Generation client status downgrades

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Overview

You'll reach Generation status if you have at least $500,000 in net deposits or assets, whichever is higher. To maintain Generation status, you must have $500,000 in net deposits or assets at all times.

If your net deposits and total assets with Wealthsimple fall and stay below the $500,000 threshold, your status may change. Before we downgrade your status, we'll give you a grace period so you can top up your account and continue to take advantage of your existing Generation status benefits.

We'll notify you by email and push notification when you enter the grace period, and you'll see your exact downgrade date in that notification. Your grace period lasts 30 days if you fell below the threshold in net deposits, or 90 days if the drop was in assets under management. You can check your exact top-up amount and deadline any time in the Wealthsimple app or on web.

Note: For joint accounts, both the primary and secondary owner see the full account balance count toward their own individual net deposits and assets. A withdrawal from a joint account can affect either owner's status.
Note: If you have a portfolio line of credit, it won't count against your $500,000 threshold. Borrowed amounts are excluded from both your net deposits and your total assets, only what you own is counted.

Entering the top-up grace period

If you fall below the $500,000 threshold and want to maintain your Generation status, you must top up your account before your grace period ends.

To view the date that you must top up your account by:

Wealthsimple app Web
  1. Log in to the Wealthsimple app
  2. Tap the Profile icon in the top right corner
  3. View the amount and date you must deposit by to maintain your status
  1. Log in to your Wealthsimple profile on a computer or laptop
  2. Select the Profile menu in the bottom left corner
  3. View the amount and date you must deposit by to maintain your status

If you don't top up your account to the $500,000 threshold by the end of your grace period, we'll downgrade your status based on your net deposits or assets, whichever is higher.

If you're downgraded to Premium status

If your net deposits or assets are still at least $100,000, you'll move to Premium status.

Complimentary USD accounts

Your USD accounts remain free while you hold Premium status.

Private Credit and Private Equity accounts

We won't make any immediate changes to your holdings across your Private Credit and Private Equity accounts. You can continue making new contributions to these funds while you hold Premium status.

Other fee savings and benefits

A few benefits change when you move to Premium status:

  • Your free access to the Tax Pro plan ends. You'll get free access to the Wealthsimple Plus tax plan instead.
  • Your Medcan discounts adjust to Premium's rates.
  • Free wire transfers on eligible outgoing wires of $10,000 or more end.
  • Your partner milestone rewards stay the same, Premium status offers the same reward structure as Generation status.

See the full Wealthsimple Premium overview for details on your new benefits.

If you're downgraded to Core status

If your net deposits or assets fall below $100,000, you'll move to Core status.

Complimentary USD accounts

To continue using your USD accounts, you need to subscribe to our USD subscription plan for $10 CAD per month. We'll prompt you to update your USD accounts payment method or ensure there are enough funds in your "available to trade" balance to cover the payment.

If you prefer not to proceed with USD accounts, you can cancel the subscription.

Note: Your USD stocks remain in your account. They're never automatically converted to CAD. Any unused USD cash balance also stays in USD. You can't use it for new USD trades, but you can manually convert it to CAD or transfer it to another account.

Private Credit and Private Equity accounts

We won't make any immediate changes to your holdings across your Private Credit and Private Equity accounts. Provided your financial circumstances haven't changed, you'll be able to maintain your holdings in Wealthsimple's alternative investment funds.

Note: You won't be able to make new contributions to Private Credit or Private Equity funds while you're a Core client.

Other fee savings and benefits

Compare all perks and fee savings across statuses.

How to regain Generation status

You'll reach Generation status again when your net deposits or your assets meet the $500,000 threshold, whichever is higher.

Note: For joint accounts, deposits or asset growth count toward each owner's own net deposits and assets individually. Either owner reaching the $500,000 threshold on their own AUM regains Generation status for them.

Track your progress to reach Generation status

You can view your progress bar by following these steps:

  1. Log in to your Wealthsimple app
  2. Tap the Profile icon at the top-right of the screen
  3. At the top of your profile, tap the progress bar
  4. Here, you'll 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.

Frequently asked questions

I have a spousal RRSP, does it count as a joint account for my status?

No. In a spousal RRSP, one spouse contributes the funds, but the other spouse is the account's registered owner (the annuitant). Only the annuitant's net deposits and assets are affected by that account's balance, the contributing spouse's status isn't.

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