Overview
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.
You can open both managed and self-directed investing non-registered accounts with Wealthsimple. Both account types are available as individual and joint accounts.
You can open:
- multiple individual and one joint managed accounts
- up to 8 individual self-directed accounts
- up to 8 joint self-directed accounts
Joint 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 as they please. Learn about reporting the interest earned in joint accounts.
Open an individual or joint 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
Managed portfolios
- Log in to your Wealthsimple account
- Under Accounts, scroll down and select + Add an account
- Choose Non-registered from the account menu
- Select Next
- From the next menu, choose Managed portfolios
- Select Next
- Choose who will use this account: You or You and someone else
- Select Next
- Follow the prompts to open your non-registered account
Self-directed investing
- Log in to your Wealthsimple account.
- Under Accounts, scroll down and select + Add an account
- Choose Non-registered from the account options menu
- Select Next
- From the next menu, choose Self-directed investing
- Select Next
- Choose who will use this account: You or You and someone else
- Select Next
- Follow the prompts to open your non-registered account
Taxes on interest in joint non-registered accounts
You will have to claim any interest earned during tax season for joint accounts. For more information on when your tax documents will be ready, you can reference this article. Once your tax documents are ready, you can find them directly through your Wealthsimple account.
To learn about tax implications and tax slips for joint accounts, check out this article.
Frequently asked questions
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.
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.
Can I set up a recurring investment into a joint self-direct non-registered account?
If you don't have USD account enabled, yes, you can set up a recurring investment.
If you have USD accounts enabled, you can't set up a recurring investment. The recurring investment will fail due to technical limitations that we're working to resolve.
Comments
0 comments
Article is closed for comments.