How to Transfer XEQT Between Brokers in Canada: The Complete Guide

I still remember the morning I initiated my first brokerage transfer. I was moving my entire TFSA – about $42,000 in XEQT – from TD Direct Investing to Wealthsimple. I clicked “submit” on the transfer request, closed my laptop, and then spent the next eleven days refreshing both apps like a nervous parent watching a teenager drive for the first time.

The worst part was day four. My holdings had vanished from TD, but nothing had appeared at Wealthsimple yet. My portfolio was in limbo – somewhere in the digital ether between two brokerages, and I had zero visibility into what was happening. I knew, intellectually, that this was normal. That the transfer system works. That my shares were not actually lost. But the lizard brain does not care about logic when $42,000 is unaccounted for.

On day eight, everything showed up at Wealthsimple. All my XEQT shares, intact, with no selling, no tax event, no drama. I exhaled for the first time in over a week.

If you are thinking about transferring your XEQT portfolio from one Canadian brokerage to another, this guide covers everything I wish I had known before I started. I will walk you through the transfer types, the exact steps, the fees, the timeline, and the mistakes that trip people up.

Disclosure: This page contains a Wealthsimple referral link. I use Wealthsimple personally and share my honest experience.

1. Why Transfer Your XEQT to a Different Broker?

Before we get into the mechanics, let us talk about why you would bother. Transferring a brokerage account is not fun. Nobody does it for entertainment. People do it because the math stops making sense at their current broker, or because the experience has become frustrating enough to overcome inertia.

Here are the most common reasons:

• Lower fees. Bank brokerages charge $5-$10 per ETF trade. Platforms like Wealthsimple offer $0 commissions on Canadian-listed ETFs like XEQT. If you are buying XEQT regularly, those commissions add up fast.
• Better automation. Wealthsimple’s recurring buy feature lets you automate XEQT purchases on a schedule – weekly, biweekly, or monthly. Most bank brokerages do not offer this for ETFs.
• Simpler interface. If you are a beginner investor, a clean mobile app beats navigating TD’s five different investment platforms.
• Account consolidation. You have a TFSA at one place, an RRSP at another, and a non-registered account somewhere else. Getting everything under one roof makes your life dramatically simpler.
• Better features. Fractional shares, instant deposits, no minimums – these matter for people investing smaller amounts consistently.

So why do people put it off?

Because it feels like a big deal. You worry about losing your money, triggering a surprise tax bill, or making a mistake you cannot undo. There is also the sunk cost fallacy – “I have been with TD for ten years, it feels wrong to leave.” And the pure inertia of having to fill out forms and wait.

I get it. I put off my own transfer for over a year. But I will tell you what finally pushed me: I did the math and realized TD’s trading commissions had cost me about $350 over the previous year just to execute my simple monthly XEQT buys. That was $350 for the privilege of using a clunky website with a login process from 2005.

The transfer took less than fifteen minutes to initiate and eleven days to complete. I have saved money every month since.

2. In-Kind Transfer vs. Cash Transfer: Which One Should You Use?

This is the single most important decision in the entire transfer process. Get this right, and the rest is paperwork.

In-Kind Transfer

An in-kind transfer means your actual XEQT shares move from one brokerage to another. Nothing gets sold. Nothing gets repurchased. Your 500 shares of XEQT at Broker A become 500 shares of XEQT at Broker B. The CUSIP (the unique security identifier for the ETF) is the same everywhere, so the receiving broker simply adds the shares to your account on their books.

Why this matters:

• No taxable event. In a non-registered (taxable) account, selling XEQT triggers capital gains tax on any profits. An in-kind transfer avoids this entirely because nothing is being sold. If you have been dollar-cost averaging into XEQT for years and your holdings have grown significantly, this can save you thousands in taxes.
• No time out of the market. Your shares continue to exist the entire time. You are not sitting in cash while markets move. This matters more than people realize – some of the market’s biggest single-day gains happen during periods of uncertainty, and missing even a few days can meaningfully impact long-term returns.
• Your adjusted cost base (ACB) carries over. The receiving broker should maintain your original purchase history for tax purposes. This is critical for non-registered accounts where you eventually need to calculate capital gains when you do sell.

Cash Transfer (In-Cash)

A cash transfer means your current broker sells all your holdings, converts everything to cash, and sends the cash to the new broker. You then repurchase XEQT (or whatever you want) at the new broker.

