A Personal 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 Personal accounts with Wealthsimple.
- You can open a managed Joint non-registered, but not a self-directed trading Joint account.
- You can open as many Personal accounts as you would like.
- When you open a managed Personal or Joint account, you can choose a risk level. You can update your risk level at any time.
To open a Personal or Joint account, follow these steps:
- Sign in to the Wealthsimple app on your mobile device
- Tap the Invest tab at the bottom of the screen
- Scroll down the bottom of the My accounts section and tap the Add an account button
- Follow the prompts to open your Personal account
You can only open a managed Personal account in the Invest app.
- Open the Invest app on your mobile device
- Choose the Invest tab at the bottom of the screen
- Select the plus sign in the top right-hand corner
- Choose No, I’ll start with a fresh account
- Select Personal from the account menu
- Follow the prompts to finish setting up your Personal account
Open a managed Personal or Joint 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 Personal or Joint from the account menu
- Follow the prompts to finish setting up your Personal or Joint account
Open a self-directed Personal 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 Personal 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.
Who can open a Personal or Joint account?
Anyone who is eligible to open a Wealthsimple account can open a Personal or Joint 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 Personal or Joint account on Wealthsimple?
Yes, you can open multiple Personal or Joint managed accounts. However, you are only able to open one Personal trading account.
Can I add a beneficiary to a Personal or Joint 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 Personal or Joint account?
No, converting accounts is not possible. If you wish to move funds from another account to a Personal or Joint account, you may be able to set up an internal transfer.
Can I add a co-owner to an existing Personal account?
No, you cannot add a co-owner to an existing account. However, you can create a new Joint account and then internally transfer your assets from your Personal account to your Joint account.