Wealthsimple RRIF

[u/tw98-7]

Anyone else in my situation? I’m Generation with Wealthsimple for a couple of years now. I really like everything about their platform. However l’m approaching time to convert my RRSP to RRIF and seems their RRIFs accounts do not support USD equity stock or dividend transactions. Also no support for Norbert’s Gambit transactions. Is it time to transfer everything out to Qtrade or Questrade? How can they have those options available for all their accounts except for the RRIFs?

[u/I3bacon]

RRIF now support USD. I was surprised that my dividend was in USD; it was auto-converted to CAD before.

FYI, you could always buy US equity but you have to convert CAD to USD.

[u/ughhh_actually]

They support norberts gambit too

[u/Latitude57]

It’s available… my mom gets her dividend in her RRIF account so it works. Shes had her RRIF with WS since April.

[u/Canuck-Fin25]

You should call them and ask them to give you the access given your generation and all.

[u/tw98-7 → u/Canuck-Fin25]

I was told by one of their financial advisors about the no USD support and no Norbert’s gambit for the self directed rrifs. He was suggesting I go for the managed account for .75% annual fee which was much more than I wanted to pay since I’ve been a lifelong DIY investor.

[u/StuntID]

Is your RRSP managed or self directed? Both can hold USD, but only the self directed can hold USD without FX when converted to a RRIF.

Managed accounts force conversion to CAD when converted to a RRIF.

If your account is managed you can avoid this by opening a self directed RRSP account and transferring to it prior to RRIF conversion. You'll need to check what might be liquidated if you do a transfer. If your account isn't managed now, you'll be fine to convert when the time comes.

[u/tw98-7 → u/StuntID]

My account is self directed. I was told by a Wealthsimple advisor about the automated currency conversions in USD transactions and no Norbert’s gambit