How I Transferred My Entire Portfolio to XEQT: The Complete Brokerage Switch Guide

Last year, I had investment accounts at three different brokerages. A TFSA at Questrade that I opened during the pandemic. An RRSP at TD Direct Investing that my bank advisor talked me into years ago. And a non-registered account at Scotia iTRADE that held a handful of individual stocks I barely remembered buying.

Every quarter, I would get three separate sets of statements. Three different logins. Three different interfaces. I had no idea what my actual overall asset allocation looked like, and honestly, I had stopped trying to figure it out. The mental overhead of managing three platforms – each with their own quirks, fee structures, and mobile apps – was enough to make me avoid looking at my investments altogether.

Then one Saturday morning, I made a decision. I was going to move everything to one brokerage, sell all the random holdings, and put it all into XEQT. One broker, one ETF, one plan. Three weeks later, the transfers were complete, and I can honestly say it was one of the best financial decisions I have ever made. This guide is a step-by-step walkthrough of exactly how I did it – and how you can too.

1. The Two Types of Brokerage Transfers (And Which One You Want)

Before you initiate anything, you need to understand the two ways to move investments between brokerages in Canada. Choosing the wrong one can cost you real money.

In-kind transfer

An in-kind transfer moves your actual investments – the shares, ETFs, mutual funds – from one brokerage to another without selling them. Your holdings arrive at the new brokerage exactly as they were. Same number of shares, same cost basis, same everything.

This is usually the best option for most people because:

• No selling means no triggering capital gains in non-registered accounts
• You stay invested during the transfer (no time out of the market)
• Your adjusted cost base (ACB) carries over automatically
• Works for all account types – TFSA, RRSP, RESP, non-registered

The downside? Not all investments can be transferred in-kind. If your old brokerage holds proprietary mutual funds (like TD e-Series in some cases, or bank-specific funds), the receiving brokerage may not be able to hold them. In that case, those specific holdings get liquidated during the transfer.

In-cash transfer

An in-cash transfer means your old brokerage sells all your holdings first, and then the cash is sent to the new brokerage. You receive the proceeds and then buy whatever you want at the new institution.

When this makes sense:

• You hold proprietary mutual funds that cannot be transferred in-kind
• You want to completely restructure your portfolio anyway (switching everything to XEQT, for example)
• You hold very small positions that are not worth the in-kind transfer hassle
• Your old brokerage charges a higher fee for in-kind transfers than in-cash

The critical warning: In a non-registered (taxable) account, an in-cash transfer triggers a deemed disposition on every holding. That means you realize all capital gains (or losses) in the year of the transfer. If you have significant unrealized gains, this could result in a painful tax bill. In a TFSA or RRSP, this does not matter – there are no tax consequences for selling within registered accounts.

Here is a quick reference:

My recommendation: For registered accounts (TFSA, RRSP), either type works fine since there are no tax implications. For non-registered accounts with unrealized gains, strongly prefer in-kind to avoid an unnecessary tax bill. If you are planning to sell everything and buy XEQT anyway, an in-cash transfer in a registered account is perfectly fine and sometimes simpler.

2. Step-by-Step: How to Transfer to Wealthsimple

I chose Wealthsimple as my destination brokerage because of the commission-free trading, clean interface, and the fact that they rebate transfer fees for accounts over $5,000. Here is the exact process I followed.

Step 1: Open your accounts at Wealthsimple

Before you can transfer anything, you need matching accounts at Wealthsimple. This is important – the account types must match exactly. You cannot transfer a TFSA into an RRSP, or an RRSP into a non-registered account. Each account type transfers to its counterpart.

Opening accounts at Wealthsimple takes about five minutes. You will need your SIN, a piece of government ID, and basic personal information. Open all the account types you need before initiating any transfers.

Step 2: Gather your information from the old brokerage

Before you start the transfer, log in to your old brokerage and collect the following:

• Your account numbers (one for each account you are transferring)
• The institution name exactly as it appears on your statements
• A recent statement (Wealthsimple sometimes asks for one)
• Your holdings list so you know what is coming over

Write all this down or screenshot it. You will need it in the next step.

Step 3: Initiate the transfer from Wealthsimple

Here is the key thing most people do not realize: the transfer is always initiated from the receiving brokerage, not the sending one. You do not need to call your old broker or fill out any forms there. Wealthsimple handles the entire process.

