In this article:
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
- Pass our identity verification checks
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.
- We support mobile, landline (home phone), and fixed VoIP phone numbers.
- We support phone numbers from Canada and the U.S.
Identity verification
We verify the identity of every client who opens a Wealthsimple account. This protects your account and helps us comply with Canadian anti-money laundering regulations.
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. We also verify your identity with a third-party credit reporting agency to follow FINTRAC identity verification rules, and your SIN is part of that check. This is a soft credit check and doesn't allow us to check your credit score.
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