When transferring funds from one institution to another, there are three different options to choose from:
- The entire account in cash: Your institution will sell your holdings and move the money to us, but keep in mind you may be charged DSC or trading fees, which Wealthsimple cannot reimburse.
- Entire account as is (in-kind): We move your holdings to us as they are today. When setting up the transfer request, you'll be able to indicate which holdings you'd like us to sell or hold onto.
- Part of the cash in my account: You can partially transfer any cash amount that is already sitting in your account to us. Before submitting your transfer, you need to liquidate your holdings with your other institution to generate enough cash for the amount you've requested.
There are no tax implications for transferring non-taxable accounts (like your RRSP or TFSA).
We know this stuff is a little complicated. If you have questions about transferring funds (or anything else) please create a request and a Relationship Manager will assist.