Buy, sell, and earn rewards on CADD

Note: CADD and rewards are rolling out to all clients in phases. If you don't have access yet, you'll get access soon.

Overview

CAD Digital (CADD) is Canada's first CAD-backed stablecoin issued by a regulated financial institution. A stablecoin is a digital asset designed to hold a steady value. CADD is designed to match the value of the Canadian dollar.

You can buy, sell, hold, swap, send, and receive CADD in your Wealthsimple crypto account. When you hold CADD, you automatically earn a 3.25% reward (sometimes shown as APY) on your balance, paid out weekly.

Eligibility

  • You need a Wealthsimple crypto account to buy or hold CADD.
  • You're enrolled in CADD rewards automatically when you hold CADD in your crypto account. You don't need to sign up.
  • You can turn off CADD rewards at any time. See Turn CADD rewards on or off.

Buy, sell, and swap CADD

  • You can buy and sell CADD with CAD only. You can't use USD to buy or sell CADD, and you can only pay from an account that holds CAD.
  • All CADD orders are market orders. Limit orders aren't available.
  • Orders settle instantly. There's no fee to buy or sell CADD, and the minimum order is currently $2 CAD.
  • You can swap CADD for other crypto that Wealthsimple supports, like Bitcoin or Ethereum. Normal crypto swap fees apply to swaps.

Buy CADD

Wealthsimple app

  1. Log in to the Wealthsimple app
  2. Tap the search (magnifying glass) icon at the bottom of the screen
  3. Tap Crypto
  4. Tap CADD
  5. Tap Buy and sell
  6. Tap Buy CADD
  7. Enter the amount you'd like to buy, or tap 25%, 50%, 75%, or Max
  8. Tap the account selector above the keypad and choose the account you want to pay from. You can only pay from an account that holds CAD. Accounts you can't use appear in an Ineligible list
  9. Tap the arrow button
  10. Review the order details, including the estimated cost and fees
  11. Tap Buy CADD

You'll see Order sent, and then Order filled when your order is complete.

Web

  1. Log in to your Wealthsimple profile
  2. Select the magnifying glass to open search
  3. Search for CADD and select it to open the CADD page
  4. In the Buy tab, use the Buy in toggle to choose between quantity and dollars. Select Quantity to switch to dollars, or select Dollars to switch to quantity
  5. Enter the quantity of CADD or the amount in CAD you'd like to buy, or select Max
  6. Select Next
  7. Review the order details and select Submit order

Sell CADD

You can only sell CADD from your crypto account.

Wealthsimple app

  1. Log in to the Wealthsimple app
  2. Tap the search (magnifying glass) icon at the bottom of the screen
  3. Tap Crypto
  4. Tap CADD
  5. Tap Buy and sell
  6. Tap Sell CADD
  7. Enter the amount you'd like to sell, or tap 25%, 50%, 75%, or Max. The amount starts at your full available CADD balance
  8. Tap the arrow button
  9. Review the order details, including the estimated value and fees
  10. Tap Sell CADD

You'll see Order sent, and then Order filled when your order is complete.

Web

  1. Log in to your Wealthsimple profile
  2. Select the magnifying glass to open search
  3. Search for CADD and select it to open the CADD page
  4. In the Sell tab, use the toggle to choose between quantity and dollars. Select Quantity to switch to dollars, or select Dollars to switch to quantity
  5. Enter the quantity of CADD or the amount in CAD you'd like to sell, or select Max
  6. Select Next
  7. Review the order details and select Submit order

Swap CADD for other crypto

You can swap in both directions: swap another crypto into CADD, or swap CADD into another crypto. Swaps are only available in the Wealthsimple app. To see which crypto you can swap with CADD and learn how to make a swap, see Making a crypto swap.

Send and receive CADD

You can send CADD to an external wallet and receive CADD from one. CADD is supported on the Ethereum and Base networks. Make sure your destination supports the network you choose. Sending CADD on an unsupported network can mean permanent loss of funds.

  • Withdrawal limits: You can withdraw up to $10,000 CAD in any 24 hours and up to $25,000 CAD in any 7 days, across all your crypto. These are the standard crypto withdrawal limits.
  • Network fees: The network fee for a withdrawal is paid in CADD. Wealthsimple doesn't set or cover network fees.

Learn how to withdraw crypto to an external wallet and deposit crypto from an external wallet.

Earn CADD rewards

  • The current reward rate is 3.25%, also referred to as APY.
  • Rewards accrue daily and are paid out weekly, in CADD, directly to your crypto account.
  • Your rewards are based on the CADD balance you hold in your crypto account each day.
  • There's no fee, no lock-up period, and no minimum balance to earn CADD rewards. You can use or withdraw your CADD at any time.
  • CADD rewards are a loyalty program funded by Wealthsimple.
  • You can sell, send, or swap the CADD you receive as rewards, the same as any other CADD.
  • Each reward payout appears as its own line in your activity feed. The app doesn't show accrued rewards of less than 0.01 CADD.
  • You can see your rewards for the month on the CADD page, under CADD rewards this month.

