Overview

When you open a Wealthsimple account, we verify your identity to comply with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) identity verification rules and industry best practices. We first attempt to verify your identity automatically through a 'soft credit check' with a credit reporting agency. This check helps us confirm your personal information and ensure it matches our records. This doesn't allow us to check your credit score. 

If we can't automatically verify your identity, we'll ask you to submit a selfie and a photo of your government-issued ID. This is often necessary if:

• There's a mismatch between the details we have on file and those provided by the credit reporting agency.
• Your credit history is too short.
• You don't have a file with the credit reporting agency.

Verify your identity using a selfie and government-issued photo ID

FINTRAC outlines various methods for identity verification, including the selfie process we use at Wealthsimple. 

In this process, we ask you to

• take a photo of your government-issued photo ID and then
• take a photo of yourself.

You can see an example of what this would look like below: 

Acceptable ID types

We accept the following forms of government-issued photo identification:

• Driver’s license from any Canadian province/territory
• Canadian passport
• Canadian permanent residence card
• Secure Certificate of Indian Status
• Health card (only from British Columbia and Québec)*
• Provincial photo-ID card

Your photo ID must meet the following requirements:

• It can't be expired
• It must include your full legal name as specified on your Wealthsimple profile
• It can't be altered in any way (including stickers placed on the front or back)
• It must be clearly legible, with no obscuring glare
• All four corners of the document must be visible

If you don’t have an acceptable ID that meets the requirements above, select I don’t have these documents to upload alternative documents.

Verify your identity using alternative documents

If you don’t have an accepted Canadian government-issued ID, you can verify your identity with alternative documents.

1. Start the identity verification process.
2. When prompted to upload documents, select I don't have these documents.
3. You'll then be asked to submit 2 documents from the categories below.

Documents we accept

We'll need 2 documents to verify your identity using alternative documents – one from each of the groups below. Make sure your documents are accepted before you upload them. 

Document Group A

• A clear picture of a foreign passport
• A clear picture of a U.S. driver’s license

Document Group B

All of these documents must be submitted as an unaltered PDF, contain all original pages, and be dated from within the past 6 months. The name and address listed must match your Wealthsimple profile’s information.

• A credit card statement
• A bank statement 
• A Canada Revenue Agency (CRA)-issued Record of Employment
• A CRA-issued Notice of Assessment 
• An original and unaltered T4 slip downloaded from an employer 
• An original and unaltered PDF download of a Canadian utility bill (for example, phone, internet, cable, water, gas, and so on)