Overview
Recurring investments allow you to automate your investing by scheduling automatic purchases of stocks, ETFs, or crypto assets. You choose the security and the schedule.
You choose how often you want to invest, with frequencies including daily, weekly, bi-weekly, or monthly. Once you set up your recurring investment, funds will be automatically invested from your chosen source at your selected frequency.
Funding your recurring investments
You can select from a few funding source options for self-directed investing accounts.
Recurring investments in a self-directed account (non-margin)
You can fund a recurring investment in a self-directed (non-margin) account from the following sources:
- Funds in your chequing account
- Cash from your self-directed account's available to trade balance
- An external bank account
Recurring investments in a margin account
The funding logic for recurring investments in a margin account is as follows:
- Use the cash from your margin account's available to trade balance.
- If you don't have enough cash, you'll use your available margin.
- If you don't have enough available margin, you can't fulfill your recurring investment.
How to set up a recurring investment
Follow these steps to set up a recurring investment:
- Log in to your Wealthsimple mobile app
- Tap the Search tab at the bottom of your screen
- Search for your desired security and select it
- Tap Buy
- Tap the order type menu in the top right corner
- Select Recurring
- Enter a dollar amount
- Choose a Start date by selecting the date
- Tap Frequency to select a frequency
- Choose your funding source
- Select the account in which you want to purchase the security
- Tap Review
- Review your details
- Tap Confirm recurring investment to finish
You can set up a recurring investment with the start date as the current date. However, your order might not be executed on the same day. We recommend a 24-hour buffer.
Recurring investment order schedule
Recurring investment orders are placed starting in the afternoon of your selected start date and will continue at your chosen frequency (daily, weekly, bi-weekly, or monthly) until you choose to cancel or pause the investment.
Limitations
Please review the limitations below:
- RESP accounts: You can only use the cash from your available to trade balance as a funding source.
- Joint non-registered accounts: You can't set up recurring investments in joint non-registered accounts with USD accounts enabled.
Frequently asked questions
What happens if I need to convert funds for a recurring investment?
We automatically convert funds between CAD and USD for most accounts when needed for your recurring investments. However, if you have a legacy account type, we may not automatically convert your funds. You must ensure you have enough funds in your account to cover the transaction.
If you're unsure about your account status or experience any issues with recurring investments, please contact our support team.
What kind of self-directed accounts can I set up recurring investments in?
You can set up recurring investments in almost any self-directed account. This includes TFSAs, RRSPs, RESPs, non-registered accounts, and so on. Only joint non-registered accounts with an active USD account aren't eligible.
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