Canadian Investing Strategy

The Promo Churning Playbook

How to legally earn thousands in free cash by bouncing your investments between discount online brokers: A complete guide for first-time investors.

📅 Updated May 2026 ⏱ 18 min read 🇨🇦 Canada only

What is Promo Churning?

Imagine two rival coffee shops on the same street. Both are running "first week free" promotions. You get your coffee at Shop A free for a week, then switch to Shop B for their free week, then rotate back. You always have free coffee.

Promo churning is the same idea applied to investment brokerages. Canadian discount (commission-free) brokers like Questrade and Wealthsimple compete for your money by offering substantial cash bonuses (often 1–4%) when you transfer your investments to them. Since both brokers run these promotions repeatedly every year, a disciplined investor can earn this "free money" on top of whatever their investments return in the market.

💡 The Core Insight
These bonuses are in addition to your market returns. For example, if VBAL ETF returns 6% this year and you snag a 2% transfer bonus, your actual return is 8%. That's a 33% improvement — just by moving your account.

This guide uses up to six real accounts — a Margin account, a TFSA, and an RRSP at each broker — and a single, simple investment (Vanguard's VBAL ETF) to walk you through exactly how to do this. Don't have a TFSA? No problem — RRSP accounts qualify for the same registered account transfer bonuses and can be plugged into this strategy in its place.

Step 1: Understand Your Three Account Types

Before we talk strategy, you need to know the difference between the three account types we'll be using. This matters because the government treats them very differently, which affects how you move money, what tax rules apply, and which accounts get better promo rates.

Feature TFSA Tax-Free Savings Account RRSP Registered Retirement Savings Plan Margin Account Non-Registered
Tax on gains? ❌ None — ever ⏳ Deferred — all withdrawals taxed as income ✅ Yes — capital gains tax applies
Contribution deduction? ❌ No deduction (but withdrawals are tax-free) ✅ Yes — contributions reduce your taxable income today ❌ N/A
Contribution limit? ✅ Yes — 2026 room is ~$102,000 cumulative if you've been 18+ since 2009. New room: $7,000/yr ✅ Yes — 18% of prior year earned income, up to ~$32,490/yr (2025 limit); unused room carries forward indefinitely ❌ No limit
Can over-contribute? ⚠️ Yes — 1%/month penalty on excess. Be careful. ⚠️ $2,000 lifetime buffer allowed, then 1%/month penalty on anything above that ✅ N/A — no contribution limit
Re-contribution after withdrawal? ✅ Yes — next calendar year ❌ No — RRSP room is permanently lost when you withdraw. Transfers between brokers are not withdrawals (see below). ✅ Yes — anytime
Ideal for Long-term tax-sheltered growth; flexible access Pre-retirement savings; best when you expect a lower tax bracket in retirement than now Overflow investing above TFSA/RRSP limits; flexible withdrawals
Promo bonus rate (typically) 1% (registered account rate) 1% (registered account rate) 2–4% (non-registered gets the best rate)
⚠️ TFSA Withdrawal Warning
When you transfer your TFSA out to another broker, the CRA counts it as a withdrawal for the year. You get that room back — but only on January 1 of the following year. Plan your transfers so you don't accidentally over-contribute by re-depositing in the same calendar year you withdrew.
⚠️ RRSP Transfer Warning — This Is Not a Withdrawal
Moving your RRSP to another broker must be done as a direct institutional transfer (using CRA Form T2033 or the receiving broker's equivalent). This is a broker-to-broker transfer — your money never touches your hands, and it is not treated as a withdrawal by the CRA. No withholding tax is charged, and your RRSP contribution room is not affected.

If you instead withdraw the money yourself and re-deposit it at the new broker, it counts as both a taxable withdrawal (you'll owe income tax on the full amount) and a new contribution (consuming your precious RRSP room). Always use the in-kind direct transfer method for RRSP — never a cash withdrawal.

Step 2: Meet VBAL — Your Investment Vehicle

For this entire strategy, we park all our money in a single ETF: VBAL (Vanguard Balanced ETF Portfolio). Here's why it's the perfect churning vehicle.

