Wealthsimple is only licensed to open Canadian accounts for residents of Canada. If you become a non-resident of Canada, you have three options:
- 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.
- 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
What to do if you determine you’re a non-resident
By law, we are required to suspend accounts held by non-residents. If you determine that you are no longer a Canadian resident, please decide if you would like to either hold your accounts, withdraw your funds or transfer your funds to another institution.
Once decided, please reach out to our support team and we can help with updating your accounts.