An individual or joint non-registered account is not registered with the government. Unlike registered accounts, non-registered accounts don't have any contribution or withdrawal limits. However, you are taxed on every dollar you earn, including capital gains, interest, and dividends.
Before you begin
- You can open both managed and self-directed trading non-registered accounts with Wealthsimple.
- You can open a managed Joint non-registered, but not a self-directed trading Joint account.
- You can open as many managed non-registered accounts as you would like.
- When you open a managed non-registered or Joint account, you can choose a risk level. You can update your risk level at any time.
To open an individual or joint non-registered account, follow these steps:
- Sign in to the Wealthsimple app on your mobile device
- Scroll down to the bottom of the main account page and tap the Add an account button
- Follow the prompts to open your non-registered account
Open a managed non-registered account
- Log into my.wealthsimple.com and sign in to your Managed Investment & Save profile
- Select Add or transfer an account
- Choose No, I’ll start with a new Wealthsimple account
- Select Non-registered from the account menu
- Follow the prompts to finish setting up your non-registered account
Open a self-directed non-registered account
- Log into my.wealthsimple.com and sign in to your Stocks, ETFs & Crypto profile
- Select Add an account in the center of the main account page
- Select a Non-registered account
- Follow the prompts to open the account
Frequently asked questions
Why is my SIN required to open an account with Wealthsimple?
All registered accounts (such as a TFSA or RRSP) must be registered with the CRA. In order to register these accounts with the CRA, we require your SIN. Additionally, all non-registered accounts require that we verify your identity with a third-party credit reporting agency to follow FINTRAC identity verification rules, which also requires your SIN. Please note that this is a soft credit check and does not allow us to check your credit score.
Who can open an individual or joint non-registered account?
Anyone who is eligible to open a Wealthsimple account can open an individual or joint non-registered account. If you are opening a Joint account, your co-owner must also be eligible to open a Wealthsimple account.
Can I have more than one non-registered account on Wealthsimple?
Yes, you can open multiple individual or joint managed accounts. However, you are only able to open one non-registered trading account.
Can I add a beneficiary to a non-registered account?
No, the Canadian government does not allow beneficiaries to be added to non-registered accounts. Instead, you need to manage this through your estate (i.e. through a will).
Can I convert another account into a non-registered account?
No, converting accounts is not possible. If you wish to move funds from another account to a non-registered account, you may be able to set up an internal transfer.
Can I add a co-owner to an existing non-registered account?
No, you cannot add a co-owner to an existing account. However, you can create a new joint non-registered account and then internally transfer your assets from your non-registered account to your Joint account.