Choose an account to open

Wealthsimple offers a range of accounts to help you grow your wealth. If you’re not sure which account is right for you, consider reaching out to our support team. They can connect you with our team of fiduciary advisors for help.

Account type	Registered or non-registered	Available as a managed account	Available as a self-directed account	Available as a savings account
Non-registered	Non-registered	Yes	Yes	No
TFSA	Registered	Yes	Yes	No
RRSP	Registered	Yes	Yes	No
Spousal RRSP	Registered	Yes	No	No
FHSA	Registered	Yes	Yes	No
RRIF	Registered	Yes	Yes	No
LIRA	Registered	Yes	Yes	No
Crypto	Non-registered	No	Yes	No
RESP	Registered	Yes	No	No
Cash	Non-registered, standalone account	Not applicable	Not applicable	No
Business	Non-registered	Yes	No	Yes

Registered vs. non-registered accounts

A registered account is an account that is registered with the Canada Revenue Agency (CRA) using your social insurance number (SIN). Registered accounts often have tax benefits, although they also come with certain restrictions, like contribution limits.

A non-registered account is an account that is not registered with the government. With non-registered accounts, there are no contribution limits, no penalties, and no limits to how many you can open. However, you are taxed on every dollar you earn, including capital gains, interest, and dividends.

Self-directed vs. managed accounts

Self-directed accounts are accounts for trading stocks and crypto. You can choose the assets you’d like to invest in.

Managed accounts use a pre-determined investing strategy. When you open a managed account, we ask you a series of questions to understand your timeframe and risk level. We’ll use this information to automatically invest your funds in a portfolio that matches your investment goals.

If you’re not sure whether managed investing or self-directed investing is right for you, check out our guide to choosing between managed or self-directed investing.

Accounts offered by Wealthsimple

Non-registered

A non-registered account (or joint account) has no limits on contributions, nor any withdrawal restrictions. All the interest, dividends, and capital gains that you earn in a non-registered account will have an impact on your tax reporting.

People often use this type of account once they have hit their contribution limit in their RRSPs and or TFSAs.

When you open a non-registered account, we have to take a few extra steps to verify your identity as these accounts are not registered with the Canada Revenue Agency (CRA). We perform this extra step of verification to protect our clients' identities and for anti-money laundering (AML) purposes.

Learn more about opening a non-registered account.

Tax-Free Savings Account (TFSA)

The tax-free savings account (TFSA) is designed to help you save and invest money without paying tax on the gains.

Although it is called a ‘savings’ account, a better name for it would be an ‘investment’ account since you can invest money in all kinds of investment products from within a TFSA.

There is a limited amount you’re allowed to contribute to a TFSA each year.

Learn more about opening a TFSA.

Registered Retirement Savings Plan (RRSP)

A registered retirement savings plan (RRSP) account is designed to help Canadians save for retirement.

The money you contribute to your RRSP is tax-deductible. This means you can subtract the amount you contribute from your income and pay less in income taxes.

Besides saving for retirement, you can also use funds from your RRSP to buy a home or even fund your education. When you open an RRSP in a managed account, we’ll automatically invest your funds for you based on your risk profile.

Learn more about opening a RRSP.

Spousal RRSP

A spousal registered retirement savings plan (Spousal RRSP) is an RRSP that can help lighten the tax load for couples with a big income disparity.

It helps you pool your retirement savings so that the higher-income earner doesn’t have a large pile of retirement savings in their RRSP while the lower-income earner has a small pile.

Your individual contribution limit remains the same whether you have an RRSP, a Spousal RRSP, or both.

Learn more about opening a Spousal RRSP.

First Home Savings Account (FHSA)

An FHSA is a Tax-Free First Home Savings Account, designed to help Canadians save for their first home purchase.

Like RRSPs, the contributions to this account type are tax-deductible. However, unlike an RRSP, when you withdraw funds under the Home Buyer’s Plan in an RRSP, you do not have to pay back the funds you withdraw within a certain period.

Learn more about opening an FHSA.

Registered Retirement Income Fund (RRIF)

A Registered Retirement Income Fund (RRIF) is a registered account that holds income that you'll use when you've reached retirement. It’s essentially a basket of investments that earns money during your retirement.

RRIFs typically start out as RRSPs. Note, that you must convert your RRSP to an RRIF by the time you turn 71.

Learn more about opening a RRIF.

Locked-in Retirement Account (LIRA)

If you have a pension from a former employer but are not retired, you’ll need a LIRA (or an LRSP). You can't contribute to a LIRA, but you can take advantage of Wealthsimple's investment strategy for the funds in your account.

You must convert your LIRA to a Life Income Fund (LIF) by the time you turn 71.

Learn more about opening a LIRA.

Crypto

Crypto accounts are a simple and secure way to buy and sell cryptocurrencies through a non-registered account.

Learn more about opening a Crypto account.

Registered Education Savings Plan (RESP)

A Registered Education Savings Plan lets you put money aside for a child's education. Contributing $2,500 per year will get you the full Canada Education Savings Grant (CESG). The CESG matches 20% of your contributions to an RESP up to a maximum of $500 per year. There are additional grants available for low to moderate income families and residents of certain provinces.

Learn more about opening a RESP.

Cash

You can pay for things using the Wealthsimple Cash card (individual Cash account only) and send and receive money from friends in the Cash app. Some other features include -

Learn more about opening an individual or joint Cash account.

Business

You can open a non-registered investment or Save account under your business’s name.

Learn more about opening a Business account.