After setting up a direct deposit, you can choose to automatically invest your paycheque with Wealthsimple’s Pay Yourself First 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 or investment account. 

How it works

Select an account
When you set up automatically investing your paycheque, you will first select an account. This account will be where we deposit funds from your automatic investment every time your direct deposit comes in. 

You can choose to automatically invest funds into a managed account or a trading account: 

• Auto-investing into a managed account: Wealthsimple will automatically invest funds set up to a managed account based on your existing portfolio.
• Auto-investing into a DIY trading or crypto account: Wealthsimple will automatically transfer funds to your trading account’s cash balance or into a security of your choosing. If you transfer funds into your account’s cash balance, you can immediately buy securities in your trading account.

Select a dollar amount 
Next, you will select a dollar amount. The dollar amount can be any amount, but should not be any more than the total value of your direct deposit. If a direct deposit of less than $10.00 comes into your Wealthsimple account, your funds will not automatically be invested. 

After the initial set-up
Once your auto-deposit is set up, your funds will automatically move or invest for you as soon as your direct deposit payment arrives as long as the direct deposit arrives within market hours. Depending on when your direct deposit lands, stocks and ETFs may be bought when the market opens on the next business day. Funds are never moved or invested before your direct deposit comes through.

Auto-investing your paycheque 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.

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

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

Set up auto-investing your paycheque

To set up an automatic investment, follow these steps: 

1. Log in to your Wealthsimple mobile app
2. Tap the Profile icon at the top-right of your screen
3. Tap Automations
4. Select the Auto-invest your pay menu item
5. Tap Set up auto-invest
6. Choose an Account, an Amount and a Method
7. Tap Next
8. Review your details and Confirm your auto-deposit

Cancel auto-investing your paycheque

You can cancel auto-investing your paycheque at any time. To cancel it, follow these steps: 

1. Log in to your Wealthsimple mobile app
2. Tap the Profile icon at the top-right of your screen
3. Tap Automations
4. Select the Auto-invest your pay menu item
5. Tap the auto investment that you wish to cancel
6. Select Delete auto-investment
7. Tap Delete