Who can open a Wealthsimple account?

Wealthsimple is only licensed to open Canadian accounts for residents of Canada. If you become a non-resident of Canada, you must decide what to do with your assets. By law, we're required to suspend accounts held by non-residents. 

How to determine if you're a resident of Canada

If you've recently moved and are unsure about whether or not you're considered a resident of Canada, you can reference the CRA's criteria.

Even if you're considered a Canadian resident for tax purposes, you may not be considered a Canadian resident from a securities standpoint and will have to decide what to do with your assets. 

What to do if you’re a non-resident of Canada

If you determine that you're a non-resident of Canada, you must decide what to do with your assets. You have 3 options:

1. Keep your assets with Wealthsimple and put a hold on your account. Holding your accounts as is means you will not be able to make 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.
2. Transfer your Wealthsimple accounts to an institution that is able to support non-residents.
3. Liquidate your holdings and withdraw the funds to the bank account on file.

Please reach out to our support team with your decision and we'll update your account.

Related articles:

• Transfer your funds to a different institution
• Make a withdrawal from your account