The 2026 RRSP Match Wars: Wealthsimple vs Questrade vs TD vs RBC

The Bottom Line: Wealthsimple’s 1% monthly match with simple terms is the strongest all-around offer for most Canadians. Questrade requires complex multi-account setup for higher rates. TD pays 2% but delays payout 14 months. RBC pays in points, not cash — which don’t compound.

• Wealthsimple: 1% monthly, simple eligibility, fast payout
• Questrade: Up to 2% on RRSPs (requires multi-account setup)
• TD: 2% cashback but 14-month wait
• RBC: Avion points instead of cash

Which platform has the best RRSP promotion in 2026?

Every major Canadian investment platform is competing for your RRSP dollars this season. Wealthsimple, TD Direct Investing, and RBC are running transfer and deposit bonuses heading into the March 2, 2026 RRSP deadline, while Questrade’s offer required registration by February 2, 2026.

The headline numbers look comparable — 1% here, 2% there. But the actual terms, payout timelines, and eligibility requirements vary significantly. This comparison breaks down what each platform is actually offering, including the fine print.

How do the 2026 RRSP promotions compare?

The headline numbers only tell part of the story. The real differences are in the details below.

How does the Wealthsimple RRSP match work?

The Wealthsimple RRSP promotion — part of the (Un)Real Deal campaign — offers a 1% match paid monthly on transfers of $25,000 or more.¹

How it works:

• Transfer $25,000 or more from another institution to Wealthsimple
• Choose your match tier: 1%, 2%, or 3%
• Higher match tiers require longer hold commitments (the 1% tier offers the best annualized return at 1.00%, while 3% commits you for 5 years)
• The match is paid monthly — typically deposited into your non-registered Cash account, keeping it liquid and accessible
• We’ve noticed the first payment often takes the full 60 days to arrive after settlement, so don’t expect it in week one. If your first month shows zero, don’t panic — the system typically backdates the payment in the second month
• Transfer fees from your old institution are reimbursed on transfers of $25,000+²

What makes it straightforward:

• One account, one transfer, one match rate
• No multi-account requirements
• No points conversions or complicated multipliers
• Monthly payout means your match starts compounding immediately
• Both new contributions and transfers from other institutions qualify

Watch for the withdrawal threshold: Wealthsimple enforces a balance rule. If your net balance drops by more than 20% due to withdrawals, your remaining payments reduce proportionally. You can withdraw up to 20% of your transferred amount without affecting your bonus payments.

The stacking advantage: Wealthsimple lets you combine the match with other promotions. You can use a referral code for a $25 cash bonus, get the match on your transfer, and enter the $3M home giveaway — all on the same account. See the full stacking breakdown on our promotions page.

What is the catch with the Questrade cashback?

The Questrade offer requires holding assets across three account types (RRSP + TFSA + margin) and meeting specific equity minimums.³ The maximum rate for RRSPs is 2% (not 4% — that higher rate applies only to non-registered margin accounts). The eligibility conditions are where things get complicated.

The multiplier system:

We found Questrade’s “Cashback Multiplier” to be the main source of confusion, as it determines your actual rate based on account mix. To reach the maximum 2% on RRSPs (or 4% on margin accounts), you typically need to:

• Hold assets across multiple Questrade account types (e.g., RRSP + TFSA + margin)
• Meet specific equity minimums by a cutoff date (historically around late May)
• Keep transferred funds in the account for a specified retention period

The base cashback rate without the multiplier is lower. Users who only transfer an RRSP — without also holding a TFSA and non-registered account at Questrade — receive a reduced rate.³

The fine print users miss:

• We view the multiplier not as a bonus, but as a lock-in mechanism: you’re effectively committing your entire portfolio ecosystem to Questrade, not just a single account
• The multi-account rule is strictly enforced — you need to actively fund a Margin, TFSA, and RRSP simultaneously for the multiplier to apply
• If you don’t meet the equity minimums by the cutoff date, your cashback rate drops
• The system is more complex than a simple “transfer X, get Y%” calculation
• Watch out for ECN fees — Questrade passes exchange fees directly to you, which can eat into your “bonus” if you’re buying large blocks of ETFs to set up your portfolio

The strictest rule we found: the “5% Kill Switch.” If you withdraw more than 5% of your transferred amount in any single month during the hold period, you don’t just lose the bonus for that month — you permanently forfeit all future payments. There is no reinstatement.

