or an in-kind (securities) transfer.

Cash transfer: Your current institution liquidates your holdings, sends the cash to Wealthsimple. Faster (5–10 business days) but you lose market exposure during transit. In-kind transfer: Your holdings move as-is. Slower (10–15 business days) but no forced selling — ideal if you hold ETFs you want to keep.

  • Wealthsimple supports transfers from all major Canadian institutions: RBC, TD, BMO, CIBC, Scotiabank, National Bank, Questrade, HSBC, and most credit unions
  • You will receive a transfer confirmation email from Wealthsimple — save this email for your fee reimbursement claim
  • Do not withdraw or change the account at your current institution while the transfer is in progress

Step 3: Claim Your Transfer Fee Reimbursement

3 Submit your fee statement to Wealthsimple support within 60 days

After your transfer completes, your previous institution will charge a transfer-out fee — typically $50–$150 depending on the institution and account type. Wealthsimple reimburses this fee for transfers of $15,000 or more in total assets.

Contact Wealthsimple support via the in-app chat or email and submit: (1) your account statement from the previous institution showing the transfer-out fee charged, and (2) confirmation that the transfer has been received by Wealthsimple. Reimbursement is credited to your Wealthsimple Cash account within 2–4 weeks of the claim being approved.

  • Deadline: Submit within 60 days of the transfer completing — do not wait
  • Minimum transfer: $15,000 in assets to qualify for reimbursement
  • Maximum reimbursement: $150 per account type
  • Transferring multiple accounts (e.g., both TFSA and RRSP) — submit separate claims for each

Which Accounts Are Eligible for Transfer?

Account Type Transfer Supported In-Kind Transfer Fee Reimbursement Eligible
TFSA ✓ Yes ✓ Yes ✓ Yes ($15k+ min)
RRSP ✓ Yes ✓ Yes ✓ Yes ($15k+ min)
FHSA ✓ Yes ✓ Yes ✓ Yes ($15k+ min)
RRIF ✓ Yes ✓ Yes ✓ Yes ($15k+ min)
Non-Registered ✓ Yes ✓ Yes Contact support to confirm
LIRA / Pension Case by case Case by case Contact support to confirm

ℹ Important: TFSA Contribution Room

Transferring a TFSA directly to Wealthsimple (institution-to-institution transfer) does not count as a withdrawal and does not affect your contribution room. Only withdrawing cash from your TFSA and redepositing it at Wealthsimple would count as a new contribution. Always use the in-app transfer flow — never withdraw and redeposit manually.

Full Transfer Timeline: What to Expect Day by Day

Day What Happens
Day 0 Open Wealthsimple account, apply code XVJHLJ, make $100+ EFT deposit
Day 3–5 EFT deposit clears → $25 referral bonus deposited to Cash account within 24 hours
Day 5 Initiate TFSA/RRSP transfer via Wealthsimple app
Day 10–20 Transfer completes (cash: 5–10 days; in-kind: 10–15 days from initiation)
Day 20–21 Receive statement showing transfer-out fee from previous institution
Day 21 Submit fee reimbursement claim to Wealthsimple support with statement attached
Day 35–49 Fee reimbursement credited to Wealthsimple Cash account (2–4 weeks after approval)
Total Stack $25 referral bonus + up to $150 fee reimbursement = up to $175 received