Spending

What is Wealthsimple Managed Investing?

Wealthsimple Managed Investing is an automated investing service. We manage your investments for you using a personalized portfolio of low-fee exchange-traded funds.

What’s the difference between Managed Investing and Wealthsimple’s other products? 

  • Wealthsimple Cash is a peer-to-peer payment platform for instantly sending money to friends and family
  • Wealthsimple Crypto is a simple and secure way to buy and sell cryptocurrencies through a personal (non-registered) account
  • Wealthsimple Tax is an easy way to file your tax return online
  • Wealthsimple Stocks, ETFs & Crypto is a self-directed investment platform. You can buy and sell thousands of stocks and exchange-traded funds (ETFs) on major Canadian and U.S. exchanges. There are no trading commissions and no account minimums.

Get started with Wealthsimple Managed Investing

  1. Head to my.wealthsimple.com/app/public/signup to sign up
  2. Select Managed Investing & Save from the list of products
  3. Set up your Wealthsimple profile
  4. Choose a risk profile
  5. Choose an account to open
  6. Make a deposit
  1. Download the Wealthsimple mobile app on the App Store or Google Play store
  2. Sign up with an email address and password
  3. Set up your profile
  4. Choose an account to open
  5. Make a deposit
Note: To open a Wealthsimple account, you’ll need to be a Canadian citizen, Canadian resident, or have a valid Canadian visa. You’ll also need to meet the minimum age requirement set by your province.

Wealthsimple's investment philosophy for our managed accounts

Wealthsimple's managed accounts are designed to help you achieve financial freedom by giving you easy, low-cost and transparent financial tools.

Every time you open a managed account, we’ll help you choose the right portfolio for your investment goals. In the background, we take care of the hard stuff like asset allocation, automatic rebalancing and tax management.

Our managed accounts work based on the following principles -

  1. Diversify your assets
  2. Tune out the noise
  3. Keep costs low

1. Diversify your assets

History shows that when you try to predict the future – by picking stocks, for example – rather than investing in a highly diversified way, you are more likely to underperform the market.

With our managed accounts, we don’t try to time or predict the market, but instead hold assets that will perform well at different times. This style of investing results in smoother, more attractive returns over time.

Wealthsimple’s portfolios are designed by an expert team of investors who make sure your portfolio will be resilient across market environments and cycles. We diversify our portfolios across asset classes and geography and have a bias towards higher quality, more resilient assets.

2. Tune out the noise

When you open a managed account, we’ll ask you about your investment experience, financial circumstances, what you're saving for, and when you need to access your funds.

This helps us customize your portfolio to your specific timeline and risk profile.

Our goal is to help you invest your funds in a way that maximizes your chances of making a positive return, while minimizing the chances that you’ll lose money by the time you need to access your funds.

This way, you can tune out the news headlines and weather any bad times knowing that you’ve taken on the right level of risk for your situation and have given yourself the right amount of time to bounce back from any losses.

Tip: You can learn more about this topic in our guide to understanding risk and investment timelines.

3. Keep costs low

While most mutual funds in Canada charge more than 2% a year, our managed accounts charge between 0.4% - 0.5%. Over the course of many years, these fees can make a huge difference to your returns.

Wealthsimple's managed accounts are cheaper than mutual funds because we frequently use ETFs to track entire genres of investments. Unlike mutual funds, we aren’t trying to guess individual winners in the stock or bond markets and so our portfolio managers don’t need to make large numbers of trades – and trading is what costs money.

We’ll always choose the right ETF for you given your tax situation, any embedded capital gains you may have, and your account type.

We aim to optimize for withholding taxes within a fund and provide you with the lowest total cost of ownership. For example, we use certain ETFs traded on US exchanges for RRSPs, but use Canadian-listed ETFs for TFSAs.

We also negotiate on your behalf with ETF providers to reduce your management expense ratio fees (MER).

Note: Wealthsimple is a discretionary manager. That means we can execute trades on your behalf without asking you to confirm each time. This allows us to optimize your portfolio on an ongoing basis – and allows us to get the best prices by moving quickly.

What is Wealthsimple Stocks, ETFs & Crypto?

Wealthsimple Stocks, ETFs & Crypto is a self-directed investment platform with two different kinds of accounts - trading accounts and Crypto accounts.

  • Trading accounts allow you to use our self-directed investment platform. You can buy and sell thousands of stocks and exchange-traded funds (ETFs) on major Canadian and U.S. exchanges. There are no trading commissions and no account minimums.
  • Crypto accounts are a simple and secure way to buy and sell cryptocurrencies through a personal (non-registered) account

Get started with Wealthsimple Stocks, ETFs & Crypto

  1. Download the Wealthsimple mobile app on the App Store or Google Play store
  2. Set up your profile
  3. Open an account
  4. Make a deposit

Fees

The fee structure differs between standard trading accounts and Crypto accounts. Click below to read more about fees for each account type —

What’s the difference between Wealthsimple Stocks, ETFs & Crypto and other Wealthsimple products?