The real annualized rate: When you factor in the 24-month payout schedule, Questrade’s 2% RRSP rate annualizes closer to 0.8-1% depending on when you transfer. The longer time horizon significantly dilutes the apparent advantage over Wealthsimple’s simpler 1% match.

When does TD Direct Investing pay the transfer bonus?

TD Direct Investing pays the 2% cashback bonus by April 30, 2027 — approximately 14 months after the promotional period ends.⁴ The rate itself is competitive. The problem is when you get paid.

The payout timeline:

TD pays the cashback bonus by April 2027.⁴ That means:

• You transfer your RRSP in February 2026
• You wait ~14 months
• You receive the cashback by April 30, 2027

Compare this to Wealthsimple’s monthly payout structure, where your first match payment arrives within weeks of your transfer.

A hidden upside: Because TD pays the bonus directly into the account as a reward rather than a deposit, it typically does not consume RRSP or TFSA contribution room. This allows you to effectively receive extra value beyond your contribution limit — a meaningful advantage for investors with maxed-out registered accounts.

Why the delay matters:

A 2% bonus paid in 14 months is worth less than a 1% bonus paid monthly and reinvested. The Wealthsimple match starts compounding immediately because it’s deposited monthly. TD’s lump sum sits at 0% for months before you receive it.

For a $50,000 transfer:

• Wealthsimple (1% monthly): ~$500 paid out over the first year, compounding as it arrives
• TD (2% delayed): $1,000 paid as a lump sum by April 2027

The TD bonus is larger in absolute terms, but you surrender months of potential returns on that money. Whether the difference matters depends on your time horizon and what else you could do with the funds.

If you’re considering borrowing to maximize your RRSP contribution before the deadline, see our RRSP Boost review for how the ~4% loan compares to waiting.

Be prepared to follow up: TD’s lump-sum payout process has historically required some patience beyond the stated date. If April 2027 passes without a deposit, you may need to contact TD support directly to ensure your bonus is processed. Be warned: TD’s support lines during RRSP season are notoriously jammed — we’ve seen reports of 2+ hour wait times just to check a transfer status in February.

Expect friction on the transfer itself: Unlike the digital-first platforms, new TD Direct Investing clients often face a more manual onboarding process. In-kind transfers (moving existing stocks rather than selling and transferring cash) can require reading out individual stock ticker symbols to a representative over the phone. It is not always as simple as clicking “import.”

Who TD works for: Investors who are already committed to the TD ecosystem (TD Bank accounts, TD mortgage, etc.) and value the larger absolute bonus over faster access.

Is the RBC RRSP bonus paid in cash?

No, the RBC RRSP promotion is paid in Avion points rather than cash, which do not compound like a cash match.⁵

The points problem:

• Avion points have variable redemption value depending on how you use them (travel, merchandise, statement credits)
• At best, points are worth approximately 1-1.5 cents each toward travel
• As a statement credit, the value drops further
• Points don’t compound. Cash does.

If Wealthsimple deposits a 1% match into your investment account, that money is invested and grows alongside your portfolio. RBC’s points sit in a loyalty program until you redeem them — and their value depends entirely on redemption method.

Check the redemption math first: Redeeming Avion points for “financial rewards” (like an RRSP contribution credit) yields roughly 0.83 cents per point — well below the 1-1.5 cent travel value. To put that in perspective: redeeming 120,000 points gets you just $1,000 in your RRSP. If you used those same points for air travel, they could be worth over $2,300. You’re effectively paying a 50% “convenience fee” to use them for investing.

