The bonus in one sentence: Wealthsimple pays you 0.5%–2% of the amount you transfer in from another institution (TFSA, RRSP, FHSA, or non-registered), tops out around $5,000–$10,000 per customer per year, plus reimburses up to $150 of old-bank transfer-out fees. Money has to stay 12 months or the bonus is clawed back. Best stacked with a tier upgrade to Wealthsimple Premium ($100K+) for the 1–2% tier.

2026 transfer bonus tiers

Exact percentages and caps rotate quarterly. Always check the in-app promotion banner before initiating the transfer — Wealthsimple sometimes runs limited-time bonus boosts (e.g., +0.5% on transfers over $250K).

The $150 transfer-out fee reimbursement

For transfers of $15,000+, Wealthsimple reimburses up to $150 in transfer-out fees charged by your old institution. The Big-5 all charge in this range:

File the reimbursement request via the in-app form within 60 days of transfer completion. Reimbursement arrives in your Wealthsimple account within 30 days.

Step-by-step: how to transfer to Wealthsimple

1. Open your Wealthsimple account first — same account type (TFSA → TFSA, RRSP → RRSP). Don't withdraw and re-deposit; that burns contribution room.
2. Initiate the transfer in the Wealthsimple app → Move Funds → Transfer from another institution → fill in old institution details and account number
3. Choose in-kind or in-cash — in-kind keeps your existing positions (no sell-and-rebuy taxable event in non-registered); in-cash sells and transfers the proceeds
4. Wealthsimple sends the request to your old institution via T2033 (RRSP/RRIF) or TFSA-direct-transfer form
5. Wait 5–15 business days for completion (longer for Quebec, DSP-held accounts, or in-kind US-listed securities)
6. Bonus paid out 30 days after completion
7. Submit fee reimbursement via the in-app form (within 60 days)

How to maximize the bonus

• Cross the tier threshold — transferring $98K vs $102K is the difference between 1% and 2% on the whole amount. If you can scrape together $100K+ from across multiple accounts, do it
• Stack with the Wealthsimple Visa Infinite — Premium tier unlocks both at the same time
• Consolidate across institutions — moving your RBC RRSP + TD TFSA + Questrade non-registered all into Wealthsimple in one calendar year stacks toward the per-customer annual cap
• Time around contribution-room reset — January transfers count contributions against the new year's room

Tax treatment of the bonus

• Bonus paid into a non-registered account: taxable as "other income" on T4A. Add to line 13000 of T1.
• Bonus paid into a TFSA: not taxable, but counts toward TFSA contribution room. Be careful at year-end.
• Bonus paid into RRSP: not taxable, increases RRSP value. Some promotions allow choice; default is non-registered.

For your overall tax picture, run the numbers in our Income Tax Calculator.

Is the transfer bonus enough reason to switch?

For long-term investors, yes — even the 0.5% bottom tier on $25K is $125 of free money for moving an account you weren't actively using. For active traders, also check Wealthsimple Trade's $0 commission vs your current broker's fees in our best trading platforms in Canada 2026 and the full Wealthsimple review.

For peace of mind on Wealthsimple security and insurance, see Is Wealthsimple Safe? (2026).