VBAL at a Glance Details
Full name Vanguard Balanced ETF Portfolio
Ticker VBAL (TSX)
What it holds ~60% global stocks, ~40% Canadian & global bonds — fully diversified
Asset breakdown U.S. stocks 27.8%, Canadian stocks 18.5%, International stocks 15.2%, Canadian bonds 22.2%, Global bonds 15.9%, Cash 0.3%
Management Fee (MER) ~0.17–0.24% per year (very cheap)
Historical avg. return Roughly 5–7% per year (balanced portfolio, not guaranteed)
Auto-rebalances? ✅ Yes — Vanguard does it for you
Minimum investment Price of 1 share (~$35–40 typically)
Commission to buy/sell Free at both Questrade and Wealthsimple

VBAL is ideal for churning because:

📚 What is an ETF?
An ETF (Exchange-Traded Fund) is like a basket of hundreds of stocks and bonds packaged into a single security you buy like a stock. VBAL holds over 13,000 individual securities inside it. When you buy 1 share of VBAL, you instantly own tiny pieces of companies like Apple, Royal Bank, Toyota, and thousands more — plus bonds for stability. That's why it's a great starting point.

Step 3: Know the Brokers and Their Promos

Both Questrade and Wealthsimple run transfer bonus campaigns multiple times per year. The rates and terms change each time, but the pattern is consistent. Here's what recent campaigns have looked like, so you know what to expect and watch for.

🔷 Questrade
  • Margin/Cash bonus rate2% base → up to 4% with multiplier
  • TFSA bonus rate1% base → up to 2% with multiplier
  • RRSP bonus rate1% base → up to 2% with multiplier
  • Multiplier requirement3 accounts open (2 registered + 1 non-registered), each $10K+. TFSA + RRSP both count as registered, so having all three types unlocks the multiplier.
  • Minimum transfer$10,000
  • Hold period24 months (paid monthly over 2 years)
  • Max bonus$20,000 total
  • Transfer fee rebate✅ Yes — Questrade covers it
  • FrequencyAnnual (typically Jan–Feb)
🟢 Wealthsimple
  • Non-registered bonus rate1–3% depending on promo
  • TFSA bonus rate1% (same as non-registered)
  • RRSP bonus rate1% (same rate as TFSA)
  • Minimum transfer$15,000–$25,000 (varies by promo)
  • Hold period12–24 months (paid monthly)
  • Max bonusUp to $50,000+ (very large cap)
  • Transfer fee rebate✅ Yes — on transfers $25K+
  • FrequencyMultiple per year (winter, spring, fall)
  • Withdrawal bufferUp to 5–10% can be withdrawn without penalty
✅ Both Brokers Cover Your Transfer Fees
A common concern is losing money to transfer-out fees charged by the old broker (typically $135–$150 per account). Both Questrade and Wealthsimple reimburse these fees when you bring your account to them, so this is not a real cost in the churning cycle.

Step 4: The Churning Strategy

Here's the core idea laid out clearly. You can run this strategy with as few as four accounts (one Margin + one TFSA at each broker) or scale up to six by adding an RRSP at each broker. The accounts always move in opposite directions so you are always earning a promo somewhere.

Account Where it starts Year 1 move Year 2 move Year 3 move
Margin Account A Questrade → Wealthsimple → Questrade → Wealthsimple
TFSA Account B Questrade → Wealthsimple → Questrade → Wealthsimple
RRSP Account E (optional) Questrade → Wealthsimple → Questrade → Wealthsimple
Margin Account C Wealthsimple → Questrade → Wealthsimple → Questrade
TFSA Account D Wealthsimple → Questrade → Wealthsimple → Questrade
RRSP Account F (optional) Wealthsimple → Questrade → Wealthsimple → Questrade

Notice that accounts A/B/E and accounts C/D/F always move in opposite directions. This is intentional: while A/B/E are locked in Wealthsimple's hold period, C/D/F are being moved to Questrade for their bonus, and vice versa. You're always earning a promo somewhere.

