Transfer FHSA to Wealthsimple 2026: Up to $5,075 Bonus

If you opened an FHSA (First Home Savings Account) at your bank when they launched in 2023 — or anywhere else — and you’ve been thinking about moving it to Wealthsimple to consolidate with your other accounts, 2026 is the year to do it. Wealthsimple’s tiered transfer bonus pays from $175 (on a $10K transfer) up to higher tiers when combined with other transfers in the same window.

Quick answer: Open a Wealthsimple account using referral code BKCF8W , open an FHSA inside Wealthsimple, and request the transfer. Wealthsimple handles all paperwork. Takes 7-14 business days. Your contribution room is preserved.

What is an FHSA (quick recap)

The First Home Savings Account is a Canadian registered account launched in April 2023 that combines the best of TFSA + RRSP:

• Tax-deductible contributions (like an RRSP — reduces your taxable income)
• Tax-free withdrawals (like a TFSA — provided withdrawn for a first home purchase)
• $8,000 annual contribution limit + $40,000 lifetime cap
• Unused annual room carries forward up to a max of $8,000 (so max contribution in any year = $16,000)
• Must be used within 15 years of opening, or converts to an RRSP

For Canadians saving for a first home, the FHSA is the single most powerful registered account available. Read our FHSA contribution limit guide for the full breakdown.

Why move your FHSA to Wealthsimple

Three reasons:

1. The transfer bonus (the obvious one)

Wealthsimple’s tiered referral bonus applies to FHSA transfers — typically $175 on a $10K transfer, $275 if you can combine with a TFSA or other account in the same 30-day window.

2. Lower MERs on FHSA investments

Most Canadian banks default new FHSAs into either (a) high-MER mutual funds (1.5-2.5%/year) or (b) a low-yield GIC/savings option. Wealthsimple Trade lets you hold ETFs like XEQT (0.20% MER) inside your FHSA, saving 1.3-2.3% per year in fees. On a $40,000 FHSA over 5 years, the fee savings is $2,500-$5,000.

3. Consolidation

Most Canadians have their TFSA + RRSP at one bank, and opened the FHSA there too because it was the same login. Consolidating into Wealthsimple means one app for all registered accounts — easier to track, easier to rebalance, easier to manage.

FHSA transfer bonus table

Wealthsimple FHSA transfer bonus tiers (May 2026)

	FHSA balance you transfer	Bonus tier (alone)	Combined with TFSA/RRSP
$1,000 (small FHSA)	Base tier	$100	Up to $5,075 if combined
$10,000	Tier 2	$175	Up to $5,075 if combined
$25,000	Tier 2	$175	Up to $5,075 if combined
$40,000 (max FHSA)	Tier 2	$175	Up to $5,075 if combined

Strategy: if you have a $40K FHSA + $50K TFSA + $100K RRSP all at the same bank, doing all THREE transfers to Wealthsimple in the same 30-day window combines them: $40K + $50K + $100K = $190K of qualifying deposit, putting you in the $575 bonus tier. Three transfers, one bonus.

Step-by-step: transferring your FHSA

Step 1: Open a Wealthsimple account

Click wealthsimple.com/invite/BKCF8W and complete signup. You’ll need:

• Canadian government ID
• SIN (required for FHSA registration)
• Canadian address (you must be a Canadian resident for tax purposes)

Choose Wealthsimple Trade if you want to self-direct your FHSA investments (recommended for most), or Wealthsimple Invest for managed.

Step 2: Open an FHSA inside Wealthsimple

After signing up, tap “Add account” → FHSA. Wealthsimple registers the FHSA with CRA in real time.

Step 3: Request the FHSA transfer

In the Wealthsimple app: Transfers → Transfer in from another institution → choose FHSA. Select your old institution from the dropdown (RBC, TD, BMO, CIBC, Scotia, Questrade, etc.), enter your old FHSA account number, and upload a recent statement.

Wealthsimple files Form RC721 (Direct Transfer of an FHSA on Breakdown of Marriage or Common-Law Partnership; or RC721 for other direct transfers) with your old institution. You don’t have to call your old bank — Wealthsimple handles it.

Step 4: Wait 7-14 business days

Track status in the Wealthsimple app. During transit, you typically can’t trade FHSA holdings (they’re between trustees) — normal.

Step 5: Claim your bonus + fee reimbursement

When the transfer completes:

• Bonus pays 30 days later, automatically
• Email Wealthsimple support a copy of your old broker’s statement showing the transfer-out fee. They reimburse up to $150 within 1-2 weeks.

Transfer-out fees by Canadian bank (what your old broker charges)

FHSA transfer-out fee by institution (verified May 2026)

	Transfer-out fee	Reimbursed by Wealthsimple?
RBC	$150	Yes, up to $150
TD	$150	Yes
BMO	$135	Yes
CIBC	$135	Yes
Scotia / Tangerine	$150	Yes
Questrade	$150 cap across all accounts	Yes
Moomoo Canada	$50	Yes
EQ Bank	$0 (no transfer-out fee)	N/A

After the transfer — what to invest your FHSA in

Once your FHSA arrives at Wealthsimple Trade, you have two timelines to think about:

If you plan to buy a home in 1-3 years

Stay conservative. Your FHSA needs to be there when you need it; equity volatility is too high. Hold a mix of:

• EQ Bank FHSA Savings Account (held inside Wealthsimple via partner — not currently possible to bridge; alternative: hold cash in Wealthsimple Cash account at 2.75%)
• VAB / ZAG (Canadian bond ETFs, 4-5% yields)
• PSA / HISA.TO (high-interest savings ETFs)

A conservative FHSA growing at 4-5% beats sitting in cash earning 0.05% at a Big 5 bank.

If you plan to buy a home in 4-15 years

Mix equity + bonds. A 60/40 portfolio (60% XEQT, 40% VAB) historically returns ~6-7% annually with manageable volatility. On a $40K maxed FHSA over 10 years, that compounds to ~$78,000.

If you might convert to RRSP at year 15

You can convert your FHSA to an RRSP tax-free at year 15 if you haven’t bought a home. In this case, treat the FHSA like a long-term RRSP and hold pure equity (XEQT, VFV).

Common mistakes

1. Withdrawing first instead of transferring. Triggers FHSA withdrawal rules. May lose contribution room. Don’t do this.
2. Closing the old FHSA before the transfer completes. Wait until Wealthsimple confirms the transfer has finished.
3. Forgetting to file Form HBP after using the FHSA for a home. FHSA withdrawals for an eligible first home are tax-free, but you still need to file the proper CRA paperwork.
4. Not stacking with TFSA/RRSP transfers in the same window. If you have multiple accounts at the same bank, transfer them ALL within 30 days to unlock the higher bonus tier.

Bottom line

If you have an FHSA at a Big 5 bank — particularly one invested in proprietary mutual funds at 1.5-2.5% MERs — moving it to Wealthsimple is one of the highest-ROI 30-minute tasks available to Canadian first-home savers in 2026. Use referral code BKCF8W for the $175+ bonus. Recoup the $150 transfer fee via Wealthsimple’s reimbursement. Save 1-2% on MER annually going forward.

Start the transfer: wealthsimple.com/invite/BKCF8W