  • Wealthsimple Managed Investing is an automated investing service that manages your investments for you using a personalized portfolio of low-fee exchange-traded funds
  • Wealthsimple Cash is a peer-to-peer payment platform for instantly sending money to friends and family
  • Wealthsimple Tax is an easy way to file your tax return online

Will Wealthsimple Stocks, ETFs & Crypto offer me any advice on which assets to buy & sell?

Wealthsimple and Wealthsimple employees will not be able to offer Wealthsimple Stocks, ETFs & Crypto clients any advice or recommendations around which assets to buy and sell (or the timing of when to buy or sell them). Wealthsimple Stocks, ETFs & Crypto is an entirely self-directed platform, so clients are responsible for their investment activities.

If you're looking to learn more about the Stocks, ETFs & Crypto platform or have some general questions, you can reach out to our support team for assistance. 

Tip: If you're looking for a platform that will set you up for long-term success using a passive investing strategy and diversified portfolios, Wealthsimple Managed Investing may be for you.

How does Wealthsimple protect my account?

We use state-of-the-art data encryption and two-factor authentication (2FA) to keep your accounts safe and secure.

Wealthsimple Stocks, ETFs & Crypto is offered by Wealthsimple Investments Inc. Wealthsimple Investments Inc. is a member of the Canadian Investment Regulatory Organization (CIRO). Customer accounts held at Wealthsimple are protected by CIPF in the event Wealthsimple becomes insolvent.

Set up a Wealthsimple profile

If this is your first time using Wealthsimple, you’ll need to set up your profile before you can open an account. We’ll ask you for some details so we can verify your identity and ensure your account is secure. You’ll only need to enter this information once — it will be used for all your Wealthsimple products.

Before you begin
To open an account with Wealthsimple, you must meet the following requirements:

  • Be a Canadian citizen, Canadian resident, or have a valid Canadian visa
  • Meet the minimum age requirement set by your province
  • Have a Social Insurance Number (SIN)
  • Have a Canadian residential address
  • Be able to satisfy identity verification requirements

Set up your profile

To create your profile, visit our sign up page.

  1. Choose an email address and password
  2. Select the product you’d like to start with
  3. Follow the prompts to fill out your personal information
Note: You’ll need a few key pieces of information on hand to fill out your profile:
  • Full Name
  • Email
  • Social Insurance Number (SIN)
  • Date of Birth
  • Address (and potentially a previous address)
  • Phone Number
  • Employment information

Once you’ve set up your profile, you can open your first Wealthsimple account.

Choose an account to open

Wealthsimple offers a range of accounts to help you grow your wealth. If you’re not sure which account is right for you, consider reaching out to our support team. They can connect you with our team of fiduciary advisors for help. 

Account type Registered or non-registered Available as a managed account Available as a self-directed account Available as a savings account
Non-registered Non-registered Yes Yes No
TFSA Registered Yes Yes No
RRSP Registered Yes Yes No
Spousal RRSP Registered Yes No No
FHSA Registered Yes Yes No
RRIF Registered Yes Yes No
LIRA Registered Yes Yes No
Crypto Non-registered No Yes No
RESP Registered Yes No No
Save or Joint Save Non-registered Not applicable Not applicable Yes
Cash Non-registered, standalone account Not applicable Not applicable Yes, earns both rewards and interest
Business Non-registered Yes Not applicable Yes
Registered vs. non-registered accounts 

A registered account is an account that is registered with the Canada Revenue Agency (CRA) using your social insurance number (SIN). Registered accounts often have tax benefits, although they also come with certain restrictions, like contribution limits.

A non-registered account is an account that is not registered with the government. With non-registered accounts, there are no contribution limits, no penalties, and no limits to how many you can open. However, you are taxed on every dollar you earn, including capital gains, interest, and dividends.

Self-directed vs. managed accounts

Self-directed accounts are accounts for trading stocks and crypto. You can choose the assets you’d like to invest in.

Managed accounts use a pre-determined investing strategy. When you open a managed account, we ask you a series of questions to understand your timeframe and risk level. We’ll use this information to automatically invest your funds in a portfolio that matches your investment goals.

If you’re not sure whether managed investing or self-directed investing is right for you, check out our guide to choosing between managed or self-directed investing

Accounts offered by Wealthsimple

Non-registered

A non-registered account (or joint account) has no deposit limits or withdrawal restrictions. All the interest, dividends, and capital gains that you earn in a non-registered account will have an impact on your tax reporting.

People often use this type of account once they have hit their contribution limit in their RRSPs and or TFSAs.

When you open a non-registered account, we have to take a few extra steps to verify your identity as these accounts are not registered with the Canada Revenue Agency (CRA). We perform this extra step of verification to protect our clients' identities and for anti-money laundering (AML) purposes.

Learn more about opening a non-registered account.

Tax-Free Savings Account (TFSA)

The tax-free savings account (TFSA) is designed to help you save and invest money without paying tax on the gains.

Although it is called a ‘savings’ account, a better name for it would be an ‘investment’ account since you can invest money in all kinds of investment products from within a TFSA. 

There is a limited amount you’re allowed to contribute to a TFSA each year.

Learn more about opening a TFSA.

