investing
Transfer RRSP to Wealthsimple 2026: Up to $5,075 Bonus Tested
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Quick answer: Open a Wealthsimple account with referral code BKCF8W , request an RRSP transfer-in, and Wealthsimple handles the T2033 paperwork. Transfer completes in 7-14 business days, contribution room preserved, fee reimbursed.
If you have an RRSP at a Big 5 bank, you’re almost certainly paying too much in MERs (1.5-2.5% on bank mutual funds) when XEQT at Wealthsimple costs 0.20% MER and trades commission-free. The transfer bonus on top makes 2026 the year to consolidate.
The RRSP transfer bonus tier table
| Bonus you earn | Approx. annual MER savings | |
|---|---|---|
| $10,000 RRSP transfer | $175 | $130-$230/year |
| $50,000 RRSP transfer | $275 | $650-$1,150/year |
| $100,000 RRSP transfer | $575 | $1,300-$2,300/year |
| $250,000 RRSP transfer | $1,275 | $3,250-$5,750/year |
| $500,000 RRSP transfer | $2,575 | $6,500-$11,500/year |
| $1,000,000+ RRSP transfer | $5,075 | $13,000-$23,000/year |
Step-by-step: how to transfer your RRSP to Wealthsimple
Step 1: Open a Wealthsimple account (10 minutes)
Open wealthsimple.com/invite/BKCF8W or paste code BKCF8W during signup. You’ll need:
- Government photo ID
- SIN (required for RRSP registration with CRA)
- Canadian address
Choose Wealthsimple Trade for self-directed RRSP (you pick investments) or Wealthsimple Invest for managed RRSP (robo-advisor at 0.5% AUM).
Step 2: Open the RRSP inside Wealthsimple
In the Wealthsimple app, tap “Add account” → RRSP. Wealthsimple registers the new RRSP with CRA in real time.
Step 3: Initiate the transfer
Inside the Wealthsimple app: Transfers → Transfer in from another institution. Specify:
- Account type: RRSP
- Your old institution’s name
- Your old account number
- Transfer type: In-kind (recommended — preserves your holdings) or Cash
- Amount: Full or partial
Upload your most recent statement. Wealthsimple’s back office files Form T2033 with your old broker and tracks the transfer for you.
Step 4: Wait 7-14 business days
You’ll see the transfer status update in the app. During the transit window, you typically can’t trade those securities (they’re between trustees) — this is normal.
Step 5: Claim your bonus + fee reimbursement
When the transfer completes:
- Bonus tier: Wealthsimple’s system pays the bonus 30 days after the transfer settles. Automatic.
- Fee reimbursement: Email Wealthsimple support a copy of your old broker’s transfer-out statement. Wealthsimple reimburses up to $150 within 1-2 weeks.
Why moving your RRSP saves you more than the bonus
The transfer bonus is real but it’s only year-one money. The bigger win is ongoing MER savings. Most Big 5 bank RRSPs hold proprietary mutual funds with MERs of 1.5-2.5% per year. Wealthsimple Trade lets you hold XEQT (one-ticker globally-diversified equity ETF) at 0.20% MER — saving you 1.3-2.3% per year on every dollar invested.
On a $100,000 RRSP:
- Big 5 bank mutual fund at 1.8% MER: $1,800/year in fees
- XEQT at Wealthsimple Trade at 0.20% MER: $200/year
- Savings: $1,600/year — every year, forever
Over 20 years of compounding, that fee savings adds up to ~$45,000 of extra retirement value on a $100K starting balance. The $575 transfer bonus is just the welcome mat — the real win is the MER cut.
What to do AFTER the RRSP arrives at Wealthsimple
Two options:
Option A: Self-direct (Wealthsimple Trade)
Once your RRSP arrives, buy globally-diversified ETFs:
- XEQT (iShares Core Equity ETF Portfolio) — 100% equity, MER 0.20%, ~9,000 stocks globally
- VEQT (Vanguard equivalent) — same concept, MER 0.24%
- VFV (Vanguard S&P 500 in CAD) — pure US large-cap, MER 0.09%
These trade commission-free at Wealthsimple Trade.
Option B: Managed (Wealthsimple Invest)
Wealthsimple Invest is their robo-advisor. You set your risk level once; they manage allocation, rebalancing, and tax-loss harvesting. 0.5% AUM fee plus underlying ETF MERs (~0.10-0.20%). Still way cheaper than bank mutual funds.