This sounds simpler, and in some ways it is – but it introduces two problems. First, in a non-registered account, selling triggers a capital gain or loss that you will need to report on your taxes. Second, your money sits in cash during the entire transfer window. If the market moves up 3% during the two weeks your transfer is in progress, you miss all of it. Over a long investing horizon, those missed days compound.

When this happens:

• You explicitly request a cash transfer.
• Your old broker holds proprietary mutual funds or other securities that the new broker cannot receive (this is common with bank-specific mutual funds like TD e-Series when transferred to a non-TD platform).
• Your old broker is a robo-advisor that does not support in-kind transfers.
• You are intentionally restructuring your portfolio and want to start fresh at the new broker with a clean slate.

Which Should You Choose?

The rule of thumb: If you hold XEQT in a non-registered account, always choose in-kind. There is no reason to trigger a taxable event when you can avoid it.

For registered accounts (TFSA, RRSP, FHSA, RESP), the tax question is less urgent because selling inside these accounts does not create a taxable event. However, you are still out of the market during a cash transfer, and markets do not wait for your paperwork to clear. An in-kind transfer keeps you invested the entire time.

My recommendation: Choose in-kind for XEQT transfers regardless of account type. It is simpler, cleaner, and avoids any market timing risk.

3. How the ATON Transfer System Works in Canada

Behind every brokerage transfer in Canada is a system called ATON – the Automated Transfer of Non-registered accounts system. Despite the name, ATON handles registered accounts (TFSA, RRSP, RESP, FHSA) too. It is the plumbing that makes the whole process work.

Here is what happens when you request a transfer:

1. You initiate the transfer at your new broker (the receiving institution). This is important – you do not call your old broker to start the process. The new broker does the asking.
2. The receiving broker sends the transfer request through ATON to your old broker (the relinquishing institution).
3. Your old broker validates the request. They check that the account exists, that the details match, and that there are no holds or restrictions on the account.
4. If approved, the old broker releases the assets. For in-kind transfers, the actual shares are moved. For cash transfers, holdings are liquidated first.
5. The assets arrive at the new broker and appear in your account.

The entire process is electronic and standardized. Your old broker is required by regulation to process the transfer within a reasonable timeframe – they cannot hold your money hostage just because they do not want to lose a client. In practice, some brokers are faster than others. Online-first brokers like Wealthsimple tend to be quicker on the receiving end. Bank brokerages can be a bit slower on the relinquishing end.

One thing that surprises people: your old broker charges you the transfer-out fee, not the new broker. More on fees in Section 6.

A note on partial vs. full transfers through ATON: When you request a full transfer, the entire account moves and the old account is typically closed. A partial transfer moves only specific holdings or a specific dollar amount – the old account stays open. Both go through ATON, but partial transfers can sometimes take longer because the old broker has to separate holdings rather than just releasing everything at once.

I have done both. My TFSA was a full transfer – clean and simple, everything moved, old account closed. Later, I did a partial transfer of my non-registered account because I had some holdings I was not ready to move. The full transfer was noticeably smoother.

4. Step-by-Step: How to Transfer XEQT to Wealthsimple

This walkthrough uses Wealthsimple as the receiving broker because it is where most readers of this site end up, but the process is broadly similar for any Canadian brokerage. If you are transferring to Questrade, Interactive Brokers, or another platform, the steps will be nearly identical – just initiated from within that broker’s interface.

Step 1: Open a Matching Account at Wealthsimple

Before you can transfer anything, you need an account at Wealthsimple that matches your existing account type.

• Transferring a TFSA? Open a TFSA at Wealthsimple.
• Transferring an RRSP? Open an RRSP at Wealthsimple.
• Transferring a non-registered account? Open a personal non-registered account at Wealthsimple.
• Transferring an FHSA? Open an FHSA at Wealthsimple.

Critical: The account types must match. You cannot transfer a TFSA into an RRSP. That is not a transfer – that is a withdrawal from one and a contribution to another, and it will create serious problems (TFSA overcontribution, RRSP contribution room usage, potential tax issues). I have seen people on Reddit share horror stories about accidentally withdrawing from their TFSA to recontribute at a new broker, only to find out in January that they had overcontributed and owed a 1% per month penalty. Do not be that person. Always use the official transfer process. If you are new to Wealthsimple, check out the Wealthsimple for beginners guide.

