In this article:
Overview
If your employer offers multiple account types (like a Group RRSP, Group TFSA, Group FHSA, or DPSP) within their Group Savings Program, you can easily add them to your profile. This allows you to diversify your workplace savings across different tax-advantaged accounts.
If your employer supports this, you can open these additional accounts directly through the Wealthsimple app or on the web without needing a new invitation email.
How to open a new group account
Select your preferred platform below for step-by-step instructions:
- Log in to the Wealthsimple app
- From the Home tab, scroll down and tap Open or move account
- Select Open a new group account
- Tap your desired account from the available options
- Follow the prompts to complete your account opening
- Log in to your Wealthsimple profile on the web
- From the Home page, click the Add an account button
- Select Open a new group account
- Choose the account type you wish to open
- Follow the instructions to finalize the setup
Opening personal accounts outside your employer plan
If you don’t see any other account types available to open, it means your employer’s specific program doesn’t support multiple account types. However, you can always open personal accounts to meet your other savings goals.
Frequently asked questions
If I open multiple accounts, will my employer match contributions to all of them?
Your employer can choose to match contributions to any group accounts included in your plan. For example, if your employer offers both a Group RRSP and a Group TFSA, they can allocate a specific percentage to each. If their maximum match is 3%, they might choose to put 2% into your Group RRSP and 1% into your Group TFSA.
What happens if I accidentally open a personal account instead of a group account?
If you open a personal account by mistake, you can close it and then reopen a group account using your employer’s unique invitation link. If you run into any issues during this process, you can contact our support team for help.
You can tell if an account is a group account because your employer's name will appear next to the account type. You can also verify this by selecting the account and tapping the settings gear icon, where it will display "Group" next to the account type.
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