Your bank charges $135 to $150 to let you leave, and it charges per account. Here is who bills what, when Wealthsimple pays it back, and what to check before you move.
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Transferring a registered account is not free, and the amount has doubled at several institutions since 2022. The part that catches people out: every account is billed separately. Moving a TFSA and an RRSP from the same bank means paying twice.
Institution
Transfer-out fee
Note
TD
$150
Raised from $75 to $150 on July 1, 2025
RBC
$150
Up from $50 in 2022
CIBC
$135
Full transfer out of Investor's Edge
Desjardins
to confirm
Caisse or Disnat fee schedule depending on the account
National Bank
to confirm
NBDB schedule; the industry norm sits between $135 and $150
Figures checked August 9, 2026. Two cells say “to confirm” because I could not find a published number I was able to date: ask your institution for the exact amount before starting the transfer rather than trusting an estimate.
Per account, not per person
A TFSA and an RRSP at the same bank count as two transfers. At $150 each, the bill hits $300 before you have changed platform at all.
The reimbursement
Wealthsimple covers it, with one condition
Wealthsimple reimburses the transfer-out fee charged by the institution you are leaving, up to $150 per account. The condition comes down to one number: the transferred account has to be worth at least $25,000. Below that, the fee is yours.
The threshold applies account by account, exactly like the fee. A $40,000 TFSA and a $12,000 RRSP moved together: the first is reimbursed, the second is not. Keep the statement showing the charge, since that is the document the claim needs.
Open the destination account first. You need an existing Wealthsimple TFSA before a TFSA can land in it. An empty account is enough.
Start the transfer from Wealthsimple, never from your bank. The receiving institution drives the process. Going through your bank only lengthens the wait.
Pick full or partial. A partial transfer leaves the original account open, which sometimes avoids closing fees but never the transfer fee.
Keep the statement showing the charge. Without proof of the amount billed, the reimbursement cannot be processed.
Expect a few weeks. The delay depends entirely on how fast the releasing institution moves, not on Wealthsimple.
Before you go
What you lose, what you gain
A transfer is only worth it if the destination is better on what matters to you. That is no longer automatic: the commission argument, which worked for a decade, does not hold everywhere anymore.
At Desjardins, Disnat dropped its commission on Canadian and US stocks, and the caisse pays an annual patronage dividend Wealthsimple has no equivalent for — the detail sits in our comparison with Disnat. Same story at National Bank, where NBDB also went to $0: what is actually left at stake against NBDB is mostly branch service.
EQ Bank is a different case, since the question there is yield on cash rather than brokerage. The high-interest account head-to-head is decided on the rate, not on commissions.
The 1–3% match
On top of the fee reimbursement, Wealthsimple pays a cash match on transfers of $25,000 or more. It stacks with the welcome bonus, but it depends on the account tier you reach — check the rate that applies to your amount before counting on it.
FAQ
Frequently asked questions
Between $135 and $150 per account at most Canadian institutions. TD and RBC charge $150, CIBC $135. Every account is billed separately: a TFSA and an RRSP at the same bank means paying twice.
Yes, up to $150 per account, provided the transferred account is worth at least $25,000. The threshold applies account by account, and you need to supply the statement showing the charge.
Not with an in-kind transfer, which moves the holdings as they are. A cash transfer forces a sale, which triggers tax on the gain in a non-registered account. Inside a TFSA or RRSP the tax question does not arise.
A few weeks as a rule. The delay depends on how fast the releasing institution moves, not the receiving one.
No. A direct institution-to-institution transfer is neither a withdrawal nor a new contribution, so room is untouched. That is exactly why you should never withdraw in order to redeposit elsewhere.
Yes, partial transfers exist and leave the original account open. They avoid possible closing fees but not the transfer fee itself.
Sources and verification dates
TD, $150 — raised from $75 to $150 on July 1, 2025, checked August 9, 2026.
RBC, $150 — up from $50 in 2022, checked August 9, 2026.
CIBC, $135 — full transfer out of Investor's Edge, checked August 9, 2026.
Desjardins and National Bank — no published, dateable amount found at time of writing; confirm with the institution.
Reimbursement up to $150 per account above $25,000 — Wealthsimple policy, checked August 9, 2026; subject to change.
$10 by Interac e-Transfer — offered by ws-referral.ca, conditional on the claim form. Independent of Wealthsimple.
Exclusive offer · $35 total
The destination account comes first
Code LOIO3A: $25 Wealthsimple bonus + $10 by Interac e-Transfer after the claim form = $35 total.