Wealthsimple Premium overview

Wealthsimple Premium is a premium status for clients who have net deposits of at least $100,000 or have total assets (including Managed investing, Stocks & ETFs, Crypto, Cash and Save accounts) of at least $100,000 — whichever is higher.

Whether you’re a long-time client whose portfolio value has gone up over time, or a brand-new client transferring to us, you'll have the opportunity to qualify for the Premium status.

For example, you would meet the $100k threshold for Premium if you have

  • $10k in your Managed RRSP,
  • $10k in your Managed Personal,
  • $50k in your Managed Corporate account,
  • $10k in Self-directed TFSA,
  • $10k in Cash, and
  • $10k in Crypto

Benefits

  1. Pay lower fees

    When you reach Wealthsimple Premium status, your Wealthsimple Managed Investing management fee drops to only 0.4%.

  2. Earn 3.75% interest in your Cash account

    You will earn 3.75% annualized interest on the balance you hold in your Cash account with Wealthsimple.

  3. Free USD accounts

    You'll get free access to USD accounts as a Premium client. This means that you can opt-in to trade U.S. securities without the conversion fee on every order.

  4. Access to Private Credit and Private Equity investing

    You'll become eligible to start investing in Private Credit and Private Equity.

  5. Tax-loss harvesting

    Harvest investment losses to get tax savings. 

  6. Priority service

    Get answers to all your questions – fast. When you contact our support team, we’ll redirect you to a dedicated team for our Wealthsimple Premium clients. They’re equipped to handle your questions quickly or connect you with our portfolio managers for more financial support.

  7. Personalized financial planning

    You can set up unlimited sessions with our team of experienced portfolio managers to discuss your financial goals.

  8. 30% off Medcan’s Year-Round Care plan and 20% off Medcan's Annual Health Assessment (Ontario only)

    Medcan’s Year-Round Care plan provides members with urgent medical care for everyday health concerns. The annual membership fee covers all uninsured services related to Year-Round Care. For a full list of services, see here.
    Learn more about Medcan's Annual Health assessment here. 

  9. Free access to Wealthsimple Plus tax plan

    Get great bonus features like audit protection and priority email support for free. Learn more.  

See a full list of our benefits.

If you're an existing Wealthsimple Premium client and would like help getting set up with any of these benefits, please feel free to reach out to our support team.

Frequently asked questions

How do I check how close I am to Wealthsimple Premium status?

You can view your progress bar by following these steps:

  1. Log in to your Wealthsimple mobile app
  2. Tap the Profile icon at the top-right of the screen
  3. At the top of your profile, tap the progress bar
  4. Here, you will see how close you are to reaching Premium status

Note: Once you make a deposit that crosses the $100k threshold, the upgrade can take at least 1 business day to process. You will be notified once your upgrade is complete and you can start accessing your new benefits.

 

How do you calculate net deposits?

We calculate net deposits by adding up the total amount of money you deposit or transfer into all of your Wealthsimple accounts (including Managed investing, Stocks & ETFs, Crypto, Cash and Save accounts). Your net deposits won't decrease if the value of your portfolio decreases due to market fluctuations. However, your net deposit will decrease if you withdraw or transfer out funds from your accounts.

What happens if my net deposits and my total assets go below $100,000?

If both your net deposits and total assets with Wealthsimple fall and stay below the $100,000 minimum, you will be subject to a change in status. Learn more about Premium client status downgrades.

You must have $100,000 in net deposits or total assets across all of your Wealthsimple accounts to keep your Premium client status. 

How can I set up a financial planning session?

If your advisor feels you would benefit from a financial planning session, they will help you set one up during your initial call with them. A financial planning session is a conversation with one of our experienced portfolio managers. They might focus on a few different areas, depending on your goals.

  1. To start, we'll send you a worksheet asking you to share some details about your financial situation. Once completed, we'll be able to speak to the overall health of your financial situation.
  2. We'll check whether you're on track to achieve your financial goals (and provide some recommendations on how to get back on track if needed). For example, if you're hoping to retire at a certain age, or make a big purchase in the future - we can check whether you're on track and, if required, help you plan for and recommend any adjustments to help you get there.
    We can also help you plan a retirement income strategy that will provide you with the most benefit - such as minimizing taxes.
  3. After the session, we'll send you a financial plan document so you have something to reference both during the session and afterwards. This is a living document and will change and grow along with you.

How do I access the Medcan benefit?

Follow the instructions below when you reach Wealthsimple Premium status:

  1. Open your Wealthsimple mobile app.
  2. Tap your Profile icon in the top right corner.
  3. Scroll down to Claim your benefits. 
  4. Find the Medcan card by scrolling left. 
  5. Tap the arrow to continue to activate your plan.

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