No TFSA room? Simply substitute your RRSP wherever TFSA appears. The promo rate is identical (1% registered), and the transfer mechanics are the same — you must use a direct institutional transfer in both cases.

Why do you need accounts at both brokers to start?

Because transfers must come from outside the broker. You cannot transfer between your own accounts within Questrade to claim the Questrade promo — the funds must originate externally. So you need a "home" at both brokers, and you rotate accounts between them.

💡 RRSP + TFSA Unlocks the Questrade Multiplier
Questrade's bonus multiplier requires 3 accounts — 2 registered and 1 non-registered. If you hold a TFSA, an RRSP, and a Margin account at Questrade, you automatically satisfy this requirement and earn up to 4% on your Margin account and 2% on your registered accounts. Even if you only have RRSP (no TFSA), opening a second registered account type gets you closer to hitting the multiplier threshold.

Step 5: A Real-Numbers Example

Let's use a concrete starting point with all six accounts: $75,000 total invested — $25,000 each in your Margin, TFSA, and RRSP, split across both brokers. All money is in VBAL ETF. If you don't have all three account types, simply exclude the row that doesn't apply to you.

Account Starting balance Held at What you do in Year 1 Promo earned
Margin A $25,000 Questrade Transfer to Wealthsimple during their next promo ~$250 (1% WS promo)
TFSA B $25,000 Questrade Transfer to Wealthsimple with Margin A ~$250 (1% WS promo)
RRSP E $25,000 Questrade Transfer to Wealthsimple with Margin A & TFSA B (direct institutional transfer — not a withdrawal) ~$250 (1% WS promo)
Margin C $25,000 Wealthsimple Transfer to Questrade during their next promo ~$500–$1,000 (2–4% QT promo)
TFSA D $25,000 Wealthsimple Transfer to Questrade with Margin C ~$250–$500 (1–2% QT promo)
RRSP F $25,000 Wealthsimple Transfer to Questrade with Margin C & TFSA D (direct institutional transfer — not a withdrawal) ~$250–$500 (1–2% QT promo)
VBAL market return
~$4,500
Estimated 6% on $75K — not guaranteed
Promo bonuses earned
~$1,750
Rough total across all 6 accounts Year 1
Effective extra return
+2.3%
On top of whatever the market does
⚠️ Important: These Numbers Are Illustrative
Market returns are never guaranteed. VBAL could be up or down any given year. The promo bonus amounts also depend on the specific promotion terms at the time you transfer. Always check the current promotion details before initiating a transfer. The structure of this plan is sound — the exact dollar amounts will vary.

Step 6: What to Actually Do With Your VBAL Holdings

This is the most important practical section. When a promo comes up and you want to move an account, you have two options for handling your VBAL shares. The right choice depends on the account type.

Option A: In-Kind Transfer (Preferred)

You transfer your VBAL shares directly, without selling them. The shares move "as-is" from one broker to the other. VBAL is available at both brokers, so this works seamlessly.

✅ Use In-Kind Transfer For
TFSA and RRSP accounts — always. There is no tax consequence either way inside a TFSA, but in-kind is faster. For RRSP, a direct in-kind transfer is required to avoid a taxable withdrawal — never cash out an RRSP manually. Also strongly preferred for Margin accounts to avoid triggering a capital gains event on your VBAL position.

Option B: Sell → Transfer Cash → Repurchase

You sell your VBAL shares, transfer the cash, then rebuy VBAL at the new broker.

