In this article:
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 non-registered account,
- $100,000 in your managed Business account,
- $50,000 in a trading TFSA,
- $50,000 in a chequing account, and
- $50,000 in crypto.
Wealthsimple Generation benefits
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Pay lower fees:
- Generation clients' management fees range from 0.4% for clients with $500,000 to 0.2% for clients with $10,000,000. See how your management fee is calculated for the full breakdown by balance.
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Earn 2.25% interest in your chequing account:
- You'll earn 2.25% annualized interest on the balance you hold in your Wealthsimple chequing account.
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Free USD accounts:
- Upgrade to free USD accounts and unlock the ability to trade US securities without the conversion fee on every order. Learn more about using USD accounts.
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Access to the Private Market Fund:
- You'll be eligible to start investing in the Private Market Fund.
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Maximize your tax efficiency:
- You'll get access to tax-efficient features like tax-loss harvesting and tax-efficient funds.
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Priority service:
- Get fast answers to all your Wealthsimple questions. 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:
- 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:
- Learn more about the Wealthsimple Tax Pro plan.
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Free wire transfers:
We don't charge a fee on eligible outgoing wire transfers of $10,000 or more. This benefit applies to both Canadian and US dollar transfers:
- CAD wires: Must be $10,000 CAD or more.
- USD wires: Must be $10,000 USD or more.
- For more information, see how to wire funds from your Wealthsimple account.
See a full list of our benefits.
If you're an existing Wealthsimple Generation client and would like help getting set up with any of these benefits, please contact 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 the Wealthsimple app
- Tap the Profile icon at the top-right of the screen
- At the top of your profile, tap the progress bar
- Here, you'll see how close you are to reaching Generation status
How are my net deposits calculated?
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, trading, crypto, and chequing accounts). Your net deposits won't decrease if the value of your portfolio decreases due to market fluctuations. However, your net deposits will decrease if you withdraw or transfer out funds from your accounts. Borrowing through a portfolio line of credit doesn't affect your net deposits or total assets; only what you own is counted toward your status.
How is my management fee calculated?
Your management fee is based on your net deposits or your total assets across all Wealthsimple products, whichever is higher. If you're part of a Wealthsimple household, we combine your net deposits and assets with your household members'. We apply the lower fee automatically once you qualify.
| Net deposits or total assets | Management fee | Estimated annual fees |
|---|---|---|
| $500,000–$999,999 | 0.4% | $2,000–$4,000 |
| $1,000,000–$2,999,999 | 0.35% | $3,500–$10,500 |
| $3,000,000–$4,999,999 | 0.3% | $9,000–$15,000 |
| $5,000,000–$9,999,999 | 0.25% | $12,500–$25,000 |
| $10,000,000 or more | 0.2% | $20,000 or more |
You only pay the management fee on assets in your managed accounts. The estimated annual fees in the table above assume all your assets are in managed accounts.
For example, if you have $500,000 in trading accounts and $500,000 in managed investing accounts, your total assets are $1,000,000, so your management fee is 0.35%.
If you think you or your household qualify for a lower fee but you're not seeing it, please contact our support team and we'll help you.
Does a portfolio line of credit affect my Generation status?
No. Borrowed amounts from a portfolio line of credit are excluded from both your net deposits and your total assets; only the assets you own are counted toward your status.
Do joint accounts count toward my Generation status?
Yes. Your joint accounts count toward your Generation status. If you'd like to learn more about households under Generation, please contact our support team. You can also learn how to create a Wealthsimple household.
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, your status will change.
How do I access the Medcan benefit?
Follow the instructions below when you reach Wealthsimple Generation status:
- Log in to the Wealthsimple app
- Tap the Profile icon in the top-right corner
- Tap the Being Generation has earned you card
- Scroll down to Partner Perks
- Tap Get discounted services from Medcan
- Tap Activate your plan
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