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 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! 

Using the "transfer" button will not incur any tax or contribution implications

If you're looking to transfer an existing RRSP from another institution you can now do so without affecting your contribution room or incurring taxes! Just make sure you select "transfer" in the Trade app instead of depositing funds from a linked bank account. If transferring an account valued $5,000 or more we'll also reimburse the transfer fee! Note: We cannot reimburse liquidation fees, commission fees, or DSCs that may be charged if transferring your account in-cash. We recommend contacting your current institution for more information on what fees you could be charged.