Overview
Wealthsimple Generation is a premium status for clients who have net deposits of at least $500,000 or total assets of at least $500,000, whichever is higher.
You can qualify for Generation status whether you're a long-time client whose portfolio value has increased over time, or a new client transferring to us.
For example, you'd meet the $500,000 threshold for Generation if you have:
- $100,000 in your managed RRSP,
- $150,000 in your managed Personal,
- $100,000 in your managed Corporate account,
- $50,000 in self-directed TFSA,
- $50,000 in a chequing account, and
- $50,000 in crypto.
Wealthsimple Generation benefits
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Pay lower fees:
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Generation clients' management fees range from 0.4% for clients with $500,000 to 0.2% for clients with $10,000,000. To find out which rate you qualify for, please contact us.
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Earn 2.25% interest in your chequing account:
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You'll earn 2.25% annualized interest on the balance you hold in your Wealthsimple chequing account.
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Free USD accounts
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Upgrade to free USD accounts and unlock the ability to trade U.S. securities without the conversion fee on every order. Learn more about using USD accounts.
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Access to Private Credit and Private Equity investing:
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You'll be eligible to start investing in Private Credit and Private Equity.
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Maximize your tax efficiency:
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You’ll get access to tax-efficient features like tax-loss harvesting and tax-efficient funds.
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Priority service:
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Get answers to all your Wealthsimple questions – fast. When you contact our support team, we’ll prioritize your request and connect you with a specialized agent. They’re equipped to handle your questions quickly or connect you with our advisors for more financial support.
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Partner milestone rewards:
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Unlock a reward of your choice with one of our partners once you reach $200,000 in assets and at every $100,000 milestone after that. Learn more about partner milestone rewards.
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Medcan benefits:
- Get 40% off Medcan’s Year-Round Care plan, which provides members with urgent medical care for everyday health concerns. The annual membership fee covers all uninsured services related to Year-Round care. Learn more.
- Get 30% off Medcan's Annual Health Assessment (Ontario only).
- Get 15% off Medcan's Dedicated Care (Ontario only).
- Get 15% off Medcan's M Care (Ontario only).
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Free access to the Wealthsimple Tax Pro plan:
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Learn more about the Wealthsimple Tax Pro plan.
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If you're an existing Wealthsimple Generation client and would like help getting set up with any of these benefits, please feel free to reach out to our support team.
Frequently asked questions
How do I check how close I am to Wealthsimple Generation status?
You can view your progress bar by following these steps:
- Log in to your Wealthsimple mobile app
- Tap the Profile icon at the top-right of the screen
- At the top of your profile, tap the progress bar
- Here, you will see how close you are to reaching Generation status
Note: Once you make a deposit that crosses the $500,000 threshold, the upgrade can take at least one business day to process. You'll be notified once your upgrade is complete and you can start accessing your new benefits.
How do you calculate net deposits?
We calculate net deposits by adding up the total amount of money you deposit or transfer into all of your Wealthsimple accounts (including managed investing, self-directed, crypto, and chequing accounts). Your net deposits will not decrease if the value of your portfolio decreases due to market fluctuations. However, your net deposit will decrease if you withdraw or transfer out funds from your accounts.
I have some or all of my $500,000 in a joint account; will I qualify for Wealthsimple Generation status? Does the other account holder?
If you’d like to learn more about households under Generation, please reach out to our support team.
What happens if my net deposits and my total assets go below $500,000?
If both your net deposits and total assets with Wealthsimple fall and stay below the $500,000 minimum, you will be subject to a change in status.
How do I access the Medcan benefit?
Follow the instructions below when you reach Wealthsimple Generation status:
- Open your Wealthsimple mobile app
- Tap your Profile icon in the top right corner.
- Scroll down to Claim your benefits.
- Find the Medcan card by scrolling left.
- Tap the arrow to continue to activate your plan.
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