Auto-invest your pay

In this article:

Overview

After setting up a direct deposit, you can choose to automatically invest your paycheque with Wealthsimple’s auto-invest your pay feature. Automatically investing your paycheque helps you make a habit out of investing by automatically transferring a portion of your paycheque directly into a security, investment, or any Cash account. 

How it works

You can set up an auto-investment for as many of your Wealthsimple accounts as you’d like. Every time you receive your paycheque, your funds will be automatically invested in the accounts you have auto-investments set up for.

You can choose to automatically invest funds into managed, self-directed, or Cash accounts: 

Account type How the funds are invested
Managed account Funds are automatically invested in your managed account.
Self-directed account Funds are automatically transferred to your self-directed account’s cash balance or into a security of your choosing.
Individual or joint Cash account Funds are automatically transferred to your Cash account.

Choose an amount to invest

You can choose any dollar amount, but it shouldn't be any more than the total value of your direct deposit. If you set up multiple auto-investments, check that the total amount doesn’t exceed your direct deposit amount. If a direct deposit worth less than $10.00 is deposited into your Wealthsimple account, your funds will not be invested automatically.

Note: If your paycheque amount is not enough to fulfill your allocated auto-investments (auto-buy and auto-transfer), all your auto-investments for that period will be cancelled and your full paycheque amount will be deposited into your Cash account.

After the initial set up

Once your auto-deposit is set up, your funds will automatically transfer or invest for you as soon as your direct deposit payment arrives.

Note: Auto-buys can only be completed within market hours. Stocks and ETFs will be bought when the market opens on the next business day. 

Auto-invest your pay and contribution limits in registered accounts

If you set up an automatic investment to go into a registered account, make sure you are aware of your remaining contribution room. Automatic investments will not automatically stop if your contribution limit has been reached.

Tip: Monitor the contribution limit for your registered accounts and set a reminder to cancel your automatic investment before your direct deposit comes through.

For more information on how to find your contribution limits, check out these resources:

Set up auto-invest your pay

To set up an automatic investment, follow these steps: 

  1. Log in to your Wealthsimple mobile app
  2. Tap the Move tab at the bottom of the screen
  3. Tap Automations from the men
  4. Select the Auto-invest your pay menu item
  5. Tap Start auto-investing
  6. Choose an Account and an Amount
  7. Tap Next
  8. Review your details and Confirm your auto-investment
  9. Tap Add an auto-investment to add more auto-investments

Cancel an auto-investment

You can cancel an auto-investment at any time. To cancel an auto-investment: 

  1. Log in to your Wealthsimple mobile app
  2. Tap the Move tab at the bottom of the screen
  3. Tap Automations from the menu
  4. Select the Auto-invest your pay menu item
  5. Tap the auto investment that you wish to cancel
  6. Select Cancel auto-investment
  7. Tap Cancel-auto-investment again to confirm

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