Set up automate your pay

Overview

The automate your pay feature lets you automatically invest or transfer funds directly from your paycheque after you've set up direct depositing 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, trading, 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.

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 won't 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

How to set 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 the Wealthsimple app
2. Tap the chequing account where you receive your paycheque
3. Under Your pay, tap Set up
   • If your chequing account hasn't received a direct deposit yet, you'll see Unlock automations with direct deposit. Tap Set up direct deposit to get started.
4. On the Automations screen, choose what you want to automate: Transfer money between accounts, Invest in stocks or ETFs, or Buy crypto — without the fees
5. On the Create automation screen, choose the account you want to use, then tap Next
   • For stocks or ETFs, also choose the stock or ETF you want to buy
   • For crypto, also choose the cryptocurrency you want to buy
6. Enter the amount you want to automate, then tap Next
7. Review your details and tap Confirm to set up your automation

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 the Wealthsimple app
2. Tap the chequing account where you receive your paycheque
3. Scroll down to Your pay and tap your automation summary
4. Tap the Settings (gear) icon in the top right corner
5. Tap Paycheque
6. Choose which paycheque sources you want to run automations for
7. Tap Save to confirm your changes

Pausing and reactivating automations

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

1. Log in to the Wealthsimple app
2. Tap the chequing account where you receive your paycheque
3. Scroll down to Your pay and tap your automation summary
4. Select the automation you want to pause
5. Tap Pause to halt the automation
6. Tap Resume to resume the automation

Editing automations

You can edit your automations. To edit an automation:

1. Log in to the Wealthsimple app
2. Tap the chequing account where you receive your paycheque
3. Scroll down to Your pay and tap your automation summary
4. Select the automation you want to edit
5. You can update the dollar amount or the chosen stock of the automation
6. Tap Save to confirm your changes.

Cancelling automations

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

1. Log in to the Wealthsimple app
2. Tap the chequing account where you receive your paycheque
3. Scroll down and tap your pay
4. Select the automation you want to cancel
5. Select Delete automation
6. Tap Delete automation again to confirm

Frequently asked questions