Transferring your RRSP from a bank to Wealthsimple is one of the simplest ways to cut investment fees and potentially save hundreds of dollars per year. Here is exactly how to do it.
Some banks charge a transfer-out fee of $50–$150. Wealthsimple does not charge a transfer-in fee. If your bank charges a fee, Wealthsimple will reimburse up to $150 if you transfer $15,000 or more — check the Wealthsimple promotions page for the current offer.
If you are doing an in-kind transfer, your investments are moved as-is without being sold. If you do a cash transfer, your investments are sold first and the cash is moved. In-kind transfers are generally faster and avoid triggering any capital gains (though inside an RRSP there are no capital gains to worry about).
Yes — but you need to also deposit at least $100 from an external bank account within 30 days of signing up, separate from the RRSP transfer. The transfer itself does not trigger the referral bonus. Use code 7-MDUG when signing up to make sure the bonus is applied.
No. A direct RRSP transfer does not count as a withdrawal. It does not trigger taxes, penalties, or affect your contribution room. You are simply moving from one registered institution to another.
Typically 1–3 weeks. Some institutions process faster than others. Wealthsimple will notify you when the transfer is complete.
Yes. You can transfer any amount from your existing RRSP without moving the whole thing. This is useful if you want to test Wealthsimple before committing fully.
No. Wealthsimple charges zero transfer-in fees. Your outgoing institution may charge a transfer-out fee, which Wealthsimple may reimburse depending on the amount transferred.
Related: Wealthsimple RRSP review · Wealthsimple TFSA review · Get the $25 referral code
Use code 7-MDUG, deposit $100+, get $25 cash within 24 hours. Verified June 2026.