Overview
A 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 your earnings, including capital gains, interest, and dividends. You can open both individual and joint non-registered accounts.
Types of non-registered accounts on Wealthsimple
You can open managed and self-directed investing non-registered accounts on Wealthsimple.
Individual non-registered accounts
- You can open multiple individual managed accounts.
- up to 8 individual self-directed accounts.
Joint non-registered accounts
- You can open one joint managed account.
- You can open up to 8 joint self-directed accounts.
Joint non-registered account considerations
Joint non-registered accounts have the same permissions for both users of the account so you can flexibly manage your money. This means that both users can
- view the transactions made in the account,
- deposit funds, and
- withdraw funds.
How to open a non-registered account
To open an individual or joint non-registered account, follow these steps:
- Sign in to the Wealthsimple app on your mobile device
- From the Home tab, scroll down and tap + Add an account
- Tap Open a new account
- Choose Non-registered from the account menu
- Choose what you would like to invest in
- Choose who will use this account: You or You and someone else
- Follow the prompts to open your non-registered account
- Log in to your Wealthsimple account
- Select + Add an account from the Home tab
- Choose Non-registered or Joint non-registered from the Investing tab
- Choose how you'll use the account (Managed portfolios or Self-directed investing)
- Tap Next
- Follow the prompts to open your non-registered account
Tax considerations
You will have to claim any interest earned during tax season. Once your tax documents are ready, you can find them directly through your Wealthsimple account.
Frequently asked questions
Why do I have to verify my identity?
When you open a non-registered account, we have to take a few extra steps to verify your identity as these accounts are not registered with the Canada Revenue Agency (CRA). We perform this extra step of verification to protect our clients' identities and for anti-money laundering (AML) purposes.
Can I add a beneficiary to a non-registered account?
No, the Canadian government doesn't allow beneficiaries to be added to non-registered accounts. Instead, you need to manage this through your estate (through a will).
Can I convert another account into a non-registered account?
No, converting accounts isn't 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 can't 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.
What are the rights of survivorship for a joint non-registered account?
Joint non-registered accounts are Tenants in Common (TIC) in Quebec and Joint with Rights of Survivorship (JWROS) in all other provinces.
Do deposits into joint non-registered accounts count towards Premium and Generation client tiers?
All deposits into a joint non-registered account count towards the net deposit requirements for Premium and Generation client tiers for both account owners.
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