Overview
You can close your Wealthsimple profile directly from the app or website.
Before you close your profile, you must do the following:
- Cancel any pending deposits
- Withdraw your funds to a linked bank account or transfer them to another institution
- Cancel any auto-deposits
- Cancel any outstanding orders
Once your account balance is $0, you can close your Wealthsimple profile.
How to close your profile
Follow these steps to close your profile:
- Log in to your Wealthsimple mobile app
- Tap the Profile icon at the top-right of the screen
- Tap the Settings (gear) icon in the top right corner
- Choose Personal information
- Scroll down and tap Delete profile
- Review the steps you must take before deleting your profile, then tap Next
- Tap Delete profile
- Tap Delete profile to confirm
- Log in to your Wealthsimple profile
- Select your Profile icon in the top-right corner
- Select Settings from the menu
- Select Personal information from the options
- Scroll down and select Delete profile
- Select Delete profile to confirm
Legal and data retention requirements
We're required to keep records of your personal information for up to 7 years in accordance with our regulatory obligations. This is a requirement from the Government of Canada and is in compliance with the Income Tax Act.
Wealthsimple Investments Inc. is a registered investment dealer in each province and territory of Canada and a member of the Canadian Investment Regulatory Organization (CIRO). As a member of CIRO, under section 3803 of the Investment Dealer and Partially Consolidated Rules, a Dealer Member must retain copies of all records in a safe location required under CIRO requirements, in a durable and accessible form, for a minimum of seven (7) years from the date the record is created.
When an account is opened with us, we are required to fulfill our obligation under section 3803. These records will have to be maintained for a minimum of 7 years.
Wealthsimple is also required to maintain certain records for a minimum of five (5) years following account closure under anti-money laundering and terrorist financing laws and regulations. If you would like more information on this, you can review the Government of Canada's webpage about record keeping requirements for financial entities.
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