⚠️ Tax Risk in Margin Accounts
If your VBAL has gone up in value since you bought it, selling it in a Margin account triggers a capital gain — you owe tax on 50% of the profit. This can eat into your promo bonus. Always prefer in-kind transfers for your Margin account. Selling in a TFSA has no tax consequence — TFSA gains are always tax-free. Selling inside an RRSP also has no immediate tax consequence (gains are sheltered), but cashing out the RRSP entirely to transfer cash would be a taxable withdrawal — so always use direct institutional transfer for RRSP regardless.
Account Best transfer method Tax risk if you sell? Action at receiving broker
TFSA In-kind (preferred) or sell → cash None — TFSAs are always tax-free Do nothing; hold VBAL as transferred
RRSP Direct institutional transfer only (Form T2033 or broker-initiated equivalent) ⚠️ If you withdraw instead of transferring: full amount taxed as income + contribution room permanently lost Do nothing; hold VBAL as transferred
Margin In-kind transfer only ⚠️ Capital gains tax if sold at a profit Do nothing; hold VBAL as transferred

How to Request an In-Kind Transfer

  1. Open an account at the receiving broker (e.g., Wealthsimple) and register for their promotion first.
  2. In the receiving broker's app, go to Move/Transfer → Transfer an account from another institution.
  3. Select "In-kind transfer" (as opposed to "liquidate and transfer cash"). For RRSP accounts, confirm the receiving broker initiates a direct registered transfer — this uses the CRA's Form T2033 (or the broker's equivalent). You will not see or handle the money yourself.
  4. Enter your old account details. The receiving broker handles the rest — they contact the sending broker on your behalf.
  5. Wait 1–3 weeks. Your VBAL shares will appear in the new account. For RRSP accounts, confirm the transfer shows as a "registered plan transfer" on your statements, not a withdrawal.

Step 7: The Year-by-Year Playbook

Here is exactly what to do, month by month, during a typical churning cycle.

0
Before You Begin: Set Up Your Accounts
One-time setup

You need active accounts at both brokers before you can churn. Do this once:

  1. Open a TFSA and a Margin account at Questrade. Fund each with your desired starting investment and buy VBAL. If you have RRSP contribution room, also open an RRSP at Questrade.
  2. Open a TFSA and a Margin account at Wealthsimple. Fund each and buy VBAL. Open an RRSP at Wealthsimple as well if applicable.
  3. Make sure you have at least $10,000–$15,000 in each account (meeting the minimums for most promos).
  4. Add both broker apps to your phone. Set a calendar reminder to check for promos every January and July.
💡 TFSA and RRSP Contribution Room
TFSA: If you were 18 years old at any point in 2009, your cumulative TFSA room in 2026 is $102,000. As an 18-year-old in 2026, your room is $7,000. You cannot over-contribute — only put what fits within your room into TFSAs across both brokers combined.

RRSP: Your RRSP limit is 18% of your prior year's earned income (shown on your CRA My Account or last year's Notice of Assessment), up to ~$32,490 (2025). Unused room accumulates indefinitely. Only contribute to RRSP at one broker — the amount you fund your RRSP at Wealthsimple is the same pool you use at Questrade when you transfer; you are not contributing twice.
1
Phase 1: Catch Questrade's Promo First
Typically January–February

Questrade's annual cashback promotion typically runs in January. Here's the drill:

  1. Watch for the promo email (or check RedFlagDeals.com, which posts promo announcements the day they launch).
  2. Register immediately in the Questrade Customer Portal under "Rewards and Benefits." Registration is required before you initiate the transfer.
  3. Transfer Margin C and TFSA D from Wealthsimple into your Questrade accounts using in-kind transfer. Both accounts must total $10,000+ each.
  4. To get the 4%/2% multiplier rates: confirm you have 2 registered accounts (e.g., TFSA + any other) and 1 non-registered (Margin) open at Questrade with $10,000+ each.
  5. Hold for the promo period. Questrade pays your bonus in 24 equal monthly installments over 2 years. Do not touch these accounts (beyond the 5% buffer allowed).

Meanwhile, Margin A and TFSA B remain at Questrade from setup — they become your "resident" accounts that help you hit the multiplier threshold.