Registered Retirement Savings Plan (RRSP)

A registered retirement savings plan (RRSP) account is designed to help Canadians save for retirement.

The money you contribute to your RRSP is tax-deductible. This means you can subtract the amount you contribute from your income and pay less in income taxes.

Besides saving for retirement, you can also use funds from your RRSP to buy a home or even fund your education. When you open an RRSP in a managed account, we’ll automatically invest your funds for you based on your risk profile.

Learn more about opening a RRSP.

Spousal RRSP

A spousal registered retirement savings plan (Spousal RRSP) is an RRSP that can help lighten the tax load for couples with a big income disparity.

It helps you pool your retirement savings so that the higher-income earner doesn’t have a large pile of retirement savings in their RRSP while the lower-income earner has a small pile.

Your individual contribution limit remains the same whether you have an RRSP, a Spousal RRSP, or both.

Learn more about opening a Spousal RRSP.

First Home Savings Account (FHSA)

An FHSA is a Tax-Free First Home Savings Account, designed to help Canadians save for their first home purchase.

Like RRSPs, the contributions to this account type are tax-deductible. However, unlike an RRSP, when you withdraw funds under the Home Buyer’s Plan in an RRSP, you do not have to pay back the funds you withdraw within a certain period. 

Learn more about opening an FHSA.

Registered Retirement Income Fund (RRIF)

A Registered Retirement Income Fund (RRIF) is a registered account that holds income that you'll use when you've reached retirement. It’s essentially a basket of investments that earns money during your retirement.

RRIFs typically start out as RRSPs. Note, that you must convert your RRSP to an RRIF by the time you turn 71.

Learn more about opening a RRIF.

Locked-in Retirement Account (LIRA)

If you have a pension from a former employer but are not retired, you’ll need a LIRA (or an LRSP). You can't contribute to a LIRA, but you can take advantage of Wealthsimple's investment strategy for the funds in your account.

You must convert your LIRA to a Life Income Fund (LIF) by the time you turn 71.

Learn more about opening a LIRA.

Crypto

Crypto accounts are a simple and secure way to buy and sell cryptocurrencies through a non-registered account.

Learn more about opening a Crypto account. 

Registered Education Savings Plan (RESP)

A Registered Education Savings Plan lets you put money aside for a child's education. Contributing $2,500 per year will get you the full Canada Education Savings Grant (CESG). The CESG matches 20% of your contributions to an RESP up to a maximum of $500 per year. There are additional grants available for low to moderate income families and residents of certain provinces.

Learn more about opening a RESP.

Save or Joint Save

Wealthsimple Save is a savings account. It currently pays 1.5% interest. A Joint Save account is the same as a Save account, except that multiple people can contribute and withdraw from the account.

A Save account is a good choice when you need to access your funds quickly. People often use it to save for a near-term purchase, or to build an emergency fund. A Save account is a non-registered account, so you’ll need to report the interest you earn each year in your tax filing.

Learn more about opening a Save or Joint Save account.

Cash

You can pay for things using the Wealthsimple Cash card and send and receive money from friends in the Cash app. Some other features include -

Learn more about opening a Cash account.

Business

You can open a Save account or a non-registered investment account under your business’s name.

Learn more about opening a Business account.

Send and receive payments with Wealthsimple

With your Cash account, you can send and receive payments to others without paying any fees. 

Send money to your friends

Note: It's not possible to cancel or recall funds after you've sent them. We recommend double-checking the amount you're sending and who you're sending it to before confirming the transfer.

To send money to friends, follow these steps:

  1. Log in to your Wealthsimple mobile app
  2. Tap the Home tab Screenshot 2023-09-05 at 10.12.42 AM.png at the bottom of your screen
  3. Tap your Cash account
  4. Select Send or request
  5. Tap Send money and select Wealthsimple Cash
  6. Select a contact
  7. Confirm with the recipient that you have their correct $handle
  8. Enter an amount that you wish to send and tap Next
  9. Add an emoticon or write a message
  10. Swipe up to send to your contact

Any money you send will be auto-deposited into your receiver's Cash account. 

You can change the name recipients see when they receive money from you by following these steps

Sending limits

Your Cash account has daily, weekly, and monthly sending limits. We won't complete any transactions that go over your sending limit.

Timeframe Sending limit
Per day $5,000.00 CAD
Per week $10,000.00 CAD
Per month (30 days) $30,000.00 CAD

Remove a contact after sending them funds

It is not possible to remove a specific contact from your Wealthsimple app home screen.

Note: You can revoke WS Cash's access to your contacts as a whole by navigating to the settings of your device. That being said, please keep in mind that this will remove all your contacts from the app. 

Change your preferred name

To change your preferred name:

  1. Tap the Profile icon
  2. Select Personal information from the menu
  3. Under Details, tap Preferred name
  4. Enter your preferred name and tap Update to save your changes

Withdraw funds from your account

Overview

You can withdraw money from the available balance in your Wealthsimple account at any time.