Who RBC works for: Existing RBC clients with Avion cards who value travel rewards and are already deep in the RBC ecosystem. For everyone else, cash-based promotions (Wealthsimple, Questrade, TD) offer more straightforward value.

Do Wealthsimple and Questrade reimburse transfer fees?

Yes, most platforms including Wealthsimple and Questrade will reimburse the transfer-out fee (typically $50-$150) if you meet their minimum transfer requirements. Here’s how reimbursement works:

Wealthsimple’s reimbursement policy is straightforward: transfer $25,000 or more into a single account, and they cover the transfer-out fee charged by your previous institution.² One thing to watch: the $25,000 threshold is a hard cutoff. If your transfer lands at $24,900 due to market fluctuation during transit, the reimbursement may be denied automatically.

Should you transfer your RRSP before the deadline?

Initiating an RRSP transfer in the final weeks before the March 2 deadline carries significant execution risk because transfers between institutions take 2-4 weeks, and your funds could be in transit when the deadline passes. In our experience, transfers from institutions that still mail physical cheques (like Manulife or Sun Life) consistently drag on for 6-8 weeks. If your current institution relies on paper-based transfers, do not attempt a transfer after mid-January if you need the funds to settle for the 2025 tax year.

If your goal is to maximize your 2025 tax deduction and capture a transfer bonus:

1. Before March 2: Contribute fresh cash to a new RRSP via Instant Deposit to secure your 2025 deduction
2. After March 2: Initiate the transfer of your old RRSP to capture the match at your own pace

This “contribute now, transfer later” strategy works at any platform — but Wealthsimple’s Instant Deposit makes the first step significantly easier. See our RRSP deadline guide for the full breakdown.

The verdict

There’s no universally “best” RRSP promotion — it depends on what you value:

• Wealthsimple wins on simplicity and speed. One transfer, one match rate, monthly payout, no hoops. Plus the ability to stack with referral bonuses and the home giveaway. Best for most Canadians who want a straightforward deal.

• Questrade wins on maximum potential rate — but only if you’re willing to meet multi-account requirements and equity minimums. Best for active traders already in the Questrade ecosystem.

• TD wins on absolute bonus size for larger transfers — but you wait ~14 months to see the money. Best for patient investors already banking with TD.

• RBC is the weakest offer for pure investment returns, since points don’t compound. Best only if you highly value Avion travel rewards.

For more on Wealthsimple’s promotions and how to stack the referral bonus with the match and home giveaway, visit our promotions page. If you’re in a rush to contribute before the deadline, start with the RRSP deadline survival guide.

Frequently asked questions

Which platform has the best RRSP bonus in 2026?

It depends on what you value. Wealthsimple offers a 1% match (up to 3%) paid monthly with simple eligibility. Questrade offers up to 2% cashback on RRSPs (4% on margin accounts) but requires multiple account types and equity minimums. TD offers 2% cashback but does not pay out until April 2027.

Does Wealthsimple reimburse RRSP transfer fees?

Yes. Wealthsimple reimburses transfer-out fees charged by your previous institution on transfers of $25,000 or more into a single Wealthsimple account.²

How does the Wealthsimple 1% match work?

When you transfer or deposit eligible funds, Wealthsimple matches 1% of the amount. The match is paid monthly into your account. You can choose a higher match tier (up to 3%) with a longer hold commitment.¹

What is the catch with Questrade cashback?

The maximum RRSP rate is 2% (not 4% — that applies to margin accounts only). Reaching even 2% requires holding assets across multiple Questrade account types and meeting equity minimums by a specific date. The base rate without the multiplier is 1%.³

When does TD pay the RRSP transfer bonus?

TD Direct Investing pays the cashback bonus by April 30, 2027 — approximately 14 months after the promotional period. This is significantly delayed compared to Wealthsimple, which pays monthly.⁴

Can I stack the RRSP match with a Wealthsimple referral bonus?

Yes. You can use a referral code for a $25 cash bonus, then enroll in the (Un)Real Deal for the match, and enter the $3M home giveaway — all on the same account.

Sources