2
Phase 2: Catch Wealthsimple's Promo
Typically January–March or Fall

Wealthsimple tends to run promos multiple times a year — a big "winter bundle" in January and sometimes a summer or fall offer. Watch for it and act fast when it appears:

  1. Register in the Wealthsimple app — look for a promotional banner. Registration must happen before the transfer is initiated.
  2. Transfer Margin A and TFSA B from Questrade to your Wealthsimple accounts using in-kind transfer.
  3. Meet the minimum — Wealthsimple promos often require $15,000–$25,000 total transferred.
  4. Hold for 12–24 months (check the specific promo terms — Wealthsimple sometimes offers 1% over 12 months or 2% over 24 months as a choice).
  5. Bonus payments arrive monthly in your Wealthsimple Cash account.
💡 Wealthsimple's Withdrawal Flexibility
Wealthsimple's promos typically allow you to withdraw up to 5% of the transferred amount without penalty. Future bonus payments are reduced proportionally if you withdraw more — but earlier payments are not clawed back. This makes them slightly more forgiving than some competitors.
3
Phase 3: The Wait — How to Handle VBAL During Hold Periods
Months 1–12 (and ongoing)

Once your transfers are registered, your job is simple: do nothing. Seriously — this is the hardest part for new investors.

📊 VBAL Dividends — What to Expect
VBAL pays quarterly distributions (approximately March, June, September, December). The yield is typically around 1.5–2% per year. On $25,000 invested, expect roughly $375–$500 in annual distributions, paid quarterly. These are automatically available to reinvest — or just let them sit in cash until your next purchase.
4
Phase 4: After the Hold — Prepare to Churn Again
Around month 12–13

As you approach the end of your hold periods, start watching for the next round of promos from both brokers. The cycle repeats:

  1. Check promo calendars in November/December for upcoming January promos (Questrade) and watch the Wealthsimple app for banners.
  2. Register for new promos early — slots sometimes run out or promos end earlier than expected.
  3. Now reverse the flow: Margin A and TFSA B (currently at Wealthsimple) move back to Questrade for a new Questrade promo. Margin C and TFSA D (currently at Questrade) move back to Wealthsimple.
  4. The VBAL shares you transferred in-kind last year simply transfer in-kind again — they've (hopefully) grown in value, meaning the promo bonus is now calculated on a higher number.
💡 Growing Bonus Base
As VBAL grows, your promo bonus grows too. If $25,000 grew to $27,000 during the hold period, your next 1% promo on that account earns $270 instead of $250. The snowball effect is real, even at small amounts.

Step 8: Full Timeline at a Glance

Here's the full sequence from setup through Year 2, assuming a January promo window at Questrade and a March promo window at Wealthsimple.

Month 0 — Setup
Open TFSA + Margin at both brokers. Buy VBAL in all four accounts. You now have $25K at Questrade (Margin A + TFSA B) and $25K at Wealthsimple (Margin C + TFSA D).
Month 1 (January) — Questrade Promo Launches
Register for Questrade promo. Transfer Margin C + TFSA D from Wealthsimple to Questrade via in-kind transfer.
Promo locked in at ~2–4% on Margin C, ~1–2% on TFSA D.
Month 3 (March) — Wealthsimple Promo Launches
Register for Wealthsimple promo. Transfer Margin A + TFSA B from Questrade to Wealthsimple via in-kind transfer.
Promo locked in at ~1% on both accounts. Monthly bonus payments start within 60 days.
Months 3–14 — The Earning Period
Both promos are active simultaneously. Monthly bonus deposits arrive from both Questrade and Wealthsimple. VBAL continues growing in all four accounts. Do nothing.
Also receive VBAL quarterly dividends each March, June, September, December.
Month 13 (January Year 2) — Questrade Promo Again
Watch for new Questrade promo. Register. Transfer Margin A + TFSA B (now at Wealthsimple, hold period satisfied) back to Questrade.
New promo rate applied to the (now larger) account balances.
Month 15 (March Year 2) — Wealthsimple Again
Transfer Margin C + TFSA D (now at Questrade, hold period satisfied) back to Wealthsimple for their next promo.
Cycle continues indefinitely, earning promo bonuses on top of investment returns every year.