If you're withdrawing from a registered account

If you're looking to make a withdrawal from a TFSA, FHSA, RESP or another retirement account, it's a good idea to check how your taxes or contribution room will be affected:

What's included in your available balance

Stock trading accounts

Your available balance includes unused cash from your deposits, dividends you've earned, plus any proceeds from stocks, ETFs or cryptocurrencies you've sold.

Managed accounts

Your available balance includes 99.5% of the funds in your account. The remaining 0.5% is held for any funds needed for upcoming fees. 

Your available balance might be less than your total balance if:

  • You made a recent deposit that's been in your account for less than 5 business days. New deposits take 5 business days to clear before they can be withdrawn.
  • You recently sold an asset in your account. Funds generated from selling assets must settle for 2 business days before they're added to your available balance. This is a requirement from the Canadian government and is a mandatory step for all financial institutions.
  • Some cash in your account is currently reserved for funds transfers or fees.

Make a withdrawal

  1. Log in to the Wealthsimple app on your mobile device
  2. Tap the Move tab Screenshot 2023-09-05 at 10.12.59 AM.png at the bottom of the screen
  3. Tap Withdraw
  4. Select the account to withdraw from
  5. Select a bank account
  6. Tap Continue
  7. Enter an amount to withdraw and tap Continue
  8. Review the details and tap Submit withdrawal
 
 
  1. Visit my.wealthsimple.com and sign in to your Managed Investment & Save account
  2. Select the Move Funds menu item
  3. Choose Withdraw funds
  4. Choose a From and To account
  5. Enter an amount to withdraw
  6. Confirm the withdrawal

The details

  • Crypto accounts have a $25,000 daily withdrawal limit when withdrawing funds. There are no other limits to the amount or frequency that you are able to withdraw once your funds have cleared the five business day settlement period. 
  • If you upgrade to USD accounts and want to withdraw funds from a USD account, you can convert your cash to CAD and withdraw it to your connected bank account. Alternatively, you can withdraw funds you hold in a self-directed trading account to a linked U.S. dollar bank account
  • When assets are sold in a USD account and the cash is immediately converted into CAD, the funds may be subject to a 4 business day settlement period to reduce the risk of fraud and/or delinquent accounts. This is due to the small delay in posting the transaction to the official ledger which usually takes about 1 hour. Conversions made after this process should only face a 2 business day settlement period.

How long does it take to make a withdrawal?

Account type Withdrawal timeline
Managed by Wealthsimple up to 7 business days
Stock trading* 1—3 business days
Crypto trading* 1—3 business days
Cash account 1—3 business days

*Some withdrawals may take up to five business days in stock and crypto trading accounts.

Why does it take 7 business days to withdraw from a managed account?

When you withdraw from a managed investing account, we sell your investments to create a cash balance for the amount you'd like to withdraw. Withdrawing funds from a managed account can take up to 7 business days to complete. Below is a timeline of the withdrawal process:

Days 1–3
We sell investments in your account to generate cash for your withdrawal. During this time, the value of your account may change as the value of your investments could increase or decrease before they're sold.

Days 4–5
We hold your funds for a two-day settlement period after selling your investments. This is a requirement from the Canadian government and is a mandatory step for all financial institutions.

Days 6–7
We send the funds to your bank, and they deposit them into your bank account.

Add or remove a bank account

In this article, you will learn about the following: 

  • Linking a chequing or savings bank account and why it's necessary before making a deposit into your Wealthsimple account
  • Bank accounts that cannot be linked
  • How linking your bank account to Wealthsimple requires signing in through Flinks or Plaid
  • That if your institution is not supported by Flinks or Plaid, you may need to use a different funding method. Other funding methods include INTERAC e-transfer, VISA or Mastercard debit, and direct deposit
  • That corporate accounts require manual linking with specific information and document upload
  • How to remove bank accounts from your profile

You’ll need to link a chequing or savings bank account before you can make a deposit into your account. To do this, we'll use one of our trusted partners, Flinks or Plaid to securely request your online banking information.

Note: You cannot link the following bank accounts to your Wealthsimple profile:
  • Corporate or business accounts (unless it is being used to fund a managed corporate account)
  • Investment accounts (e.g. TFSAs, RRSPs)
  • Line of credit or credit card accounts
  • External crypto wallets (however you can deposit some coins or tokens from an external wallet)
  • Accounts you do not own (i.e. you cannot link a family member's bank account unless your name is also listed as an owner) 

Link your bank account

When linking your bank account, we will ask you to sign in to your bank via one of our trusted partners, Flinks or Plaid. Flinks and Plaid are both secure services that verify your bank account information. 

If you do not see your institution when attempting to link your bank account, it may not be supported by Flinks or Plaid. Instead, consider using a different method to fund your account.

