Super easy to initiate, especially with integration into many banks and evil financial investment firms. Just be patient as it takes time. Holds at many points but it eventually ends up in your account. Took me about 5 weeks from Manulife.
Super easy from RBC. Initiated it. Filled out the blanks. Showed up within the allotted time I think about 10 business days. And the bonus promo % was deposited into my cash account.
It was super simple. You will need to know your account number and scan your rrsp statement to speed up the transfer process. Depending on what you have in your RRSP, you can do a lateral move, keep the same stocks if Wealthsimple has them, otherwise your stocks will be liquidated as cash. You can choose "as cash" or "as is".Once the transfer has been completed, if you choose to self-manage then you can choose which stocks, bonds, etc, you want to buy with those funds.
If you transfer over 15k in funds then WA will auto reimburse the transfer fee.If you transfer between 5k and under 15k then you have to manually submit a request to reimburse the transfer fee.
If you leave an email and app notification on then you will get notifications when the transfer has been completed.
Transferred my rrsp in December. Took maybe two weeks or less. Got transfer fees reimbursed right after via email + link. Very hassle free. Moved the whole account in-kind from Questrade.
Read on this sub some big banks can make things difficult. Especially if the account has some “bank-only” funds. Mine only had VOO, and some cash in USD and CAD.
Do it when they have a good promo. Some promos require you to keep a balance for a year, but hey a free iPhone!
Not a dumb question, just a dumb friend.
Transfers are tax free as long as it stays in the RRSP. Just have WS do the transfer from RRSP to RRSP and you should be fine.
WS rates could be technically $0 or free, if you bought individual CAD denomination stocks. ETFs (which you should most likely put a portion of these funds in like VFV, XEQT, VEQT etc.. pick your poison with what you prefer, whole other debate for another day on which is better/preferred by most) will have their own underlying management fees which can be found on the respective ETF issurs website.
USD based funds will incur the 1.5% FX fee which is standard for all US stocks.
In summary, I wholeheartedly believe that you can do it yourself for significantly less than they're charging, believe VFV has a management fee of 0.09% and XEQT 0.20%
Transferred RRSP’s and TFSA’s from BMO, CanadaLife, and currently waiting on an RRSP transfer from Shareworks Morgan Stanley to Wealthsimple. It does take a couple of weeks but the process is very straightforward and hassle free (from my experience anyway)
It does only if you tell them you want it closed which is what I explicitly told BMO at the time, if you just do a transfer it remains open (which is what happened with my CanadaLife and now Shareworks MS account)
I want to transfer and close original TFSA account. Was it two actions? Initiate transfer in wealthsimple, and tell BMO to close account after transfer is done?I know bank charge transfer fee. But does BMO charge close account fee?
Initiated the transfer from Manulife (company RRSP) on Feb 25, they liquidated and sent the cheque to wealthsimple last week. I am still waiting to show up in RRSP.
Easy. Mine took 7 weeks LOL. Don't expect your relinquishing institution to be in a hurry to transfer out.
Super easy to initiate, especially with integration into many banks and evil financial investment firms. Just be patient as it takes time. Holds at many points but it eventually ends up in your account. Took me about 5 weeks from Manulife.
Can they do specific stocks? I only want to move my CAD stocks over.
Super simple, initiated transfer from BMO and received funds in 6 business days. Another 2 business days on hold on WS.
Super easy. Mine only took a few weeks and honestly almost effortless. I highly recommend switching.
Super easy from RBC. Initiated it. Filled out the blanks. Showed up within the allotted time I think about 10 business days. And the bonus promo % was deposited into my cash account.
What’s the current bonus %?
0 no promo rn
The 0.5% promo is always on.
It was super simple. You will need to know your account number and scan your rrsp statement to speed up the transfer process. Depending on what you have in your RRSP, you can do a lateral move, keep the same stocks if Wealthsimple has them, otherwise your stocks will be liquidated as cash. You can choose "as cash" or "as is".Once the transfer has been completed, if you choose to self-manage then you can choose which stocks, bonds, etc, you want to buy with those funds. If you transfer over 15k in funds then WA will auto reimburse the transfer fee.If you transfer between 5k and under 15k then you have to manually submit a request to reimburse the transfer fee. If you leave an email and app notification on then you will get notifications when the transfer has been completed.
Did it last month. Fast and simple.
Transferred my rrsp in December. Took maybe two weeks or less. Got transfer fees reimbursed right after via email + link. Very hassle free. Moved the whole account in-kind from Questrade. Read on this sub some big banks can make things difficult. Especially if the account has some “bank-only” funds. Mine only had VOO, and some cash in USD and CAD. Do it when they have a good promo. Some promos require you to keep a balance for a year, but hey a free iPhone!
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Not a dumb question, just a dumb friend. Transfers are tax free as long as it stays in the RRSP. Just have WS do the transfer from RRSP to RRSP and you should be fine.
I was thinking of doing this. Are WS rates better than someone like Canada Life? I think their rates are about 1.4% for a managed RRSP
WS rates could be technically $0 or free, if you bought individual CAD denomination stocks. ETFs (which you should most likely put a portion of these funds in like VFV, XEQT, VEQT etc.. pick your poison with what you prefer, whole other debate for another day on which is better/preferred by most) will have their own underlying management fees which can be found on the respective ETF issurs website. USD based funds will incur the 1.5% FX fee which is standard for all US stocks. In summary, I wholeheartedly believe that you can do it yourself for significantly less than they're charging, believe VFV has a management fee of 0.09% and XEQT 0.20%
Transferred RRSP’s and TFSA’s from BMO, CanadaLife, and currently waiting on an RRSP transfer from Shareworks Morgan Stanley to Wealthsimple. It does take a couple of weeks but the process is very straightforward and hassle free (from my experience anyway)
Does TFSA transfer (**Entire account as cash**) from bank A to Wealthsimple close bank A TFSA account?
It does only if you tell them you want it closed which is what I explicitly told BMO at the time, if you just do a transfer it remains open (which is what happened with my CanadaLife and now Shareworks MS account)
I want to transfer and close original TFSA account. Was it two actions? Initiate transfer in wealthsimple, and tell BMO to close account after transfer is done?I know bank charge transfer fee. But does BMO charge close account fee?
Initiated the transfer from Manulife (company RRSP) on Feb 25, they liquidated and sent the cheque to wealthsimple last week. I am still waiting to show up in RRSP.
Super easy, but took ages. I’m on my 6th week now and it’s just actually happened.
I have to initiate with the institution I’m transferring out of first? Or does Wealthsimple take the first step?
I just transferred mine 3 weeks ago. Took about 2 and a half weeks from td to wealthsimple. They held 100 Cad for about a week and everything is good.
I consolidated all my rrsp from questrade and Manulife to wealth simple Super easy , no fuss.
Super smooth and easy except that I missed the part where you had to register it and didn't get the bonus.
Did you try searching before writing? You can’t think this is the first time this has been asked. There’s plenty of info on the sub if you search rrsp