Step 9: Risks and How to Avoid Them

Risk What can go wrong How to avoid it
TFSA over-contribution Withdrawing from a TFSA and re-contributing in the same calendar year puts you over your limit → 1%/month penalty tax Transfer TFSA accounts in-kind (shares move, no withdrawal occurs). Or wait until January 1 of the next year before re-contributing.
RRSP cash withdrawal instead of transfer If you withdraw your RRSP as cash and redeposit it at the new broker, the CRA treats it as a taxable withdrawal (full amount added to income) plus a new contribution (consuming room). You lose contribution room permanently and face a large tax bill. Always use a direct institutional transfer (Form T2033 or broker-initiated). Never touch the money yourself. The receiving broker initiates everything — you just fill out a form.
RRSP over-contribution Contributing more than your available room (check your CRA My Account or last Notice of Assessment). The $2,000 lifetime buffer helps, but beyond that it's 1%/month penalty. Check your RRSP deduction limit before making any new contributions. Remember: transferring between brokers does not use contribution room — only depositing new money does.
RRSP deadline missed RRSP contributions must be made by March 1 each year to count toward the prior tax year's deduction. Missing this means you lose a year's deduction opportunity (though the contribution itself still counts for the next year). Transfers between brokers have no deadline tied to the tax year — only new money contributions are time-sensitive.
Capital gains tax on Margin account Selling VBAL at a profit in a Margin account triggers taxable capital gains, which can exceed the promo bonus Always use in-kind transfer for Margin accounts. Never sell to cash in a Margin account just to transfer.
Missing registration deadline Promos require you to register BEFORE initiating a transfer. A transfer done before registration doesn't qualify. Set Google alerts for "Questrade promo" and "Wealthsimple promo." Check RedFlagDeals.com in January. Register the day the promo launches.
Violating the hold period Withdrawing more than the allowed buffer during the hold period reduces future bonus payments Do not touch the accounts during the hold period. Keep a separate emergency fund in a HISA so you never need to withdraw from your investment accounts unexpectedly.
Promo terms change Rates, hold periods, and minimums change each promo cycle. What applied last year may differ next year. Always read the full T&Cs before registering. Treat each promo as new — don't assume last year's rules apply.
Account transfer delays Transfers can take 1–3 weeks. If you cut it close to a promo deadline, your transfer may not arrive in time. Initiate transfers as soon as you register. Note the settlement deadline (not just the registration deadline).
Tax on promo bonuses Promo bonuses paid into non-registered (Margin) accounts are considered income and taxable. Bonuses paid into TFSAs are tax-free. Bonuses paid into RRSPs grow tax-deferred inside the account (the broker deposits the bonus directly — it is not treated as your contribution). Track bonuses received. You may need to report non-TFSA, non-RRSP bonuses as income on your tax return. Wealthsimple may not issue a tax slip for Margin bonuses — you are responsible for reporting. Consult a tax professional if unsure about RRSP bonus treatment.

Step 10: Is It Worth the Effort?

Let's put the math in perspective. Here's how an extra 1–2% per year compounds over time, starting from $50,000 invested in VBAL.

Scenario Annual return assumption Value after 10 years Value after 20 years Extra wealth from churning
No churning — VBAL only 6% per year $89,542 $160,357 —
Churning — conservative 6% + 1% bonus = 7% $98,358 $193,484 +$33,127 over 20 yrs
Churning — active 6% + 1.5% bonus = 7.5% $103,125 $212,464 +$52,107 over 20 yrs

Earning an extra $52,000 over 20 years by spending about 2–3 hours a year watching for promos and submitting transfer requests — that works out to well over $1,000 per hour of "work." For most people, that's worth doing.

💡 This Gets Better as You Have More Money
The promo bonuses are percentages of your transferred amount. A 2% promo on $25,000 earns $500. The same promo on $250,000 earns $5,000. As your portfolio grows through a combination of contributions and market returns, the same effort earns dramatically more each cycle. Starting this habit young is one of the highest-leverage things you can do.

