Setting up a power of attorney (POA)

Note: Currently, Wealthsimple is not accepting accounts for new clients who wish to add POAs to their accounts. POAs can only be added for existing Wealthsimple clients and are reviewed on a case-by-case basis. Please contact our client support team if you have any further questions.

Setting up a power of attorney on your Wealthsimple profile provides your attorney with sole access and authority over the management of your account. The person you name as your POA will have full discretion with regards to the management of your money within your Wealthsimple account. 

Note: At the moment, we can't configure your account so that both you and the person you’ve granted power of attorney have access at the same time.

If you would like to set up a POA, you should ask someone you trust. You may choose your spouse, a close friend, or a family member. Carefully consider whether they are the best choice to manage your money, and do so in your best interest.

Tip: If you want to manage your account with a significant other, you might consider setting up a joint non-registered account instead. With a joint account, both account owners will be able to make changes to the account. This will also change the structure of ownership and has certain tax implications. 

Types of POA

There are two different types of POA that you can set up:

  1. General power of attorney: This allows your attorney to manage your finances on your behalf only while you are mentally capable. It ends if you become mentally incapable of managing your own affairs.
  2. Enduring power of attorney: This lets your attorney act for you if you are no longer mentally capable of managing your finances and property.

Setting up a general POA (client/donor)

We’ll need you to let us know the nature of your relationship, as well as the following information about the POA: 

  • Full name
  • Email address
  • Residential/mailing address
  • Telephone number 
  • Date of birth 
  • Occupation 

To name a POA, you will need to get in contact with our client support team to provide us with the above information. 

We can set this up for you on the back-end, as long as you and your attorney are able to share your original or notarized POA legal documents with us. You can upload a scan/copy of your POA legal documents to your profile by logging in using the secure link here.

POA Documentation needed: 

  • POA legal document (varies by province/jurisdiction)
  • Letter of Attorney (downloadable file available at the bottom of the article)

If you have any questions about creating the necessary documentation, we recommend contacting a legal professional or estate planner for help.

Note: We may also need you to mail us the original/notarized copies at 80 Spadina Avenue, 4th Floor, Toronto, ON, M5V 2J4. Our back-office team processes these requests manually, so the process can take a few weeks. 

Once we have the above documentation, our support team may ask you to fill out a supplemental form to complete the process.

Setting up an enduring POA (attorney/incapacitated client)

Note: You’ll need to add the POA information before initiating any account activity or placing trades in the account.

We’ll need you to let us know the nature of your relationship with the client, as well as the following information about yourself: 

  • Full name
  • Email address
  • Residential/mailing address
  • Telephone number 
  • Date of birth 
  • Occupation 

To name yourself as a POA, you will need to get in contact with our client support team to provide us with the above information. 

We can set this up for you on the back-end, as long as you are able to share your original or notarized POA legal documents with us. You can upload a scan/copy of your POA legal documents to your profile by logging in using the secure link here.

POA Documentation needed: 

  • POA legal document (varies by province/jurisdiction)
  • Medical letter signed by a physician

If you have any questions about creating the necessary documentation, we recommend contacting a legal professional or estate planner for help.

Note: We'll also need you to mail us the original/notarized copies at 80 Spadina Avenue, 4th Floor, Toronto, ON, M5V 2J4. Our back-office team processes these requests manually, so the process can take a few weeks. 

Once we have the above documentation, our support team may ask you to fill out a supplemental form to complete the process.

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