Overview

Extended time abroad can impact your Canadian residency status, according to Wealthsimple’s regulators.

Who can have an account at Wealthsimple

Wealthsimple is only licensed to support accounts for clients physically present in Canada, as required by the Ontario Securities Commission and Canadian Investment Regulatory Organization. Even if you are a Canada Revenue Agency (CRA) tax resident, you may still be considered a non-resident from a securities standpoint.

Since Wealthsimple is registered solely in Canada, we can’t manage accounts for clients who are abroad for extended periods of time. We may classify you as a non-resident until you return.

Criteria for non-residency status

We assess residency status based on significant time spent outside of Canada. This includes:

• Personal leave
• Vacations
• Snowbirding
• Studies
• Work assignments

We classify clients who are away for extended periods of time as non-residents from a securities standpoint, regardless of their CRA tax residency.

Options if you’re a non-resident

If you’re a non-resident of Canada, you must decide what to do with your assets. There are 3 options to consider:

1. Put a hold on your account and keep your assets with Wealthsimple.
2. Liquidate your holdings and withdraw the funds to a bank account on file.
3. Transfer your Wealthsimple accounts to an institution that supports non-residents.

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

Put a hold on your account

The following restrictions and permissions apply to your managed, self-directed, and Cash accounts once we restrict your Wealthsimple profile due to non-residency:

• You can log in and view your portfolio balance.
• You won’t be able to make deposits, withdrawals, buy new assets, rebalance, or trade within your accounts.
• To access your funds, you must contact our client support team.
  
  Note: The Wealthsimple mobile app and website will still allow you to make a deposit, withdrawal, and transfer. However, we won't process these activities without help from client support.
• You can’t buy or sell any assets on Wealthsimple. To sell an asset or make a withdrawal, please contact our client support team and they’ll temporarily lift the restriction on your profile.
• You will continue to receive dividends. However, these will remain as cash and we won't reinvest them into the portfolio.
• Your current investments will continue to fluctuate with the market.

Reinstating your account as a resident

Upon your return to Canada, please contact our client support team to update your residency status. You must:

• inform our support team of your return,
• provide your proof of residency, and
• re-sign electronic tax forms.

Once we confirm your return to Canada, we’ll reinstate access to your accounts.

Frequently asked questions