If you do not already have a Wealthsimple account, sign up using a referral link to get a $25 bonus applied to your account once you deposit or transfer a qualifying amount.

Step 2: Initiate the Transfer from Within Wealthsimple

Once your account is open and verified:

1. Open the Wealthsimple app or log into the website.
2. Navigate to Move or Transfer (the exact wording may change, but look for “Transfer an account” or “Move investments from another broker”).
3. Select Transfer from another institution.
4. Choose the type of transfer: In-kind (recommended for XEQT).

Step 3: Provide Your Old Brokerage Details

Wealthsimple will ask for:

• The name of your current institution (e.g., TD Direct Investing, Questrade, BMO InvestorLine).
• Your account number at the old institution. Find this on a recent statement or in your old broker’s app/website.
• Whether you want a full transfer (everything in the account) or a partial transfer (specific holdings or a portion of the account).

Tip: Have a recent account statement from your old broker handy. It has everything you need – account number, institution details, and a record of your holdings for verification later.

Step 4: Choose Full or Partial Transfer

• Full transfer: The entire account moves to Wealthsimple. The old account is typically closed after the transfer completes. This is the cleanest option.
• Partial transfer: Only specific holdings or a specific dollar amount moves. The old account stays open. Use this if you want to keep some assets at the old broker (maybe you have a GIC that has not matured yet, or holdings you do not want to transfer).

For most people doing a straightforward XEQT transfer, a full in-kind transfer is the right choice.

Step 5: Submit and Wait

After you submit the transfer request, Wealthsimple sends the request to your old broker through ATON. From here, the timeline is typically:

• 1-3 business days: Your old broker validates the request.
• 5-10 business days: Assets are released and transferred.
• Total: Expect 5-15 business days from submission to seeing your XEQT shares in your Wealthsimple account.

Some transfers are faster (I have heard of people getting theirs done in 4 business days). Some are slower (up to 3-4 weeks, especially from certain bank brokerages). There is not much you can do to speed things up once the request is submitted – it is mostly about how quickly the old broker processes it on their end. More on timelines in Section 8.

Step 6: Verify Everything Arrived Correctly

Once the transfer completes:

• Confirm the number of XEQT shares matches what you had at the old broker.
• Check that your adjusted cost base (ACB) transferred correctly. Sometimes this takes a few extra days to populate, or the receiving broker shows a placeholder value. If the ACB looks wrong after a few weeks, contact Wealthsimple support to get it corrected – this is especially important for non-registered accounts.
• Verify that any cash balances also transferred if you had uninvested cash.
• If you did a full transfer, confirm the old account is closed (or in the process of being closed).

5. Transfer Fees: What You Will Pay and Who Charges Them

Here is the part nobody likes talking about. Most Canadian brokerages charge a fee when you transfer your account out. The fee is charged by the broker you are leaving, not the one you are going to.

Common Transfer-Out Fees by Brokerage

Fees are approximate and subject to change. Always confirm current fees with your broker before initiating a transfer.

Will Wealthsimple Reimburse Your Transfer Fee?

Wealthsimple has historically offered transfer fee reimbursement for accounts above a certain threshold – often $15,000 or more. The specifics of these promotions change, so check the Wealthsimple website or contact their support team to see what is currently available.

Even if reimbursement is not available at the time of your transfer, consider this: a one-time $150 transfer fee versus paying $5-$10 per trade indefinitely. If you buy XEQT monthly at $9.99 per trade, that is roughly $120 per year in commissions. The transfer fee pays for itself in less than 15 months. If you buy biweekly, you are paying $260 per year in commissions – the transfer fee is recovered in about seven months. Weekly buyers recover it in under four months. The math is overwhelmingly in favor of switching, even without fee reimbursement.

How to Minimize Transfer Costs

• Transfer fewer accounts. The fee is per account, not per holding. If you have three accounts at TD (TFSA, RRSP, non-registered), that is potentially $450 in transfer fees. Prioritize the accounts that matter most or that have the highest balances.
• Ask your old broker to waive the fee. It does not hurt to call. Some brokers will waive or reduce the fee if you have been a long-time client or if the account balance is significant.
• Look for promotional offers. Both the new broker and the old broker may have offers around transfer fees. Check before you initiate.
• Consider partial transfers. If you only want to move your XEQT and leave a small cash balance, a partial transfer might work – though some brokers charge the same fee regardless.