Common transfer-out fees by Canadian broker
| Transfer-out fee | Reimbursed by Wealthsimple? | |
|---|---|---|
| RBC Direct Investing | $150 per RRSP | Yes, up to $150 |
| TD Direct Investing | $150 per RRSP | Yes, up to $150 |
| BMO InvestorLine | $135 per RRSP | Yes |
| CIBC Investor's Edge | $135 per RRSP | Yes |
| Scotia iTRADE | $150 per RRSP | Yes, up to $150 |
| Questrade | $150 across all accounts | Yes, up to $150 |
| Interactive Brokers | $0 | N/A |
| Moomoo Canada | $50 per account | Yes |
| Mutual fund company (e.g. Mawer, RBC funds) | $0-$135 | Yes, up to $150 |
When to transfer (timing matters)
- Best: Transfer when markets are flat or rising — your in-kind holdings transfer at current value
- Avoid: Transferring during a major market correction if you’re doing a cash transfer (you’d lock in losses)
- Tax timing: RRSP transfers don’t trigger tax, so timing isn’t critical for that reason. But if you’re contributing money before transferring, contribute BEFORE the transfer so the deduction is reported by your CURRENT institution
- Year-end: Transfers initiated in November-December can drag into the new year due to holiday slowdowns at banks. Initiate by mid-November or wait until January
Bottom line
Transferring your RRSP from a Big 5 bank to Wealthsimple is one of the highest-ROI 30-minute tasks in Canadian personal finance in 2026. Use referral code BKCF8W for the $175-$5,075 bonus. Recoup your transfer fee. Save 1-2% annually on MERs going forward. Compound that savings over decades.
Start the transfer: wealthsimple.com/invite/BKCF8W
Frequently asked questions
Will I pay taxes if I transfer my RRSP to Wealthsimple?
No. A direct trustee-to-trustee RRSP transfer (Form T2033) is non-taxable. The money never technically leaves the registered account — it moves between trustees while maintaining tax-deferred status. This is the critical difference vs. a withdrawal-and-redeposit. Never withdraw from your old RRSP and re-deposit at Wealthsimple — that triggers tax at your marginal rate (potentially 25-50%) plus 10-30% withholding tax, plus you lose the contribution room.
How long does an RRSP transfer to Wealthsimple take?
Typically 7-14 business days. The exact timeline depends on your old broker — Big 5 banks tend to be slower (10-14 days), Questrade and Interactive Brokers move faster (5-8 days). Wealthsimple shows you the transfer status in real-time inside the app. Cash transfers can complete in 5-10 days; in-kind transfers (preserving your holdings) take slightly longer.
Do I lose dividends or interest payments during the RRSP transfer?
No, you don't lose them — they just may pay a few weeks late. Dividends and interest credit to whichever broker holds the security on the record date. If the transfer is in progress on a record date, the payment goes to your old broker first, then forwards to your new Wealthsimple RRSP within 1-2 weeks. You receive every penny you would have earned otherwise.
Can I transfer only part of my RRSP?
Yes. Partial RRSP transfers are supported. You can move $50,000 of an existing $200,000 RRSP and keep the rest at your old broker. Your contribution room is unaffected for both portions. The bonus tier you qualify for is based on the amount actually transferred.
Will the bonus disqualify if I withdraw the money from my Wealthsimple RRSP?
Withdrawing RRSP funds triggers tax — that's separate from the bonus. The bonus itself isn't affected by withdrawals; you keep it. However, RRSP withdrawals are taxed at your full marginal rate plus 10-30% withholding tax, so they're rarely advisable. Two exceptions: Home Buyers' Plan (HBP, up to $60,000 tax-free for first home) and Lifelong Learning Plan (LLP).
What if I have multiple RRSPs at different banks?
Transfer them all to Wealthsimple separately. You'd initiate a separate transfer for each institution (e.g. one transfer from RBC, one from TD, one from Questrade). Each transfer-out fee is reimbursed up to $150. Your contribution room is the same regardless — RRSPs at multiple institutions share one CRA-tracked limit. After consolidating, you have one Wealthsimple RRSP with combined balance.
Will my Group RRSP from work transfer to Wealthsimple?
Yes, but the rules vary. Most employer-sponsored Group RRSPs allow you to transfer to a personal RRSP at any institution while still employed — but if you're vested in any employer match, those funds may have a holding period. Check your employer plan documents. Wealthsimple supports Group RRSP transfers via the same T2033 process; you may need to upload additional paperwork from your plan administrator.
Is Wealthsimple RRSP safe vs. keeping it at a bank?
Yes. Wealthsimple RRSPs are protected by the Canadian Investor Protection Fund (CIPF) up to $1,000,000 per RRSP — the same protection a bank's self-directed RRSP gets. The underlying broker is Wealthsimple Investments Inc., a CIRO-regulated dealer (formerly IIROC). See our [Is Wealthsimple Safe?](/blog/is-wealthsimple-safe) page for the full breakdown.
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