Overview
To open an account with Wealthsimple, you must meet the following requirements:
- Live in Canada as a Canadian citizen or with a valid Canadian Visa
- Meet the minimum age requirement for your province or territory
- Have a valid Social Insurance Number (SIN)
- Have a valid phone number
- Meet identity verification requirements for non-registered accounts
If you meet these requirements, you can continue to set up a Wealthsimple profile.
Residency
You must live in Canada to open an account with Wealthsimple. Wealthsimple isn't licensed to hold accounts for individuals living outside of Canada, including Canadian citizens living abroad.
Age requirements
Each Canadian province and territory has a minimum age requirement to open an investment account. Wealthsimple isn't licensed to hold accounts for individuals who don't meet the age requirements below:
| Province | Age |
|---|---|
| Alberta, Manitoba, Ontario, Prince Edward Island, Quebec, Saskatchewan | 18 |
| British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Yukon | 19 |
Social Insurance Number (SIN)
We require a valid SIN for tax reporting purposes to the Canada Revenue Agency.
Phone number
You must have a valid cellular or landline phone number. You'll be prompted to verify your phone number when you create your account.
Identity verification for non-registered accounts
For non-registered accounts, we'll need to verify your identity to protect your account and comply with anti-money laundering regulations.
How identity verification works
During signup, we'll automatically verify your information with a credit reporting agency. If your details match, you're all set. If there are any discrepancies, our team will reach out to:
- Double-check the information to make sure it wasn’t entered incorrectly.
- If necessary, we’ll ask you to provide extra documentation (like a utility bill, T4, or Notice of Assessment).
For more details on identity verification, check out the Financial Transactions and Reports Analysis Centre of Canada website.
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. 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 require your SIN. This is a soft credit check and doesn't allow us to check your credit score.
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