What is Account Transfer?

Example

You have a TFSA at BMO InvestorLine with $30,000 in ETFs and want to switch to Wealthsimple for commission-free trading.

1. You open a TFSA at Wealthsimple
2. You initiate the transfer from Wealthsimple (online form)
3. BMO charges a transfer fee (~$150 per account)
4. Wealthsimple reimburses the transfer fee (for accounts of $5,000+)
5. Your ETFs arrive "in kind" — no selling, no tax impact

The process typically takes 5 to 15 business days.

Why It Matters

Many beginners hesitate to switch brokers for fear of losing their investments or their TFSA/RRSP contribution room. An in-kind transfer solves this: your holdings are simply moved. Important: NEVER withdraw your TFSA to transfer the money yourself — you would lose your contribution room until the following year.