  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Profile icon at the top-right of the screen
  3. Choose Accounts
  4. Scroll down and tap Linked bank accounts
  5. Select Add an account
  6. Choose Sign in to your bank
  7. Find your institution, and follow the prompts on-screen to finish linking the account

Self-directed investing

  1. Log in to your Wealthsimple profile
  2. Select the Profile icon in the top right corner
  3. Select Settings from the menu
  4. Choose Self-directed investing
  5. Click your Name in the top right corner
  6. Select Add a bank account from the menu
  7. Find your institution, and follow the prompts on-screen to finish linking the account

Managed investing

  1. Log in to your Wealthsimple profile
  2. Select your Profile icon in the top right corner
  3. Select Settings from the menu
  4. Choose Manage portfolios
  5. Navigate to the Banks & Apps tab
  6. Under Bank accounts, you will see the option to Add a bank account
  7. Find your institution, and follow the prompts on-screen to finish linking the account

If you do not want to link your bank account through Flinks or Plaid, you can use a different method to fund your account. Other funding methods include:

Note: Manually linked bank accounts will only be available for withdrawals. To make new deposits, you must link a bank account through Plaid or Flinks. 

Link a corporate account

Note: You can no longer open a Business account. This is general information for existing account holders.

If you have opened a Business account with Wealthsimple, you must also manually link a corporate bank account to fund your Business account. You will need the following information before you can manually link your account:

  • Institution Number (3 digits)
  • Transit Number (5 digits)
  • Account Number (7-11 digits)

You’ll also need to upload a specific digital bank document with your corporation's name, full account number, and institution logo. We’ll ask you to upload a document based on your bank. We are unable to accept any other document than the one requested. 

How to link a USD Bank Account

USD bank accounts can only be linked with an active USD account subscription. Premium and Generation clients can opt-in and upgrade to a USD Account for free.

To opt-in to USD accounts, check out this article.

Note: Deposits must come from a Canadian financial institution. We don't support connecting US dollar accounts from US financial institutions

USD bank accounts can only be linked via one of our trusted partners, Flinks or Plaid. Flinks and Plaid are both secure services that verify your bank account information. For more information, check out Add or remove a bank account.

Remove a bank account

You can remove a bank account from your profile by following the steps below —

  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Profile icon at the top-right of the screen
  3. Choose Accounts
  4. Scroll down and tap Linked bank accounts
  5. Select the bank account you wish to remove
  6. Tap Unlink
  1. Log in to your Wealthsimple profile
  2. Select your Profile icon in the top right corner
  3. Choose Settings from the menu
  4. Choose Managed portfolios
  5. Navigate to the Banks & Apps tab
  6. Here, you will see your linked bank accounts and the option to Remove account

Removing your bank account is not available on your Stocks, ETFs & Crypto web account.

Related articles

Make a deposit

Once you've linked your bank account, you can make a deposit in Canadian dollars from any chequing or savings account with a Canadian bank into Wealthsimple. If you've upgraded to USD accounts, you can also make a USD deposit into a self-directed account from a USD bank account.

Tip: You can also add funds to your Wealthsimple accounts using a wire transfer, by INTERAC e-transfer, from your Wealthsimple Cash account or by connecting your Visa or Mastercard debit card. If you wish to move an account from another institution, consider making an institutional transfer

How to make a deposit

To make a deposit, follow the steps below:

  1. Log in to the Wealthsimple app on your mobile device
  2. Tap the Move tab Screenshot 2023-09-05 at 10.12.59 AM.png at the bottom of the screen
  3. Choose Deposit
  4. Select Add funds
  5. Choose an account to deposit to and tap Continue 
  6. Choose a linked bank account or your Cash account and tap Continue
  7. Enter an amount to deposit into your account and tap Continue
  8. Review the details and tap Submit deposit
 

Self-directed investing

  1. Log in to your Wealthsimple profile
  2. Select Move from the top menu bar
  3. Under Move funds, select Deposit
  4. Select the self-directed account to deposit funds into
  5. In the From field, select the bank or Cash account to withdraw funds from
  6. In the Amount to deposit field, enter an amount
  7. Click Continue
  8. Review the deposit details and click Confirm to submit the deposit

Managed portfolios

  1. Log in to your Wealthsimple profile
  2. Select Move from the top menu bar
  3. Under Move funds, select Deposit
  4. Select the Wealthsimple account to deposit funds into
  5. In the From field, select the bank or Wealthsimple account to withdraw funds from
  6. In the Amount field, enter an amount you'd like to deposit
  7. Choose a Schedule for the deposit (if this is a one-time contribution select Just this once)
  8. Choose a Transfer date for the transaction
  9. Click Submit deposit
  10. Review and Confirm this deposit
Note: All deposits take five business days to clear. You won't be able to withdraw or internally transfer a recent deposit until the end of this clearing period.

Deposits into stock and crypto trading accounts

Deposit limits in trading accounts

Depending on how much you deposit into your stock or crypto trading account, some funds might be available instantly, while the rest might take between 3–5 business days before you can begin trading.

Instant deposits
Amounts deposited within your instant deposit limit are available for you to trade immediately. Your instant deposit limit resets once every 3 business days and you can deposit your entire limit all at once, or spread it out across multiple deposits.

If you make a single deposit to a stock or crypto trading account that is greater than your instant deposit limit, the portion of your deposit that falls within your limit will be available to trade immediately. The remaining amount of your deposit will be available within 3-5 business days.

