What should I know about opening an RRSP on Wealthsimple Trade?

We're excited to now offer the ability to open and trade within an RRSP on our Trade platform! With it being a new feature, there are a few things to be aware of!

We do not currently support institutional transfers so you cannot move an existing RRSP to us (yet!)

We do not currently support the ability to transfer-in investment accounts directly from other institutions, but it will be something we hope to support in the near future! Stay tuned for future newsletters for the announcement once this functionality is supported! 

We do not currently support withdrawals from RRSP accounts on Trade (yet!)

This is a priority for our team to develop, but in the short-term, you will not be able to make a withdrawal from your RRSP back to a linked bank account. We hope to add the withdrawal functionality on November 18th. 

We do not currently support internal transfers between Trade accounts or between your Trade and Invest accounts

The ability to transfer cash or assets between your Wealthsimple Trade accounts or between the Invest and Trade platforms is not currently supported, but we hope to add these capabilities in the future! Currently, funds can only be moved into a Wealthsimple Trade account via a direct deposit from a linked chequing or savings account.

If you wish to use funds that are already in a Wealthsimple Trade or Invest account, you would first need to withdraw the funds to a linked bank account and then make a subsequent deposit to the desired Trade account. Use caution though! Making a withdrawal from an RRSP and then re-depositing to another RRSP will carry tax and contribution implications. 

We do not currently support "other" RRSP account types

Account types like Spousal RRSPs, RIFs, LIRAs, and LIFs are not yet supported on the Trade platform. We hope to grow the list of supported account types over time, however, so keep your eye on this article as the list changes!