Transfer spousal RRSP away from Wealthsimple?

  • Last Updated:
  • Dec 16th, 2021 11:04 pm
Jr. Member
Nov 28, 2007
113 posts

Transfer spousal RRSP away from Wealthsimple?


I've had a spousal RRSP with Wealthsimple for a year and the performance has been dismal (negative returns, and the mix of investments is bizarre). They are constantly pestering me to do a phone call with one of their advisors and it turns out, to change my risk level or portfolio type I have to schedule a call. Enough is enough.

What's the best way for me to transfer to another institution where I can open a self-directed portfolio of index funds? Recommended institutions? Questrade? Does TD E series offer spousal RRSPs?


(The only reason I ended up in this position is that no, Wealthsimple doesn't offer self-directed spousal RRSPs).
2 replies
Deal Expert
User avatar
Dec 12, 2009
27600 posts
I am in the camp where I think the investment plan matters but the financial institution not so much. Unless there are to be lots of planned transactions involving fees each time, just pick something convenient and run with it. I have not done an account move in ages, but I recall I went through the new bank and they did all the heavy lifting. I just showed them information on the existing accounts and they made it happen. I made sure that I get reimbursed for any exit fees so I am not out of pocket. These days, many banks will actually pay you to move accounts over. I know that my current bank CIBC is offering cash bonuses up to $2,000 for moving accounts over. I am sure the competition are doing similar programs. So no need to suffer in silence. ... -back.html
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Tangerine Bank, EQ Bank, Simplii
Sep 8, 2013
283 posts
Not familiar with WealthSimple Trade RRSP but it sounds very similar to their robo advisor where most funds are preset based on your risk tolerance.

You will probably have to sell and have the funds sitting in cash as Wealthsimple etfs / investments are just for their platform.

Don’t withdraw the funds. open another brokerage and do a cash transfer. Some brokerages will pay the transfer fees for you (depending on the amount of $ you have)

Before picking another brokerage look into the fee structure. Ie are you buying and holding or are you don’t a lot of trading. Fees will eat away at alot of the gains.

I have my sons RESP account with questrade and have no issues buying etfs. I believe you will have to pay fees only when you sell etfs.