Find your unique instant deposit limit for your trading and crypto accounts
Your unique instant deposit limit will be visible to you in your Wealthsimple app. To find your instant deposit limit, follow these steps :

  1. Log in to your Wealthsimple mobile app
  2. Tap the Move tab Screenshot 2023-09-05 at 10.12.59 AM.png at the bottom of the screen
  3. Choose Deposit
  4. Choose Add funds
  5. Choose a stock or crypto trading account and tap <></>Next
  6. Under Deposit from, you will see your linked accounts. Underneath each of them will be the amount that you are eligible to deposit instantly

Standard deposits
If you go over your instant deposit limit, any deposit you make will be a standard deposit until your instant deposit limit resets. Standard deposits follow the following timelines:

Deposit amount

Time before being available to trade

Under $5,000

3 business days

$5,000 or more

5 business days

For example, let's say you deposit less than $5,000 in non-instant funds on Monday. In this case, you can trade with those funds on Thursday and withdraw them on Monday. Otherwise, if you deposit an amount equal to or more than $5,000, you'll only be able to trade or withdraw them on the next Monday.

Auto-deposits
Auto deposits always take 3-5 business days (from the auto-deposit date) before being available to trade. Auto-deposits will not be available instantly, and do not count towards your instant deposit limit. 

More information about deposits in trading accounts

You’ll know a deposit is complete when you see the funds added to your available to withdraw balance. In your bank account, you should see the funds deducted by WSII, which is Wealthsimple’s brokerage.

The following limits apply to deposits made to your self-directed stock trading accounts:

  • Limit per transaction: $250,000 CAD
  • Daily limit: $250,000 CAD

There are no deposit limits for your crypto trading account, however, there is an annual net purchase limit for certain coins and tokens.

More details

  • If there aren't enough funds in your bank account to cover your deposit, we may need to retract the funds you requested or sell some of your most recently purchased securities if you already invested the funds. This may result in a negative balance.
  • If any of your accounts have a negative balance, you won’t be able to use instant deposits until the balance is positive again.
Note: Deposits must settle for five business days before you can convert them into USD after upgrading to USD accounts. You can also deposit USD into any self-directed trading account. Anyone can transfer USD from another institution or set up a wire transfer.

Deposits into managed accounts

When you deposit funds into a managed (Invest) account, your funds will automatically be invested for you within 3 business days.

You'll know a deposit is complete when you see your funds in your available-to-withdraw balance. In your bank account, you should see the funds deducted by WSII, which is Wealthsimple’s brokerage.

The following limits apply to deposits made to your managed (Invest) accounts:

  • Limit per transaction: $1 million CAD
  • Daily limit: $1.5 million CAD
When I make a deposit into a managed (Invest) account, a small part stays as cash. Why?

Within each of your accounts, we will keep between 0.3% and 0.5% of your account's value in cash. As soon as the cash balance surpasses this 0.5% weighting (whether it be through a new deposit, internal transfer, or dividend distributions) the majority of cash in your account will be invested, bringing the cash weighting to around 0.1–0.2%.

This small buffer is used for operational purposes to cover fees for up to 2 months and to avoid delinquencies. The decision to hold up to 0.5% in cash has a negligible effect on the portfolio, which is why virtually all institutions choose to leave a small buffer in cash.

Deposits into Cash accounts

Deposit limits in Cash accounts

Depending on how much you deposit into your Cash account, some funds might be available instantly, while the rest might take 5 business days before you can send & spend them.

Instant deposits
Amounts deposited within your instant deposit limit are available for you to send & spend immediately. Your instant deposit limit resets once every 3 business days and you can deposit your entire limit all at once, or spread it out across multiple deposits. 

If you make a single deposit to a Cash account that is greater than your instant deposit limit, the portion of your deposit that falls within your limit will be available to send & spend immediately. The remaining amount of your deposit will be available within 5 business days. 

Find your unique instant deposit limit for your Cash account
Your unique instant deposit limit will be visible to you in your Wealthsimple app. To find your instant deposit limit, follow these steps :

  1. Log in to your Wealthsimple mobile app
  2. Tap the Move tab Screenshot 2023-09-05 at 10.12.59 AM.png at the bottom of the screen
  3. Choose Deposit
  4. Choose Add funds
  5. Choose your Cash account and tap Next
  6. Under Deposit from, you will see your linked accounts. Underneath each of them will be the amount that you are eligible to deposit instantly

Standard deposits

Refer to the table below to understand when you can use your funds for all deposits:

Amount you are depositing Time before you can send or spend your funds
If you deposit instant funds Instantly. Note that your instant limit may be up to $5000, and your instant limit resets after three business days. You may choose to deposit it all at once or in parts over the three business days.

For all amounts or if you go over your instant deposit limit 

Your funds will be available to send and spend within 5 business days

Auto-deposits
Auto deposits always take 5 business days (from the auto-deposit date) before being available to send or spend. Auto-deposits will not be available instantly, and do not count towards your instant deposit limit. 

More information about deposits in Cash accounts

You'll know a deposit has cleared when you see funds deducted by Wealthsimple Payments Inc. in your bank account.

The following limits apply to deposits made to your Cash account:

  • Limit per transaction: $1 million CAD
  • Daily limit: $1.5 million CAD

More details

  • If there aren't enough funds in your bank account to cover your deposit, we may need to retract the funds you requested if you already sent or spent the funds. This may result in a negative balance.
  • If any of your accounts have a negative balance, you won’t be able to use instant deposits until the balance is positive again.

Deposit crypto from an external wallet

Before you begin

There are some coins or tokens you can trade through Wealthsimple but not deposit. If you send a coin or token that is available for trading, but not available for deposits, we may not be able to recover your deposit.

If you tried to deposit a coin or token that is not supported, we'll automatically add the coin or token to your portfolio if the deposit functionality becomes available for that crypto coin. However, we can't guarantee whether specific coins or tokens will be available for wallet deposits in the future.

Wealthsimple is also only able to support deposits through certain networks. Currently, we only support wallet transfers for assets listed in the table below. Any funds sent using an incompatible network (i.e. any network not listed in the table, including the default network displayed when withdrawing from Binance, the Binance Smart Chain) are currently unretrievable. Please check whether you’re using the correct network for your deposit.

If you try to deposit coins or tokens that aren't supported by Wealthsimple, or if you try to deposit coins or tokens via an unsupported network, we're unable to assist you in retrieving these assets. Please make sure to read the instructions below before submitting your deposit to ensure you do not lose any assets. Wealthsimple is not legally obligated to recover improperly or mistakenly deposited assets.

Supported crypto when making a deposit

You can deposit any of the following crypto coins into your account from an external wallet:

Note: There are no limits on crypto deposits. This means that you can deposit as much crypto as you want into Wealthsimple. Please note that crypto withdrawals, however, do have daily and weekly limits.
Tip: Deposits are irreversible, so we recommend testing out a small amount first to ensure that it ends up at the right address.

How to deposit crypto into your Wealthsimple account

Depositing crypto into your Wealthsimple account means that you’ll be moving coins or tokens into your Wealthsimple account from a wallet outside of Wealthsimple. The majority of steps you'll take will happen in the wallet from which you’re withdrawing funds.

During the withdrawal process, you’ll be asked to enter a deposit address. A deposit address is a unique string of letters and numbers that is used to send coins from your wallet to your Wealthsimple account.

A screen from the Wealthsimple Trade app showing a QR code and a string of numbers and letters that represent a crypto deposit address

Each type of crypto in your account has its own deposit address. You'll need to make sure that you choose the address that matches the type of crypto you’re transferring (Bitcoin or Ethereum, for example).

Please use only the address provided in the Wealthsimple app. Addresses obtained through other sources (such as Etherscan) may not correspond to your own Wealthsimple deposit address and may result in lost crypto assets. Deposits sent to the wrong address are irreversible. 

Note: There is a minimum deposit of at least 0.000001 per token for it to show up in your Wealthsimple account.

Find your deposit address

Please note crypto deposits are currently only available using the Wealthsimple app.

  1. Sign into the Wealthsimple app on your mobile device
  2. Tap the Move tab Screenshot 2023-09-05 at 10.12.59 AM.png at the bottom of your screen
  3. Select Send or receive money or crypto
  4. Scroll down and select Receive under Crypto
  5. Choose the coin or token you'd like to transfer
  6. Copy or share the deposit information to add that coin or token from another source
Tip: Make sure that you are only sending your crypto via the coin's supported network. Each coin's supported network is listed in the chart at the bottom of this article.

Transfer fees

Crypto networks charge a fee to process transactions (also known as a gas or miner fee). This fee can vary by hour, by day, and by transfer amounts. The external wallet will let you know how much you need to pay to complete the transfer.

Wealthsimple has no control over these fees, so you’ll need to check the details of the transaction using a block explorer link (like an Etherscan link) provided by the external wallet.

How long does it take to make a deposit?

Your transfer will go through a series of confirmations in the network before it’s considered complete. In your activity details, we’ll provide you with a link to track the progress of your transfer in real-time. Unfortunately, we have no control over the speed at which transfers are processed, however, you can find general estimates below –

