A Registered Retirement Savings Plan (RRSP) is an account designed to help Canadians save for retirement. When you put money in an RRSP, you don’t have to pay tax on any interest, dividends, or capital gains you earn. There is a limited amount you can contribute to an RRSP every year.
Before you begin
- You can open both managed and self-directed RRSPs with Wealthsimple.
- You can open as many RRSPs as you like.
- When you open a managed RRSP, you can choose a risk level. You can update your risk level at any time.
Open an RRSP
- Sign in to the Wealthsimple app on your mobile device
- Scroll down to My accounts and tap Add an account
- Follow the prompts to open the RRSP
Open a managed RRSP
- Log into my.wealthsimple.com and sign in to your Managed Investment & Save profile
- Select Add or transfers an account
- Choose No, I’ll start with a new Wealthsimple account
- Select RRSP from the account menu
- Follow the prompts to finish setting up your RRSP
Open a self-directed trading RRSP
- 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 RRSP
- 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.
Can I have more than one RRSP on Wealthsimple?
Yes, you can open multiple managed RRSPs. You are only able to open one trading RRSP.
Can I have an RRSP with Wealthsimple if I already have another RRSP elsewhere?
Yes, you can have as many RRSPs as you wish, as long as your total contributions do not go over your contribution limit.
Can I open a Spousal RRSP?
Yes, check out this article to learn how.
Can I convert another account into an RRSP?
No, converting accounts is not possible. If you wish to move funds from another account to an RRSP, you may be able to set up an internal transfer. If you are withdrawing funds from a registered account to transfer into your RRSP, there may be tax implications.
What are the fees in a managed RRSP with Wealthsimple?
Wealthsimple’s standard management fee is 0.5% for all managed accounts. For accounts over $100,000, this fee drops down to 0.4%. To learn more about fees, click here.
How long after I put funds into my managed account are they invested for me?
Once you make a deposit to a Wealthsimple Invest account, it takes up to three days to invest your funds.
Can I hold cash in my managed RRSP instead of investing my funds?
No, there is no option to hold cash in Invest accounts. However, you can consider moving your portfolio to our high-interest savings ETF option for a no-risk investing alternative.
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