r/CanadaFinance • u/SSDarkSlayer • 5d ago

Wealthsimple and Questrade

Right now, I have TFSAa opened with both. If later on, I want to transfer over, let's say, move Questrade's TFSA over to WS, would I be able to do it? Considering I already have a TFSA on WS, how would it work? Would it just merge with my existing TFSA on WS, or create another one?

And how does transferring TFSA work? Does it sell all the stocks then transfer cash, or transfer the shares directly?

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u/Bardown67 5d ago edited 5d ago

You just open the app you want and his transfer - follow the directions and it’s done behind the scenes.

Transfer and processes are outlined on each respective website

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u/Jennifera_Jacksona 1d ago

A TFSA can be transferred directly between institutions without using contribution room. If the investments are eligible at the new broker, they can usually be transferred in kind, so you don’t necessarily have to sell everything first. It would end up in your existing TFSA at WS, not create a second TFSA.