Overview

You can close an individual account on your Wealthsimple profile as long as your account meets certain conditions. Select which account type you'd like to close below for instructions:

• Close an investment account
• Close a margin account
• Close a chequing account

To close your entire Wealthsimple profile, please follow these steps instead.

Close an investment account

If you no longer need one of your investment accounts, you can close it directly through your Wealthsimple profile. Investment accounts include managed, self-directed investing, and savings accounts.

Before closing an account, make sure to do the following:

• Cancel any pending deposits
• Withdraw your funds to a linked bank account or move them to another Wealthsimple account
• Cancel any auto-deposits
• Cancel any outstanding orders

Once your account balance is $0, you can close your investing account on either the app or web:

Close a margin account

Margin accounts are investment accounts, which means the steps to close them are exactly the same as above. However, because margin involves borrowing funds, there are a few extra steps you need to take before your account can be successfully closed.

Before closing a margin account, make sure to do the following:

• Cover your margin balance and accrued interest: Deposit funds to cover any negative balances. The amount deposited should be in the currency of the cash owed (margin loans are paid in their respective USD or CAD balances, while accrued interest is paid in CAD).
• Bring your cash balance to $0.00: Move or withdraw any additional funds so that your available cash balance is $0.00 (excluding any accrued interest). Learn more about how to transfer funds between your accounts or withdraw from your account.
• Unlink connected accounts: If your TFSA or non-registered account is linked to your margin account, it must be unlinked. Learn more about how to unlink your account from your margin account.
• Cancel recurring buys: Any recurring investments set up in your margin account must be cancelled. Learn more about how to cancel recurring investments from your margin account.
• Sell or transfer your holdings: Any securities or ETFs held in the account must be sold or transferred to another non-registered account before closure. If you'd like to transfer them to another non-registered account, please reach out to our support team and let us know which account you'd like them moved to.
• Update your USD subscription billing: If your margin account currently pays for your USD subscription, you'll need to change the billing payment source. Learn more about changing the billing payment source for your subscription. If you don't wish to keep the account, please cancel your subscription (for Core clients only).
• Cancel standard pending activities: Just like standard investment accounts, ensure you cancel any pending deposits, auto-deposits, and outstanding orders.

Close a chequing account

You can close a chequing account on the app or web, regardless of whether you have one or multiple chequing accounts.

If you wish to close a chequing account, follow these steps: