Overview

The automate your pay feature lets you automatically invest or transfer funds directly from your paycheque after you've set up direct deposit with Wealthsimple. This can help you build a consistent investing habit by regularly moving a portion of your pay into your chosen account. 

How it works

You can set up an automation for as many of your Wealthsimple accounts as you’d like. Each time you receive your paycheque, the specified funds will be automatically invested or transferred according to your settings.  

You can automate transfers or investments into managed, self-directed, or chequing accounts: 

What to consider before setting up an automation

Please consider the information below before you set up an automation:

Automation limits and minimum deposits

• Automation limits: The amount you automate can't exceed your total direct deposit amount. If you set up multiple automations, ensure the total amount doesn't go over your direct deposit.
• Minimum deposit: Automations won't run if your direct deposit is less than $10.00.  

Insufficient funds

If your paycheque amount isn't enough to cover all your automations, all automations will be cancelled, and your entire paycheque will be deposited into your chequing account.  

Time to invest or transfer funds from an automation

Funds are transferred or invested automatically once your direct deposit arrives.  

Stock and ETF purchases through automation occur only during market hours. If an automation is scheduled outside market hours, the purchase will be made when the market opens on the next business day.  

Setting up an automation into a registered account

If you automate transfers to a registered account (like an RRSP, TFSA, or FHSA), be sure to track your contribution room.  Automations will not automatically stop if you exceed your contribution limit.  

For information on finding your contribution limits, see these resources:

• Find your RRSP deduction limit
• Find your TFSA contribution limit
• Find your FHSA contribution limit

Setting up automate your pay

You can set up automations from any individual chequing account you receive a paycheque in.

Here's how to set up an automation: 

1. Log in to your Wealthsimple mobile app
2. Tap the chequing account where you receive your paycheque
3. Tap Automate
4. Tap Get started
5. Create an automation by choosing an Account, a Method, and an Amount to automate
6. Tap Next
7. Review your details and Confirm your automation
8. Tap Create another one to add more automations

Managing multiple paycheque sources

You can set up automations for multiple paycheque sources depositing into the same chequing account. Here’s how:

1. Log in to your Wealthsimple mobile app
2. Tap the chequing account where you receive your paycheque
3. Tap Automate
4. Tap the Settings (gear) icon
5. Tap Paycheque
6. Choose which paycheque sources you want to run automations for
7. Tap Save to confirm your changes

Pausing automations

You can temporarily pause your automations. To pause automate your pay:

1. Log in to your Wealthsimple mobile app
2. Tap the chequing account where you receive your paycheque
3. Tap Automate
4. Tap the Settings (gear) icon in the top right corner
5. Toggle Automations to off to pause your automations

Cancelling automations

You can cancel an automation at any time. To cancel an automation: 

1. Log in to your Wealthsimple mobile app
2. Tap the chequing account where you receive your paycheque
3. Tap Automate
4. Tap the automation you want to cancel
5. Select Cancel automation
6. Tap Cancel automation again to confirm