Protecting our clients’ assets is our top priority. As a client of Wealthsimple, you are entitled to insurance coverage so that your money stays your money.

Here are the different types of coverage we offer by product to help keep your assets safe.

Wealthsimple Managed and Self-directed accounts

• For Wealthsimple investing clients, our affiliated custodial broker, Wealthsimple Investments Inc., is a member of the Canadian Investment Regulatory Organization (CIRO) and customer accounts are protected by the Canadian Investor Protection Fund (CIPF) within specified limits. You can learn more here. In the extremely unlikely event that Wealthsimple were to go out of business, your account would remain safe. All securities are beneficially held under your name, which means you could choose to keep your money with Wealthsimple Investments Inc. or transfer it to a new advisor or your bank account. 

Wealthsimple Crypto accounts

• We hold your crypto in trust, which means in the unlikely event something happens to us, your crypto is protected. This is because property held in trust is protected from claims by creditors. 
• We hold the majority of our clients’ crypto with regulated third-party custodians that specialize in crypto custody, have appropriate insurance and sufficient capital – in turn reducing risk for all our crypto clients.
• Our affiliated custodial broker for crypto clients, Wealthsimple Investments Inc., is a member of the Canadian Investment Regulatory Organization (CIRO) which means the cash balance held within customer accounts is protected by the Canadian Investor Protection Fund (CIPF) within specified limits. Learn more about the CIPF.

Wealthsimple Cash and Save accounts

• For Wealthsimple Cash, joint Cash, and Save clients, any balance in your account(s) is held in trust for you with members of the Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation. CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. 
• We have partnered with a number of tier 1, CDIC-member, regulated Canadian financial institutions to take advantage of a combined CDIC eligible coverage amount (up to $1,000,000 CAD) for our clients in their Cash account.
• This means that we hold our clients’ Cash account balances over $100,000 CAD in trust with multiple members of the CDIC, allowing the extension of coverage to funds in your cash account for up to $1,000,000 CAD, against failure of any of Wealthsimple’s partner banks.
• The funds in your Save account are eligible for up to $100,000 in coverage less the balance you hold in your Wealthsimple Cash account.

Let’s walk through two examples:

Although Wealthsimple is not a CDIC member institution, under the trust framework CDIC insures eligible cash balances up to $100,000 per beneficiary, per member institution provided certain disclosure rules are met. 

For Cash account holders, Wealthsimple may spread client funds across one or multiple CDIC members in order to extend the CDIC coverage to up to $1,000,000 for eligible deposits. Coverage is free and automatic.

Full details about our regulated products, entities and coverage can be found on our legal page here.

Terms and conditions

Our Cash product is offered by Wealthsimple Investments Inc. (“WSII”), a member of the the Canadian Investment Regulatory Organization (“CIRO”), and Wealthsimple Payments Inc., a FINTRAC registered money services business. The funds added to Cash account(s) (the “Funds”) are ultimately held securely in trust in the name of the primary account holder with a single or multiple members of the Canada Deposit Insurance Corporation (“CDIC”). CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. Wealthsimple Payments Inc. and WSII are not CDIC member institutions. Under the trust framework, CDIC insures eligible cash balances up to $100,000 per beneficiary, per member institution, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works. Funds must be spread across at least 10 CDIC member institutions in order for up to $1,000,000 in deposits to benefit from applicable CDIC coverage. The advertised interest rate for the Cash Account is derived from interest earned by Wealthsimple on the funds. The rates are annualized rates, calculated daily, and paid monthly. Subject to change. For more information see here. The Funds are settled with any CDIC member(s) one business day following the date that Funds are reflected in the Account.

The Wealthsimple Mastercard® Prepaid card is issued by KOHO Financial Inc. pursuant to license by Mastercard International Incorporated. All terms applicable to the Cash Card and all applicable fees and transaction limits with respect to the Cash Card and the services may be found in the Wealthsimple Cash Mastercard® Prepaid Card Cardholder Agreement between you and KOHO Financial Inc. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.