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Can I transfer my RRSP stock buying account from BMO to wealthsimple trade?

  • Last Updated:
  • Jul 15th, 2020 6:57 pm
[OP]
Deal Addict
May 22, 2019
1248 posts
957 upvotes

Can I transfer my RRSP stock buying account from BMO to wealthsimple trade?

I read the feature of wealthsimple trade was amazing. I am wondering whether I can transfer my existing RRSP trading account (in-kind) to wealthsimple trade? Or I really have to start with a new account and new contribution?

Thanks.
Enjoying your life.
8 replies
Member
Jan 20, 2019
256 posts
475 upvotes
Ajax, ON
You should be able to transfer with transfer fee absorbed by wealthsimple.
Deal Addict
Jan 6, 2015
1450 posts
649 upvotes
I believe you can, just make sure whether all stocks you own can be traded in wealthsimple, you might have some stocks cannot be transferred, I did on my TFSA, but I have 3 stocks cannot move.
[OP]
Deal Addict
May 22, 2019
1248 posts
957 upvotes
Is there any annual fee for opening a wealthsimple trade RRSP account?
reps001 wrote: I believe you can, just make sure whether all stocks you own can be traded in wealthsimple, you might have some stocks cannot be transferred, I did on my TFSA, but I have 3 stocks cannot move.
Enjoying your life.
Deal Addict
Jul 13, 2007
1161 posts
667 upvotes
Toronto
If you have US holdings in your RRSP, stay away from Wealthsimple Trade. They don't have US$ accounts and would charge you forex on every buy, sell and US$ dividend payment. Paying 1.5% each way can cost you wayyyyyyy more than $10/trade.
Jr. Member
Dec 16, 2018
186 posts
275 upvotes
Once transfer initiated, it might take 2-3 months. Meanwhile you are blocked in trading(sell) those stocks, also BMO account will be locked until transfer is complete.
Check this last page of thread "wealthsimple-trade-2344982/7/"
Deal Addict
Jan 6, 2015
1450 posts
649 upvotes
ilovetoyota wrote: Is there any annual fee for opening a wealthsimple trade RRSP account?
I do not think they have annual fee. For investing account, 0.5% management i think, trade account no fee. Just not friendly for US stocks.
applexs wrote: Once transfer initiated, it might take 2-3 months. Meanwhile you are blocked in trading(sell) those stocks, also BMO account will be locked until transfer is complete.
Check this last page of thread "wealthsimple-trade-2344982/7/"
Completely transfer from CIBC, cost 40 days. 40 days cannot do anything...........
[OP]
Deal Addict
May 22, 2019
1248 posts
957 upvotes
In my BMO account, I have a mixture of USD and CAD holdings, can I only transfer my CAD holdings to wealthsimple trade?
HammerRFDer wrote: If you have US holdings in your RRSP, stay away from Wealthsimple Trade. They don't have US$ accounts and would charge you forex on every buy, sell and US$ dividend payment. Paying 1.5% each way can cost you wayyyyyyy more than $10/trade.
Enjoying your life.
Member
May 4, 2010
260 posts
252 upvotes
Ottawa
ilovetoyota wrote: In my BMO account, I have a mixture of USD and CAD holdings, can I only transfer my CAD holdings to wealthsimple trade?
Some brokerages have separate account numbers for different holdings, like 12345R for CAD RRSP and 12345U for USD RRSP. In that case you could instruct WST to transfer the entirety of account 12345R.

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