6. Common Transfer Mistakes to Avoid

I have heard stories from friends and readers who hit avoidable snags during their transfers. Here are the mistakes that come up most often:

(a) Opening the Wrong Account Type

This is the biggest one. If you are transferring a TFSA, you need to have a TFSA open at the receiving broker before you submit the transfer request. If you accidentally try to transfer a TFSA into a non-registered account, the transfer will be rejected – or worse, processed incorrectly. Always double-check that the account types match exactly.

(b) Having Pending Trades During Transfer

If you have open buy or sell orders, pending settlements, or recently executed trades that have not settled yet (T+1 settlement in Canada), your transfer request may be delayed or rejected. Before initiating a transfer:

• Cancel any open orders.
• Wait for recent trades to settle (usually 1 business day after the trade date).
• Do not place any new trades once you have submitted the transfer request.

(c) Forgetting to Cancel Recurring Purchases at the Old Broker

If you have automated XEQT buys or pre-authorized contributions set up at your old broker, cancel them before the transfer goes through. Otherwise, your old broker might try to process a purchase on an account that is being transferred, creating a mess of rejected transactions and potential delays.

(d) Transferring During RRSP or TFSA Contribution Season

If you are in the middle of making your annual RRSP contribution (especially close to the March 1 deadline) or TFSA top-up in January, it is worth waiting until those contributions are made and settled before initiating a transfer. A transfer-in-progress can complicate contribution tracking, and the last thing you want is to accidentally overcontribute because the CRA’s systems have not caught up.

(e) Fractional Share Issues

Wealthsimple supports fractional shares, but not all brokers do. If you hold 100.5 shares of XEQT at a broker that supports fractional shares and you are transferring to one that does not (or vice versa), the fractional portion might be sold as cash during the transfer. This is usually a trivial amount, but it is worth knowing about.

(f) Not Keeping Records

Take screenshots of your holdings at the old broker before the transfer. Note the exact number of shares, your ACB, and any cash balances. This gives you a reference point to verify against once the transfer completes. Trust me – you will be glad you did.

I made this mistake with my first transfer. I did not screenshot my holdings before initiating, and when my XEQT shares arrived at Wealthsimple, I had to dig through old statements and email confirmations to verify that the share count was correct. It was – but those thirty minutes of anxious searching could have been avoided with one screenshot taken thirty seconds before clicking “submit.”

(g) Transferring an Account with a Margin Balance

If your non-registered account has a margin loan outstanding, you will need to pay off the margin balance before you can transfer. Brokerages will not transfer an account that owes them money. Settle any margin balances first, then initiate the transfer.

7. Timeline Expectations: How Long Will Your Transfer Take?

This is the question everyone asks, and the honest answer is: it depends.

Typical Timeline

What Affects Transfer Speed?

• The relinquishing broker. Online-only brokers tend to process transfer-out requests faster than large bank brokerages. National Bank Direct Brokerage and Wealthsimple are generally fast. TD and RBC can be slower.
• Account complexity. A simple account with one ETF (just XEQT) transfers faster than an account with 20 different holdings, some of which might be proprietary funds.
• Transfer type. In-kind transfers of standard ETFs like XEQT are straightforward. Cash transfers that require selling and settling first take longer.
• Time of year. RRSP season (January-March) is the busiest time for brokerages, and transfers initiated during this period often take longer.
• Errors or discrepancies. If your account number is wrong, your name does not match exactly, or there is a hold on the account, the transfer will be rejected and you will need to start over.

During the Transfer: What You Can and Cannot Do

• You cannot trade in the account being transferred once the process has started. The account is effectively frozen.
• You can still trade in other accounts at both brokers.
• You can (and should) continue investing new money at your new broker while the transfer is in progress. Do not pause your investing just because a transfer is pending.
• You can check the status through both brokers. Wealthsimple will usually show transfer progress in the app.

My Personal Experience

My TFSA transfer from TD to Wealthsimple took 11 business days. My partner’s non-registered account transfer from Questrade to Wealthsimple took 7 business days. A friend who transferred from BMO InvestorLine told me it took a full 18 business days, which included a rejection and resubmission because his middle name was listed differently on the two accounts.

