Millions of Canadians pay $9.95 per trade and hidden fees to hold their RRSP at a big bank. Wealthsimple offers a compelling alternative. Here is an honest look at whether it is the right move in 2026.
| Fee | Amount |
|---|---|
| Account opening fee | $0 |
| Monthly account fee | $0 |
| Stock and ETF trades | $0 commission |
| Minimum balance | $0 |
| RRSP transfer in | $0 |
| Managed portfolio (optional) | 0.4–0.5% per year |
Transferring your RRSP from a bank to Wealthsimple is called a direct transfer (or T2033 transfer). It does not count as a withdrawal and does not affect your contribution room.
If you have $50,000 in an RRSP at TD paying $9.95 per trade, and you make 20 trades per year, that is $199 in trading fees annually. At Wealthsimple that is $0. Over 10 years the difference compounds significantly.
Beyond fees, Wealthsimple’s app makes it genuinely easy to check your portfolio, rebalance, and add money — something that often takes a phone call or branch visit at a traditional bank.
Yes, especially for Canadians investing in stocks or ETFs. Zero commissions and no account fees make it significantly cheaper than bank brokerages for most investors.
Yes. A direct RRSP transfer does not count as a withdrawal and does not trigger taxes or affect your contribution room. Wealthsimple handles the process and does not charge a transfer-in fee.
Typically 1–3 weeks depending on the transferring institution. Some banks process faster than others.
Yes. Wealthsimple supports spousal RRSP accounts, which allow the higher-earning spouse to contribute to an RRSP in the lower-earning spouse’s name to reduce taxes in retirement.
Related: Wealthsimple TFSA review · Wealthsimple full review 2026 · Get the $25 referral code
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