Note: You may owe tax on CADD rewards you earn, and this can vary by province. Speak to a tax professional for guidance specific to your situation. Wealthsimple doesn't issue a T5 slip for CADD rewards, the same as staking rewards. Your CADD rewards appear in your crypto tax reports under their own name, the same as staking rewards.

Turn CADD rewards on or off

You can turn off CADD rewards at any time. When you turn them off, you stop earning new rewards, but you still receive the rewards you already earned. To turn rewards back on, follow the same steps and choose Turn on CADD rewards.

Wealthsimple app

  1. Log in to the Wealthsimple app
  2. Tap your Crypto account
  3. Tap the gear icon at the top right
  4. Scroll down to Settings and tap Earn rewards on CADD
  5. Tap Turn off CADD rewards

Web

  1. Log in to your Wealthsimple profile
  2. Select your Crypto account
  3. Select the gear icon at the top right
  4. Select Account settings
  5. Scroll down to Settings and select Earn rewards on CADD
  6. Select Turn off CADD rewards

Understanding CADD's price stability

CADD is designed to match the value of the Canadian dollar. Every CADD is backed 1:1 by Canadian dollars held in reserve in trust by Tetra Trust, a regulated Canadian trust company that is required to redeem CADD for Canadian dollars at a 1:1 rate. These reserves are independently reported on every month, so you can see exactly what backs your CADD.

Stablecoins and stablecoin rewards are not bank deposits and are not insured by CDIC. Stablecoins are different from cash and carry some risk. For full details, see the CADD Information and Risk Statement.

Frequently asked questions

Is CADD currency?

CADD is a stablecoin. A stablecoin is a digital asset designed to hold a steady value. CADD is designed to match the value of the Canadian dollar. Stablecoins are different from cash, and they carry some risk. For full details, see the CADD Information and Risk Statement.

Can I swap CADD directly for other cryptocurrencies?

Yes. In addition to buying and selling with CAD, you can swap CADD for other crypto that Wealthsimple supports. Swaps are only available in the Wealthsimple app, and normal crypto swap fees apply. Buying and selling CADD with CAD is free. Learn how in Making a crypto swap.

Is there a minimum balance required to earn CADD rewards?

No. You can hold and earn rewards on any amount of CADD.

Will I receive a tax slip (T5) for my CADD rewards?

No. You won't receive a T5 slip for CADD rewards. This is handled the same way as staking rewards. Rewards may still be considered taxable income depending on your situation, so we recommend speaking to a tax professional for guidance specific to you.

Are there capital gains or losses on CADD?

No, there are no capital gains or losses on CADD. CADD is designed to match the value of the Canadian dollar and is backed 1:1 by Canadian dollars. You're responsible for reporting your own taxes, and a tax professional can help with your situation.

Where can I see my CADD rewards in the app?

Your CADD reward payouts appear in your activity feed.

Is my CADD balance or rewards covered by deposit insurance (CDIC/CIPF)?

No. Stablecoins and stablecoin rewards are not bank deposits and are not covered by deposit insurance programs such as CDIC or CIPF.

Where do CADD rewards come from, and can they change?

CADD rewards are a loyalty program funded by Wealthsimple. CADD itself doesn't pay any reward, yield, interest, or return. If the reward program changes, we'll notify you.

How are CADD rewards different from staking?

Staking rewards are paid in the native cryptocurrency, which fluctuates as the market moves. CADD rewards are paid in CADD, a stablecoin designed to hold a steady value of one Canadian dollar. Staking can involve a fee and lock-up periods. Earning CADD rewards through Wealthsimple is fee-free, with no lock-ups, and your CADD always stays accessible.

Can I stake CADD?

No, CADD can't be staked. You can stake other assets like SOL, ETH, ADA, and DOT.

Does the CADD rewards rate change if I have a higher Wealthsimple tier?

No. The CADD rewards rate is the same across tiers.

Can I use or withdraw my CADD while earning rewards?

Yes. Your CADD stays fully accessible, and you can use or withdraw it at any time. Rewards are based on the balance held in your crypto account.

Can I opt out of earning CADD rewards?

Yes. You can turn off CADD rewards at any time. When you turn them off, you stop earning new rewards, and you still receive the rewards you already earned. See Turn CADD rewards on or off for the steps.

What backs CADD, and how do I know it will hold its value?

Every CADD is backed 1:1 by Canadian dollars held in reserve in trust by Tetra Trust, a regulated Canadian trust company that is required to redeem CADD for Canadian dollars at a 1:1 rate. These reserves are independently reported on every month, so you can see exactly what backs your CADD. Stablecoins are different from cash and carry some risk. For full details, see the CADD Information and Risk Statement.

What happens to my rewards if I transfer my CADD out of my Wealthsimple crypto account?

Rewards are based on the CADD balance you hold in your crypto account. If you transfer CADD out, that balance is no longer included in the rewards calculation from that point forward.

I transferred CADD in from an external wallet. Am I eligible for rewards?

Yes. CADD you receive from an external wallet earns rewards once it settles in your Wealthsimple crypto account.

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