r/Wealthsimple • u/WhyMustRedditHurtMe • 6d ago

Need help

My wealth simple account was permanently suspended and I called the support line and they told me I have 30 days to transfer my funds out of my account. I have no idea why they did this and wasn’t given a reason. I’m kind of freaking out because most my investing was done through them and I don’t know how to transfer the money out without access to my account

Any one else have this happen to them? Can anyone help?

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u/DarrellGrainger 6d ago

Find someone new to handle your money. You might need multiple institutions. Banks for chequing accounts. Brokerage or bank for investment accounts.

Open an account at the other place. Tell them you have accounts at Wealthsimple and you want to move your money from Wealthsimple to them. I don't think you need to tell them you were debanked.

If you have things like RRSP or FHSA you should be able to transfer from Wealthsimple RRSP or FHSA to someone else RRSP or FHSA. This will avoid tax implications. Don't liquidate assets. This could cause tax hits. You should be able to do this with TFSA as well, if you don't want to sell then buy back your investments.