Overview

We understand you may feel frustrated and confused if we permanently close your account. Please know that any decision to close your account isn't taken lightly.

Like all Canadian financial institutions, Wealthsimple may consider a number of factors when closing an account. This may include a consideration of applicable laws and regulatory requirements, the terms and conditions in our Account Agreements and Terms of Use, and our Client Code. For legal and regulatory reasons, we often can't provide the reason why we made the decision to permanently close your account.

If we have notified you that we're closing your account, our support team can help you with transferring out your assets to another financial institution. They can provide you with account statements after an account closure, but they can't give you more details about why we're closing your account.

What a closure means for your account

If we permanently close your account, you can no longer access your account or open any new accounts with Wealthsimple. This includes all of your accounts, such as managed investing, self-directed investing, and chequing accounts.

How an account closure affects your money

If we permanently close your account, we'll take the necessary steps to return your money to you if you're entitled to those funds. We'll return the funds to the source financial institution or find alternative arrangements if necessary. In certain circumstances, we may not be able to return your funds. For example, if we're legally required to hold the funds. You can find details about the circumstances in which we may freeze funds in our Account Agreements.

Please read the email we sent you and follow any instructions regarding your money and how you may access it.

Common myths about account closures

Myth: Client's accounts are permanently closed without justification. 

Client stories on social media don't always tell the full story. The decision to close an account isn't made lightly. All account closure decisions are made in accordance with our Terms of Use, Account Agreements, or Client Code. For legal and regulatory reasons, we often can't provide the reason why we made the decision to permanently close your account.

Myth: Wealthsimple may close my account if I travel outside of Canada or use a VPN. 

Generally, you can access your Wealthsimple app and accounts while travelling internationally or through a VPN. Per Canadian Investment Regulatory Organization guidelines, residency status is based on where you live, not on the location of your logins. If you move outside Canada, please contact us as required by our account agreement. We'll work with you to update your account accordingly, which may include closing it if necessary.

Myth: Withdrawing money via cryptocurrency or international transfer will automatically lead to my account being permanently closed. 

International transfers and crypto withdrawals are normal client activities. However, like all transactions, these must comply with applicable laws and our Terms of Use and Account Agreements.

Making a complaint

If you believe the decision to close your account was made improperly or in breach of applicable laws, you can file a complaint. Please refer to our complaint handling page for more details.