Wealthsimple Gift Card - FAQs

With a Wealthsimple gift card, you can give the gift of financial brilliance. The recipient will receive the gift as an e-mail card with a personal message from you that they can deposit into their Wealthsimple account with a few simple clicks. If the recipient isn't a Wealthsimple client yet, they can create a new account with us and deposit your gift in their account.

How can I send a gift card?

When you visit the Wealthsimple Gift page, simply fill out the form and select how large of a gift you'd like to send. We'll process your payment and notify the recipient that you've sent them a gift.

Who can receive a gift card?

You can send a gift to anyone who resides in Canada or the United States as long as they're 18 years old, since they'll need to be old enough to open an investment account. However, if you do want to send a gift to a minor, it's best to gift to their guardian. 

What method of payments can I use?

Wealthsimple accepts all major credit cards like Visa, Mastercard, and American Express. For now, we're unable to support Interac or prepaid cards.

Can I cancel a gift card after purchasing?

If you sent a gift card that you'd like to cancel, please contact us as soon as possible. You can only cancel a gift if it has not been redeemed by the person you sent it to.

Does it cost anything to send a gift card?

When you send a gift, there is a fee added to your total gifted amount of 2.9% + 30c. This covers the credit card fees associated with processing the transaction so the recipient of the gift doesn't pay anything when they redeem the gift.

When will my credit card be charged?

Your credit card will be charged immediately after completing checkout, even if you have scheduled your gift to be delivered at a later date.

Can I send myself a gift card?

No. That’d be like wrapping up and gifting yourself the french press you’ve used every morning for the past year.

Do I have to be a Wealthsimple client to send a gift card?

If all you're doing is sending a gift, then you don't need to be a Wealthsimple client. The person receiving the gift will have to open a Wealthsimple account to redeem it if they are not already an existing client.

Can I deliver the gift card at a later date?

After you've chosen who you want to receive the gift, you can click the “Delivery date” button to schedule the gift to be sent automatically on a future date. When that day comes, we'll automatically send the gift to your friend, and also send you an email letting you know your gift has been delivered.

How long does it take for the recipient to get their gift card?

Once the recipient of your gift has redeemed it, the gift amount will be reflected in their Wealthsimple account within a few business days.

What happens after I purchase a gift card?

Your friend will receive an e-mail with your personal gift message notifying them that they received a gift. They'll then be able to redeem the gift directly into one of their existing Wealthsimple accounts, or, can use the gift to fund a new account at the time of redeeming their gift.

Are there any tax implications for sending or receiving gift cards?

It's great to give and receive gifts, just be sure you do it correctly to avoid the gift becoming a tax burden. Make sure you consult with your accountant or tax professional ahead of time or you might end up with an unexpected tax bill.

Do gift cards expire if they are not redeemed in a certain amount of time?

Gifts do not expire.

What type of accounts can gift cards be deposited into?

Gifts can be deposited into RESP, RRSP, Joint, and Personal accounts.

I put the wrong email address in for the receiver of the gift card. What can I do?

Please contact our support team at your soonest convenience and we can help make sure your gift gets to the person you intended!

Can I check the balance on my gift card?

When you redeem a gift card with Wealthsimple, you are redeeming the value of the card in full so there won't ever be a leftover balance to check.

Is there a limit on the value of a gift card I can send?

You can send a gift card up to $10,000. If you'd like to send a gift for more than that, please contact us and we can help facilitate.

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