In the Wealthsimple app:

1. Go to the Move or Transfer section (look under your account settings or the funding menu)
2. Select Transfer from another institution
3. Choose your old brokerage from the list (all major Canadian brokerages are there)
4. Enter your account number at the old brokerage
5. Select whether you want an in-kind or in-cash transfer
6. Choose full transfer or partial transfer (more on this below)
7. Upload a recent statement if prompted
8. Submit the request

That is literally it from your end. Wealthsimple sends the transfer request to your old brokerage electronically through the Automated Customer Account Transfer Service (ACATS) or its Canadian equivalent. Your old brokerage is legally required to process the transfer within a specific timeframe.

Step 4: Wait (and resist the urge to panic)

Once you submit the transfer, the waiting game begins. Here is what to expect:

Important: During the transfer, your account at the old brokerage will be frozen. You cannot buy, sell, or make any changes. This is the blackout period, and it is completely normal. At Wealthsimple, your transferred holdings will not appear until the entire process is complete.

Some transfers take longer than others. Banks (TD, RBC, BMO, Scotia, CIBC) are notoriously slower than online brokerages like Questrade or Interactive Brokers. My TD RRSP took the full three weeks. My Questrade TFSA took about ten business days.

3. Transfer Fees and How to Get Them Rebated

Almost every brokerage in Canada charges a transfer-out fee when you move your account to another institution. This is the fee your old brokerage charges – not Wealthsimple.

Here is what the major Canadian brokerages typically charge:

Now here is the good part: Wealthsimple will rebate your transfer fees if you transfer $5,000 or more. This applies per account. So if you transfer a TFSA with $8,000 and an RRSP with $12,000, you can get both transfer fees rebated.

To claim the rebate:

1. After your transfer completes, contact Wealthsimple support through the app
2. Provide proof of the transfer fee (a statement showing the charge from your old brokerage)
3. Wealthsimple will credit the fee back to your account, typically within a few business days

I transferred three accounts, each over $5,000, and got all three fees rebated. That saved me $450 in total. Do not forget this step – Wealthsimple does not always apply it automatically. You may need to ask.

4. Tax Implications: When Transfers Trigger Capital Gains (And When They Do Not)

This is the section where I see people make the most expensive mistakes. The tax rules around brokerage transfers depend entirely on your account type and transfer method.

Registered accounts (TFSA, RRSP, RESP, LIRA): No tax event

Regardless of whether you do an in-kind or in-cash transfer, moving investments between brokerages within the same registered account type is not a taxable event. The CRA does not consider this a withdrawal.

• TFSA to TFSA at a different brokerage? Not a withdrawal. No contribution room affected.
• RRSP to RRSP at a different brokerage? Not a withdrawal. No withholding tax.
• Selling inside the registered account and transferring cash? Still not taxable.

Critical mistake to avoid: Do NOT withdraw the cash from your old RRSP and then deposit it into a new RRSP yourself. That is treated as an RRSP withdrawal (triggering withholding tax and income inclusion) followed by a new RRSP contribution (requiring available room). Always use the formal brokerage-to-brokerage transfer process.

Similarly, do not withdraw from your TFSA and re-contribute at the new brokerage in the same calendar year unless you have enough contribution room. TFSA withdrawal room only restores on January 1st of the following year. A formal TFSA-to-TFSA transfer avoids this issue entirely.

Non-registered accounts: It depends on the transfer type

In-kind transfer (non-registered): No tax event. Your shares move as-is, and your adjusted cost base (ACB) carries over. You have not sold anything, so there is no disposition to report. However, make sure your new brokerage has your correct ACB on file – sometimes it does not transfer automatically, and you may need to provide it yourself.

In-cash transfer (non-registered): This IS a taxable event. Your old brokerage sells all your holdings, and you realize capital gains or losses on each position. This gets reported on your tax return for that year.

My approach: I did in-kind transfers for my TFSA and RRSP since it did not matter tax-wise and I wanted to stay invested. For my non-registered account at Scotia, I actually chose in-cash because I wanted to sell those random individual stocks anyway and the unrealized gains were minimal. I ate the small capital gain and reinvested the cash into XEQT once it arrived at Wealthsimple.

