How to Transfer Your Brokerage Account to Wealthsimple
For Investors consolidating accounts from another brokerage · Based on Tej Wealthsimple Beginner Investing Setup
// TL;DR
If you have investments sitting at another Canadian brokerage like Scotiabank iTrade, this guide shows you how to consolidate them into Wealthsimple using the in-kind Account Transfer flow. You won't need to sell your holdings first, meaning your positions migrate intact without triggering unwanted taxable events. Use it when you want everything in one lower-fee platform, want to combine investing with Wealthsimple's Move banking features, and prefer a modern app over a legacy bank brokerage interface.
Why consolidate into Wealthsimple?
Consolidating your portfolio into one platform simplifies tracking, reduces fees, and unlocks Wealthsimple's full financial hub. Beyond commission-free trading, the Move section handles CAD ↔ USD conversion, Interac e-Transfer, international wires, bill payments, cheque sending, and bank drafts. That means Wealthsimple can replace both your old brokerage and much of your traditional bank branch usage in a single app.
The biggest advantage for transfers: your positions move in-kind, so you don't have to liquidate and rebuy. This avoids potential taxable gains in non-registered accounts and keeps you invested during the transition.
How do you transfer an account into Wealthsimple?
Use the Account Transfer flow, not a cash deposit. Here's the sequence:
1. From the dashboard, go to Add Money.
2. Under account transfer, click Get Started.
3. Select your source institution and the specific sub-broker within it (for example, Scotiabank > iTrade).
4. Sign in with your existing brokerage credentials.
5. Follow the in-app prompts to authorize the transfer.
Once initiated, the transfer moves your holdings directly. There's no need to sell first — this is the core benefit of an in-kind Account Transfer. When complete, your portfolio appears under the matching account type on your Wealthsimple dashboard.
Which account type should your transferred holdings land in?
Match the destination wrapper to the source. Following the Account-First Architecture principle, a TFSA at your old broker should transfer into a Wealthsimple TFSA, an RRSP into an RRSP, and a taxable account into a Non-Registered account. Keeping the wrapper consistent preserves your tax treatment and contribution room. Before initiating, open the correct destination account on Wealthsimple via Add Account → Self-Directed Investing so it's ready to receive the transfer.
What should you watch out for during a transfer?
- Wrapper mismatch. Always transfer TFSA to TFSA and RRSP to RRSP to avoid tax and contribution-room complications.
- Transfer timing. In-kind transfers can take time to complete; your positions may briefly appear on neither dashboard during processing.
- Currency holdings. If you hold US-listed positions, they remain USD-denominated. Use the Move section's CAD ↔ USD tool if you want to manage currency after the transfer settles.
- Old-account fees. Some legacy brokerages charge a transfer-out fee; Wealthsimple often reimburses these above a threshold, so check the current policy.
What can you do once everything is consolidated?
After your holdings land in Wealthsimple, you get a single dashboard showing total portfolio balance (filterable by 1Y, YTD, 6M, 3M, 1M), all your accounts, holdings, and watchlist in one place. You can then layer on recurring transfers to keep contributing, place commission-free trades, and use the Move section for banking tasks like ordering a bank draft or paying bills.
Next step
Open the matching account type on Wealthsimple, then go to Add Money → Transfer Account, select your source brokerage and sub-broker, sign in, and authorize the in-kind transfer. Once it settles, set a recurring transfer to keep growing your consolidated portfolio.
// FREQUENTLY ASKED QUESTIONS
Do I have to sell my investments to move them to Wealthsimple?
No. Wealthsimple's Account Transfer moves holdings in-kind, so your existing positions migrate without being liquidated. This avoids triggering taxable capital gains in non-registered accounts and keeps you invested throughout the transfer. Use Add Money → Transfer Account and select your source institution and sub-broker to begin.
How long does a brokerage transfer to Wealthsimple take?
In-kind transfers between Canadian institutions typically take a few weeks to complete, depending on the source broker's processing. During this window, your positions may briefly not appear on either dashboard. Once settled, your holdings show up under the matching account type on your Wealthsimple dashboard.
Will I be charged for transferring out of my old brokerage?
Many legacy Canadian brokerages charge a transfer-out fee, but Wealthsimple frequently reimburses these fees above a set transfer amount. Check Wealthsimple's current reimbursement policy before initiating, and confirm your old broker's charge so you know whether it qualifies for reimbursement.