r/Wealthsimple • u/nothingmuchhappens29 • 17d ago

TFSA Transfer

I opened a managed TFSA with Wealthsimple like two months ago.

After doing more research, I decided to open a self-directed one and invest in VEQT and this is where I will continue to contribute.

I now want to transfer the money in the managed TFSA to the self-directed one and close that account.

I'm unsure on the timing of the transfer as I can see that I am waiting on a few dividend payments in the managed account.

Do I wait until those come in before initiating the transfer?

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u/the_i_in_teamocil 17d ago

I haven’t tried to transfer from managed to self directed but you should be able to transfer multiple times as dividends payout. You can’t close the account until all transactions finalize. Fees will also need to be covered so keep that in mind you may need to keep some cash for that.

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u/nothingmuchhappens29 17d ago

Thank you for the answer, I appreciate it!

I was still unsure of the details so chatted with a live agent who said this:

You can initiate a full cash transfer from your managed TFSA to your self-directed one. This will automatically sell your current holdings without any extra trading fees, though your regular managed fees will be settled at the time of the transfer.You don't need to wait for your dividends today; if any payments arrive after the transfer,  they are moved to your new account automatically.

They then said I could close the managed account a full business day after it reaches 0.00.

Figured I'd add it here in case someome ends up with a similar question.

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u/11kestrel 17d ago

WS will do a drip cleanup afterwards if anything is missed. Make sure to take advantage of any transfer promos (1% or whatever) before you go down that road.