5. Common Mistakes and Gotchas

I spent a lot of time reading transfer horror stories on Reddit and the Financial Independence Canada forums before doing my own transfer. Here are the mistakes I made sure to avoid – and a couple I almost fell into anyway.

Partial vs full transfers

When you initiate a transfer, you will be asked whether you want a full transfer or a partial transfer. A full transfer moves everything and closes your old account. A partial transfer moves specific holdings or a specific dollar amount and keeps the old account open.

My advice: Unless you have a specific reason to keep the old account open, always do a full transfer. Partial transfers can leave tiny residual balances (from interest accrued during the transfer, or fractional shares that cannot move) that keep the old account alive and potentially subject to inactivity fees.

If you do a partial transfer and a small residual amount is left behind, you may need to contact your old brokerage to close the account manually.

Account types must match exactly

I already mentioned this, but it is worth repeating because I have seen people try to transfer a TFSA into a non-registered account (you cannot) or combine a personal RRSP and a spousal RRSP (you absolutely cannot). The CRA is very strict about registered account boundaries.

Turn off DRIP before the transfer

If you have Dividend Reinvestment Plans (DRIP) enabled at your old brokerage, turn them off before initiating the transfer. Here is why: if a dividend is paid while your account is mid-transfer, the DRIP might try to buy new shares in a frozen account. This can cause the transfer to stall, get rejected, or create fractional shares that complicate the process.

I turned off DRIP at all three brokerages a week before initiating the transfers. It takes effect almost immediately and removes one potential complication.

The blackout period is real

During the transfer, you cannot trade in either account. Your old account is frozen and your new account has not received the assets yet. For most people, this two-to-three week blackout is a non-issue. But if you are someone who contributes weekly or has automatic purchases set up, pause those before the transfer.

I paused my automatic contributions at Questrade a week before and did not set up auto-invest at Wealthsimple until everything had arrived and settled.

Pending transactions can delay or reject transfers

If you have any pending buy or sell orders, unsettled trades, or pending contributions at your old brokerage, the transfer may be rejected. Make sure all transactions have fully settled (T+1 for most trades in Canada as of 2024) before submitting your transfer request. I waited a full week after my last trade at each brokerage before starting the process, just to be safe.

Watch for fractional shares

Some brokerages allow fractional share ownership. Others do not. If your old brokerage holds fractional shares and your new one does not support them for that security, the fractional portion may be liquidated and sent as cash. This is usually a tiny amount, but be aware of it.

6. After the Transfer: Converting to XEQT and Setting Up Auto-Invest

Once all your transferred holdings land in your Wealthsimple accounts, it is time for the fun part – simplifying everything into XEQT.

Selling your old holdings

If you did an in-kind transfer, your old holdings are now sitting in your Wealthsimple account. For registered accounts (TFSA, RRSP), selling them has no tax implications. Just sell everything and use the proceeds to buy XEQT.

For non-registered accounts where you transferred in-kind, selling will trigger capital gains or losses. Consider whether it makes sense to sell all at once or spread it over two tax years if the gains are significant. For most people with moderate portfolio sizes, selling all at once is fine.

In my case, I sold the random TD mutual funds in my RRSP (no tax impact), sold the two remaining ETFs in my Questrade TFSA (no tax impact), and my Scotia non-registered cash was already in cash from the in-cash transfer. Then I placed three buy orders for XEQT – one in each account. Done.

Setting up auto-invest

This is the feature that makes the whole consolidation worth it. Wealthsimple’s auto-invest feature lets you set up recurring purchases of XEQT on any schedule – weekly, biweekly, or monthly.

I set up biweekly purchases of XEQT in my TFSA aligned with my pay schedule, and monthly contributions to my RRSP. The money is pulled from my bank account, deposited into Wealthsimple, and invested in XEQT automatically. I do not have to log in, place orders, or think about it. This is the true power of consolidating to one brokerage and one ETF – you can automate the entire thing and focus on living your life.

Turn on DRIP at Wealthsimple

Once your XEQT is purchased, enable DRIP (dividend reinvestment) so that your quarterly distributions are automatically reinvested into more XEQT. Wealthsimple supports fractional DRIP, meaning even small dividend amounts get reinvested rather than sitting as cash.

7. My Complete Timeline: How It Actually Went

Here is a week-by-week account of my entire consolidation process. Your experience will vary, but this gives you a realistic picture of what to expect.