The key advice: do not panic. There will be a stretch of days where your money appears to be nowhere. It has not vanished. It is in transit. Think of it like a wire transfer – the money leaves one place before it arrives at the other.

Pro tip: If your transfer takes longer than 20 business days, contact the receiving broker first (in this case, Wealthsimple). They can follow up with the old broker and escalate if needed. The receiving broker is motivated to get your assets – they want your business. They will push on your behalf in a way that you calling the old broker directly might not achieve.

8. Special Cases and Edge Scenarios

Not every transfer is a clean one-brokerage-to-another ETF move. Here are some situations that require extra attention.

Transferring from a Robo-Advisor (Wealthsimple Managed, Questwealth, BMO SmartFolio)

If you are currently in a robo-advisor portfolio – where the platform picks and rebalances your funds for you – you typically cannot do an in-kind transfer directly to a self-directed account. The robo-advisor usually sells your holdings, sends the cash, and you repurchase at the new broker.

This means:

• In a registered account (TFSA, RRSP), no tax impact from the selling, but you are out of the market during the transition.
• In a non-registered account, the selling creates a taxable event.

If you are with Wealthsimple Managed and want to switch to Wealthsimple self-directed (to buy XEQT yourself), this can sometimes be done internally without a full transfer. Contact Wealthsimple support to ask about switching from managed to self-directed within the same account.

Transferring Between Registered Account Types

This is a common misconception. Moving money from your TFSA to your RRSP (or vice versa) is not a transfer – it is a withdrawal from one and a contribution to the other. Each has its own rules:

• TFSA to RRSP: You withdraw from the TFSA (contribution room restored the following January) and contribute to the RRSP (uses your available RRSP room, gets you a tax deduction).
• RRSP to TFSA: You withdraw from the RRSP (taxed as income, withholding tax applied) and contribute to the TFSA (uses available TFSA room). This is generally a bad idea unless you are in a very low income year.

If someone tells you they want to “transfer” their TFSA to an RRSP, make sure they understand it is actually two separate transactions with real tax consequences.

Transferring an Employer Group RRSP

If you have left an employer and have a group RRSP with Sun Life, Manulife, Canada Life, or a similar provider, you can transfer it to a self-directed RRSP at Wealthsimple or any other brokerage. However:

• Contact the group plan administrator first to understand any vesting schedules or restrictions on employer contributions.
• The group plan provider may charge a transfer fee – sometimes in addition to whatever the receiving broker charges.
• Some group plans require specific transfer forms rather than the standard ATON process. Your new broker’s support team can usually help navigate this.
• This is one of the highest-impact transfers you can make. Group RRSP funds often have MERs of 1.5-2.5%. Moving that money into XEQT (with a MER of about 0.20%) could save you thousands of dollars over the life of the account.

Transferring In-Kind Between Accounts at the Same Broker

If you have multiple accounts at the same brokerage and want to move XEQT between them, this is usually much simpler – and free. For example, if you hold XEQT in a non-registered account at Wealthsimple and want to move it to your TFSA at Wealthsimple, you can do a “contribution in-kind.”

Important: This counts as a TFSA contribution equal to the market value of the shares at the time of transfer. Make sure you have enough TFSA room. And in a non-registered account, the transfer is treated as a deemed disposition at fair market value – which means it can trigger capital gains (or losses) just like selling.

Transferring a LIRA or Locked-In RRSP

Locked-In Retirement Accounts (LIRAs) and Locked-In RRSPs can be transferred between brokers just like regular RRSPs, but the locked-in status must be maintained. The receiving broker needs to have a LIRA account type available. Not all brokers support LIRAs, so check before you initiate. Wealthsimple does support LIRAs, so if you have one sitting at an old employer’s group plan provider, you can transfer it over and invest in XEQT with significantly lower fees.

Transferring USD Holdings

If you hold US-dollar-denominated ETFs or stocks alongside XEQT, be aware that in-kind transfers of USD holdings can sometimes trigger currency conversion issues. Some brokerages will convert your USD to CAD during the transfer and then you will need to convert back – losing money on the spread both ways. Check with both brokers about how USD holdings are handled during the transfer. If possible, keep USD holdings in a USD sub-account at your new broker to avoid unnecessary conversions.

