Wealthsimple - Transfers Guide

Transfer Guide

Before you begin

1

Find a recent statement from the account you want to transfer.

Online: log in to your account at your current institution and look for sections like “My documents” or “My account statements.” A monthly or annual statement works.

Email: financial institutions are required to send you account statements by mail or email.

Phone: give your current institution a call.

2

Make sure your details match. So many transfers are slowed down by differences between your profile information at Wealthsimple and your current institution.

Select the Profile icon in the top-right corner

Choose Settings (the gear icon) from the menu

Select Personal information

Review the residential address under Contact

Tap Identify information to review your full name, Social Insurance Number (SIN), and date of birth

Pay extra attention to your full name (maybe you got married recently? Use your full middle name on one profile and an initial at the other?) and SIN.

If everything matches, you’re all set! If not, don’t worry — simply update your Wealthsimple profile or ask your current financial institution to correct your information.

3

Validate key information about your investment account. That includes:

the type of account. Mixing up LIRAs and RRSPs is easy, so a quick check ensures a smooth transfer.

the correct account number. Many clients need help finding theirs. If you’re having trouble, you can see examples from different institutions here, or you can reach out to the Client Success team for help finding it.

the exact institution and division your account is currently held with. A lot of places have different divisions or branches, and if you know the exact one, you’ll have a smoother transfer. It’s often listed prominently at the top of your account statement, typically with a logo.

the address on your Sun Life account. The key information we need is on the last page of your account statement. Also, note that Sun Life uses two different addresses, either Montreal or Waterloo. Make sure you use the one that’s listed on your statement.

your LIRA’s jurisdiction. This is not always the province where you live. It may be federally regulated or in the province where your previous employer was registered.

It’s often listed on your account statement, but if you can’t find it there, try this table.

LIRA Jurisdiction

Example Industries or Employers

Federally Regulated LIRAs

Banking, Telecommunications, Airline Transportation, Inter-Provincial Trucking, Broadcasting, Federal Crown Corporations

Provincially Regulated LIRAs

Provincial Government Employees, Education (e.g., Provincial Schools), Health Services (e.g., Hosptials), Forestry Agriculture, Fisheries, Oil and Gas Industry, Manufacturing, IT Sector, Hydro-Electric Utilities, Tourism, Aerospace, Mining

If you can’t find it there, call us at 1-855-255-9038 (Monday through Friday from 9 a.m. to 6 p.m. ET).

Heads-up: there are a few other account types that can be transferred into a LIRA at Wealthsimple. These include Registered Pension Plans (RPPs), or Defined Contribution Pension Plans (DCPPs). If you have any of these plans, you will need to initiate your transfer on our website/desktop only.

4

Check that your current investments are compatible with Wealthsimple’s platform. Most stocks and ETFs are welcome. However, we can’t accept mutual funds, GICs, bonds, warrants, or suspended securities.

While you can buy and sell options at Wealthsimple, we currently can't transfer them from external accounts.

Here’s how to check asset compatibility.

Tap the Discover tab (the magnifying glass) at the bottom of the screen

Type in the name of your stock or ETF

If it appears, you’re good to go

Look for the Search name or symbol field at the top of the page

Enter the name of your stock or ETF

If it appears, it’s transferable

If you have some non-compatible assets, you can consider selling these assets to convert them to cash, which transfers easily. But if you do that, keep in mind that selling assets in a non-registered account might have tax implications.

5

Wrap up your current trades. You will have to stop trading once you have initiated the transfer.

If you’re submitting a transfer request for a joint account, the account’s co-owner will need to accept the transfer request from their own Wealthsimple profile. If they don’t have one yet, they can easily set one up before the transfer is submitted.

How to submit your account transfer

Let’s do this! When you are ready to start, follow the steps below to submit your transfer:

Tap the Move tab at the bottom of your screen

Tap the Move an account to Wealthsimple menu option

Tap Get Started

Follow the prompts

What happens after you submit your transfer

Our dedicated transfers team will follow up with your current financial institution on the transfer and contact you via email if there are any issues. A transfer for this account type generally takes two to four weeks.

In the meantime, we’ll automatically reimburse the administrative transfer-out fees charged by your institution if the transfer is at least $25,000. See our transfer fee reimbursement policy for more details.You can expect to see this two business days after your transfer is complete. The refund will appear in your account's cash balance!

You can check the status of your account transfer through the mobile app.

Tap the Activity (clock) tab at the bottom of your screen

Tap the Filter icon in the top right corner

Select Type

Scroll down and select Transfers

Tap Done

Choose the institutional transfer you wish to view

If any action is required on your part, we will indicate it on this page.

How to transfer an investment account to Wealthsimple

Follow three simple steps to get your personalized guide with helpful tips!

Step 1

Choose the account you are transferring.

Transferring an RPP or DCPP?

Step 2

How would you like to move your account?

How do I know?

Step 3

Which institution are you transferring from?

Get your guide

Clear selections