Overview

If you become a non-resident of Canada for tax purposes, you must withdraw or transfer your group account funds out of Wealthsimple—even if you remain employed by the same company.

Wealthsimple is currently licensed only to serve Canadian residents. If your tax residency changes because you've moved abroad, you'll no longer be eligible to hold your group savings accounts with us.

This is a specific limitation of Wealthsimple, not a general investment regulation. You may be able to hold these Canadian accounts at another financial institution that supports non-residents.

Eligibility

To maintain a group account at Wealthsimple, you must:

• Be a resident of Canada for tax purposes.
• Notify us if your residency status changes.

What to do if you're moving

If you're planning to leave Canada or have already become a non-resident, follow these steps to manage your funds:

1. Notify your employer: Inform your HR or payroll department about your change in residency, as this may affect your payroll contributions.
2. Choose a destination for your funds: You can either withdraw the funds to a linked bank account or transfer them to another financial institution that supports non-resident accounts.
3. Start a transfer or withdrawal:
   • Log in to the Wealthsimple app or on the web.
   • Select your group account.
   • Choose the option to Move funds or Transfer to another institution.
   • Follow the prompts to complete the request.
4. Close your account: Once the balance is zero, reach out to our support team to officially close your group account.

Tax implications

We can’t provide tax advice or advise you on what the possible tax implications are. Please speak with a tax professional for all tax-related questions.

Frequently asked questions