It sounds like you are opening a non-registered account (i.e., a Personal, Joint or Smart Savings account). These accounts are not registered with the Canada Revenue Agency (CRA), which means that the contributions made are not forwarded to the CRA annually, like they are with a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP).
As a result, we need to confirm your details with a credit reporting agency to make sure we are not dealing with any unsavoury types and to protect our clients identities. If there is a mismatch between the details we have on file for you and what our credit reporting agency has on file, we require additional identity verification documents. These include original PDF copies of utility/phone/internet bills, T4s or Notice of Assessments (unfortunately, we cannot accept scans or photos of these documents), in addition to a full PDF bank statement. These documents help us prove who you are!
If you are fairly young or recently immigrated to Canada, it's possible that you do not have an existing file with our credit reporting agency or you have only been on file with them a few short months. In those cases, we will need additional documentation as well!
For a full list of documents Wealthsimple can accept or for more information on the identity verification process in Canada, please see this article on the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) website.