When you open a Wealthsimple Cash account, you're opening an account with Wealthsimple's custodial broker, Canadian ShareOwner Investments. As a financial institution, we must adhere to FINTRAC guidelines - including gathering information to verify your identity. For your Wealthsimple Cash account, we verify your identity with a third-party credit reporting agency. No credit checks occur and your credit report won't be affected in any way.
If the information we collect during the account opening process isn't sufficient, we'll sometimes ask you to upload an additional document so we can verify your identity.
We take protecting your personal information very seriously. We use state-of-the-art security to protect your data. As long as you are using a secure, home wi-fi connection, the safest way to add your personal information is directly in the app.