Overview

Eligibility for a group account is determined by your employer, who acts as the plan sponsor. They set the specific criteria—such as your employee group, tenure, or other conditions—that define who within the organization can join the plan.

While your employer defines who can participate in the program, you must also meet the standard Canadian regulations for the specific account types offered within that program. If you're eligible under your employer's criteria, you can open the same types of accounts available for personal investing.

Eligibility

To participate in a group plan, you must be an active employee and receive a formal invitation from your employer. You must also meet the legal requirements for the specific account type you're opening.

Account requirements

Eligibility requirements for group accounts are consistent with those for corresponding personal accounts:

• RRSP: You can only open an RRSP if you’re under the age of 71.
• TFSA: Anyone eligible to open a Wealthsimple account can open a TFSA.
• FHSA: To open an FHSA, you must:
  • Be a resident of Canada
  • Be at least 18 years old, but no older than 71 years
  • Be a first-time home buyer, as defined by the CRA

If you don’t see all of the options above when opening an account, it means your employer’s specific program doesn’t support the registered account type. However, you can always open personal accounts to meet your other savings goals.