Quick Reference Checklists

Before Every Transfer

During the Hold Period

After the Hold Period

Glossary for New Investors

TFSA
Tax-Free Savings Account. Investment or savings account where all growth and withdrawals are completely tax-free. Has annual contribution limits set by the CRA.
RRSP
Registered Retirement Savings Plan. Contributions are tax-deductible (they reduce your taxable income in the year you contribute), and growth inside is tax-deferred. You pay income tax when you withdraw. Limit is 18% of prior year earned income up to the annual CRA maximum (~$32,490 for 2025). Contribution room carries forward. Unlike a TFSA, room lost to a withdrawal is gone permanently — always transfer between brokers via direct institutional transfer, never a cash withdrawal.
Form T2033
CRA's Direct Transfer of a Single Amount Under Subsection 147.3(1) form. The standard mechanism for moving RRSP assets from one institution to another without triggering a withdrawal. The receiving broker typically initiates and handles this on your behalf.
Margin account
A regular (non-registered) investment account. No contribution limits, but capital gains and dividends are taxable. "Margin" refers to the ability to borrow against holdings — ignore that feature for this strategy.
ETF
Exchange-Traded Fund. A single security that holds a basket of stocks, bonds, or other assets. Trades on a stock exchange like a share. Low cost, diversified instantly.
VBAL
Vanguard Balanced ETF Portfolio. A Canadian all-in-one ETF holding roughly 60% global stocks and 40% bonds. MER ~0.24%. Auto-rebalances itself.
In-kind transfer
Moving investment holdings (shares/ETFs) directly between brokers without selling them first. The shares arrive at the new broker identical to how they left. Avoids triggering capital gains.
Capital gain
The profit you make when you sell an investment for more than you paid. In a non-registered account, 50% of this profit is added to your taxable income for the year. In a TFSA, there is no capital gains tax.
Hold period
The time you must keep your money at the new broker to receive the full promo bonus. Withdrawing early usually reduces future bonus payments (but does not claw back payments already received).
MER
Management Expense Ratio. The annual fee an ETF charges, expressed as a percentage of assets. VBAL's ~0.24% MER means you pay $24/year on every $10,000 invested — automatically deducted from the fund.
DRIP
Dividend Reinvestment Plan. Automatically uses your dividend distributions to buy more shares of the same ETF instead of paying them out as cash. Accelerates compounding.
Promo churning
The strategy of transferring investment accounts between brokers each time a new transfer bonus promotion becomes available, to earn the bonus repeatedly over time.

Final Thoughts

Promo churning is one of the few "free lunch" opportunities in personal finance. You are not taking on extra market risk, picking stocks, or trying to time anything. You are simply letting two competing brokers pay you extra to hold the same investment you'd hold anyway.

The main discipline required is patience during hold periods and vigilance around promo windows. Both are habits that will serve you well as an investor regardless of this strategy.

Keep it simple: one ETF (VBAL), two brokers, up to six accounts (Margin + TFSA + RRSP at each), and a calendar reminder to check for promos in January and whenever you see a broker announcement. If you only have an RRSP and no TFSA, you can still run this strategy — the registered account promo rate is identical and the mechanics are the same, with the critical difference that all RRSP movements must be done as direct institutional transfers. That's the entire system.

✅ The One-Sentence Summary
Buy VBAL in up to six accounts (Margin, TFSA, and/or RRSP at each broker) across Questrade and Wealthsimple, and whenever a broker offers a transfer bonus, move half your accounts there — then repeat when the next promo comes around, earning extra cash every year on top of your investment returns. RRSP holders: always use a direct institutional transfer, never a cash withdrawal.
Disclaimer: This is educational content, not personalized financial advice. Promotion terms, rates, and availability change frequently — always verify current terms directly with Questrade and Wealthsimple before initiating any transfers. Tax implications (TFSA room, RRSP contribution limits, direct transfer requirements, capital gains, promo bonus taxability) are complex and vary by individual situation — consult a tax professional for advice specific to your circumstances. Market returns are not guaranteed; past performance of VBAL does not predict future results. All dollar amounts are in Canadian dollars.