Week 0 (preparation):

• Opened TFSA, RRSP, and non-registered accounts at Wealthsimple
• Turned off DRIP at all three old brokerages
• Paused automatic contributions at Questrade
• Collected account numbers and downloaded recent statements from each broker
• Sold my individual stocks at Scotia iTRADE (chose in-cash for this account)

Week 1:

• Initiated all three transfers from the Wealthsimple app on Monday
• Received email confirmations from Wealthsimple within 24 hours
• Noticed my Questrade account showed “transfer in progress” by Wednesday
• TD and Scotia showed no visible changes yet

Week 2:

• Questrade TFSA arrived at Wealthsimple (10 business days from initiation)
• TD RRSP still “in progress”
• Scotia non-registered still “in progress”
• Sold the two ETFs that arrived from Questrade and bought XEQT in my TFSA

Week 3:

• Scotia non-registered cash arrived (the stocks had been sold pre-transfer)
• Bought XEQT in my non-registered account
• TD RRSP finally arrived on Thursday (15 business days – banks are slow)
• Sold the TD mutual funds and bought XEQT in my RRSP

Week 4:

• Contacted Wealthsimple support to request transfer fee rebates for all three accounts
• Provided screenshots of the transfer fees from my old brokerage statements
• Rebates were credited within three business days
• Set up auto-invest for TFSA (biweekly) and RRSP (monthly)
• Enabled DRIP on all accounts
• Closed the Questrade and Scotia iTRADE accounts (TD closed automatically since it was a full transfer)

Total time from decision to fully operational: about four weeks. Most of that was just waiting for the transfers to process. The actual effort on my part was maybe two hours spread across the month.

8. Frequently Asked Questions

Can I transfer from a bank mutual fund account to Wealthsimple? Yes. If you hold mutual funds at TD, RBC, BMO, or any other bank, you can transfer them to Wealthsimple. Proprietary mutual funds will typically be liquidated during the transfer (sold at your old institution and sent as cash), since Wealthsimple cannot hold bank-specific funds. The proceeds arrive as cash that you can then invest in XEQT.

What if my old brokerage is not listed in the Wealthsimple transfer tool? Contact Wealthsimple support. They can initiate manual transfers from institutions that are not in their automated system. It may take a bit longer, but it is still possible.

Can I transfer a group RRSP from an employer? Only if you have left that employer. While you are still employed there, the group plan is typically locked to the plan provider. Once you leave, you can transfer the vested balance to a personal RRSP at Wealthsimple.

What happens to my contribution room during the transfer? Nothing – it is unaffected. A direct brokerage-to-brokerage transfer is not a withdrawal or a contribution. Your TFSA and RRSP room stay exactly as they were.

Should I transfer everything at once or one account at a time? I transferred all three accounts simultaneously and it worked fine. Some people prefer to do one at a time in case something goes wrong, which is a perfectly valid approach. If you are nervous, start with the smallest account as a trial run.

What about USD holdings? If you hold US-dollar-denominated investments, Wealthsimple can receive them, but they will land in your USD account balance. You can then convert to CAD (Wealthsimple uses Norbert’s Gambit-style conversions for larger amounts) or hold in USD if you prefer. Be aware of currency conversion costs if you need to switch to CAD to buy XEQT.

The Bottom Line

Transferring your portfolio to a single brokerage and consolidating into XEQT is one of those rare financial moves that is both simple and genuinely impactful. You save money on fees. You gain clarity on your full financial picture. You eliminate the friction that keeps you from investing consistently.

The process itself is not complicated – it just requires a bit of patience during the transfer window. The hardest part is making the decision to start. Everything after that is just filling in forms and waiting.

If your investments are scattered across multiple brokerages and you have been meaning to clean things up, this is your sign. Pick a Saturday morning, open your Wealthsimple accounts, initiate the transfers, and go live your life while the paperwork sorts itself out. Three weeks from now, you will have one login, one ETF, and one plan that runs on autopilot.

That is the entire point of investing in XEQT – making the whole thing simple enough that you actually stick with it. And it starts with getting everything in one place.

For more on why consolidation matters, see our guide to consolidating scattered investments. And if you are still deciding which brokerage is right for you, check out our best broker for XEQT comparison.