Wealthsimple is only licensed to open Canadian accounts for residents of Canada. If you become a non-resident of Canada, you have three options:
- Transfer your Wealthsimple accounts to an institution that is able to support non-residents
- Liquidate your holdings and withdraw the funds to the bank account on file
- Put a hold on your account until a decision is made between the above options. (Accounts can be held indefinitely in their current suspended state.) Holding your accounts as is means you will not be able to continue making deposits, withdrawals, transfers or buy and sell any assets. Any dividends you receive while your account is held will remain as cash and will not be re-invested in the market. Your current investments will continue to fluctuate with the market.
Tip: If you have recently moved and are unsure about whether you are considered a resident of Canada, you may wish to reference the CRA.
This is a limitation of Wealthsimple rather than an investment regulation, so you can hold your Canadian accounts at another institution that supports them.
What to do if you determine you’re a non-resident
If you determine that you are no longer a Canadian resident, please withdraw or transfer out all of your funds to another institution. By law, we are required to suspend accounts held by non-residents.
If you have any further questions or concerns, please reach out to our support team.
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