9. Frequently Asked Questions

Will I lose my TFSA contribution room if I transfer?

No. An official brokerage-to-brokerage transfer does not affect your contribution room. The transfer is reported to the CRA as a transfer, not as a withdrawal and re-contribution. Do not withdraw from your TFSA and re-contribute at the new broker – that uses contribution room and could cause an overcontribution.

Can I transfer just XEQT and leave other holdings behind?

Yes. This is a partial in-kind transfer. You specify which holdings you want to move. The rest stays at the old broker, and the old account remains open.

What happens to my dividends during the transfer?

If XEQT pays a distribution while your shares are in transit, the dividend will still be paid. It may arrive at the old broker or the new broker depending on timing, but it will not be lost. If it lands at the old broker, they will forward it to the new broker as part of the transfer reconciliation.

Can my old broker refuse to transfer my account?

Generally, no. Canadian securities regulations require brokers to process legitimate transfer requests. However, they can reject a request for valid reasons: incorrect account information, pending trades, account holds, or regulatory issues. They cannot simply refuse because they do not want to lose your business.

Should I tell my old broker I am transferring?

You do not need to. The new broker handles the communication through ATON. However, some people call the old broker to cancel recurring contributions, update settings, or ask about waiving the transfer fee. There is no obligation to notify them.

What if I have XEQT in a DRIP (Dividend Reinvestment Plan)?

If you have DRIP enabled at your old broker, disable it before initiating the transfer. DRIP reinvestments during the transfer process can create complications – partial shares, unsettled transactions, and delays. Turn off DRIP, wait for any pending reinvestments to settle, then start the transfer.

Can I transfer from a US broker to a Canadian one?

This is technically possible but significantly more complex. It involves cross-border transfer rules, potential currency conversion, and different regulatory frameworks. If you hold Canadian-listed XEQT at a Canadian broker, transferring to another Canadian broker is straightforward. Moving assets across borders is a different conversation entirely and may require professional advice.

What if my ACB (adjusted cost base) is wrong after the transfer?

This happens more often than it should. The receiving broker may display an incorrect ACB, especially for in-kind transfers. Check it against your records (this is why you took those screenshots before the transfer). If it is wrong, contact the new broker to get it corrected. For non-registered accounts, accurate ACB is essential for tax reporting.

10. A Quick Checklist Before You Start

Before you initiate your transfer, run through this list:

• I have opened a matching account type at my new broker (TFSA to TFSA, RRSP to RRSP, etc.)
• I have my old account number and a recent statement handy
• I have cancelled any recurring contributions or automatic purchases at my old broker
• I have disabled DRIP at my old broker
• I have no pending or unsettled trades at my old broker
• I have taken screenshots of my current holdings, share counts, and ACB
• I understand whether I am doing an in-kind or cash transfer (choose in-kind for XEQT)
• I am aware of the transfer-out fee and have checked if the new broker will reimburse it
• I am not in the middle of RRSP or TFSA contribution season
• I have a small emergency fund outside of investments so I will not panic during the transfer window

11. The Bottom Line

Transferring your XEQT portfolio between brokers in Canada is one of those tasks that feels intimidating beforehand and trivially simple afterward. The ATON system is well-established. Millions of Canadians have done this. Your shares will not vanish.

The key decisions are straightforward:

1. Choose in-kind. Keep your XEQT shares intact, avoid selling, and avoid any taxable events in non-registered accounts.
2. Initiate from the new broker. They handle the request through ATON. You do not need to call your old broker.
3. Be patient. 5-15 business days is normal. Resist the urge to panic at day seven when your money is between brokerages.
4. Verify after. Check your share count and ACB once the transfer completes.

The one-time hassle of transferring is nothing compared to the ongoing benefit of lower fees, better tools, and a platform that actually makes it easy to buy XEQT consistently. If you are paying commissions on every trade, dealing with a clunky interface, or juggling multiple logins across different brokerages, the transfer is worth it.

I did it. My partner did it. Several friends have done it after hearing me talk about it at dinner parties (yes, I am that person). Every single one of them has said the same thing afterward: “That was way easier than I expected.”

Your turn.

Disclosure: This page contains a Wealthsimple referral link. I use Wealthsimple personally and share my honest experience.