Crypto Number of confirmations Estimated time to complete Supported network
0x (ZRX) 20 ~5 mins Ethereum (ERC-20)
1inch (1INCH) 20 ~5 mins Ethereum (ERC-20)
Aave (AAVE) 20 ~5 mins Ethereum (ERC-20)
Ankr (ANKR) 20 ~5 mins Ethereum (ERC-20)
ApeCoin (APE) 20 ~5 mins Ethereum (ERC-20)
    Avalanche
(C-Chain)
20 ~5 mins Ethereum (ERC-20)
Balancer (BAL) 20 ~5 mins Ethereum (ERC-20)
Bancor (BNT) 20 ~5 mins Ethereum (ERC-20)
BandChain (BAND) 20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
Bitcoin (BTC) 3 ~30 mins Bitcoin
12 ~2 hours Bitcoin Cash
15 ~5 mins Cardano
Cartesi (CTSI) 20 ~5 mins Ethereum (ERC-20)
Celo (CELO)      
Chainlink (LINK) 20 ~5 mins Ethereum (ERC-20)
Chiliz (CHZ) 20 ~5 mins Ethereum (ERC-20)
Chromia (CHR) 20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
Coti (COTI) 20 ~5 mins Ethereum (ERC-20)
Curve (CRV) 20 ~5 mins Ethereum (ERC-20)
Dai (DAI) 20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
60 ~1 hour Dogecoin
Dydx (DYDX) 20 ~5 mins Ethereum (ERC-20)
Enjin (ENJ) 20 ~5 mins Ethereum (ERC-20)
Ethereum (ETH) 20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
Litecoin (LTC) 12 ~30 mins Litecoin
Loopring (LRC) 20 ~5 mins Ethereum (ERC-20)
Maker (MKR) 20 ~5 mins Ethereum (ERC-20)
Pax Gold (PAXG) 20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
Ren (REN) 20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
Skale (SKL) 20 ~5 mins Ethereum (ERC-20)
Solana (SOL)     Solana
(Storj) STORJ 20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
Uma (UMA) 20 ~5 mins Ethereum (ERC-20)
Uniswap (UNI) 20 ~5 mins Ethereum (ERC-20)
20 ~5 mins Ethereum (ERC-20)
  ~5 mins XRP Ledger
20 ~5 mins Ethereum (ERC-20)

Learn about Crypto Staking

Check out our Crypto Staking 101 course! Get some deeper learning into a complex topic. Let us know how we can make staking better by using this survey to provide feedback.

 

Available crypto

You can currently buy or sell 66 different crypto coins using Wealthsimple.

For more information about each token, including definitions, background, and risk statements, take a look at the links below.

Crypto Symbol Available to deposit Available to withdraw
0x ZRX Yes Yes
1inch 1INCH Yes Yes
Aave AAVE Yes Yes
Ankr ANKR Yes Yes
ApeCoin APE Yes Yes
Arbitrum ARB No No
Avalanche AVAX Yes Yes
Axie Infinity AXS Yes Yes
Balancer BAL Yes Yes
Bancor BNT Yes Yes
BandChain BAND Yes Yes
Basic Attention Token BAT Yes Yes
Bitcoin BTC Yes Yes
Bitcoin Cash BCH Yes Yes
Cardano ADA No Yes
Cartesi CTSI Yes Yes
Celo CELO Yes Yes
Chainlink LINK Yes Yes
Chiliz CHZ Yes Yes
Chromia CHR Yes Yes
Compound COMP Yes Yes
Coti COTI Yes Yes
Curve CRV Yes Yes
Cosmos ATOM No Yes
Dai DAI No Yes
Decentraland MANA Yes Yes
Dogecoin DOGE Yes Yes
dYdX DYDX Yes Yes
Enjin ENJ Yes Yes
EOS Network EOS No No
Ethereum ETH Yes Yes
Ethereum Classic ETC No No
Ethereum Name Service ENS No No
Fantom FTM Yes Yes
Filecoin FIL No No
Gala Games GALA Yes Yes
Hedera HBAR No Yes
Kyber Network KNC Yes Yes
Lido DAO LDO No No
Litecoin LTC Yes Yes
Loopring LRC Yes Yes
Maker MKR Yes Yes
Mask Network MASK No No

NEAR

NEAR No Yes
Optimism OP No No
Pax Gold PAXG No Yes
Polkadot DOT No Yes
Polygon MATIC Yes Yes
Quant QNT Yes Yes
Ren REN Yes Yes
Render Network RNDR No No
XRP Ledger XRP Yes Yes
Shiba Inu SHIB Yes Yes
SKALE SKL Yes Yes
Solana SOL Yes Yes
Stellar XLM No No
Storj STORJ Yes Yes
SushiSwap SUSHI Yes Yes
Synthetix SNX Yes Yes
Tezos XTZ No Yes
The Graph GRT Yes Yes
The Sandbox SAND Yes Yes
Uma UMA Yes Yes
Uniswap UNI Yes Yes
USD Coin USDC Yes Yes
Yearn.finance YFI Yes Yes
Tip: If there are additional tokens you'd like to trade using Wealthsimple, let us know.

Available stocks and ETFs

In this article, you'll learn about the following:

  • Eligibility criteria for buying or selling stocks, ETFs, and select cryptocurrencies in a self-directed trading account.
  • How to search for a specific stock or ETF 
  • The eligibility criteria for stocks to be supported by Wealthsimple
  • How to request a new stock or ETF

You can buy or sell stocks, ETFs and select cryptocurrencies in a self-directed trading account as long as they meet our eligibility criteria.

Search for a stock or ETF

To search for a specific stock or ETF, follow the instructions below:

  1. Log into my.wealthsimple.com and sign in to your Stocks, ETFs & Crypto profile
  2. Next to the magnifying glass icon at the top of the page, type in the name or the symbol of the security you'd like to search for
  1. Sign into the Wealthsimple app on your mobile device
  2. Tap the Discover tab (Search icon) at the bottom of the screen
  3. Type in the name or the symbol of the security you'd like to search for

Eligibility criteria

A stock or ETF must meet our eligibility criteria to become available for trading.

When you search for an asset that is unavailable to trade, you'll see a brief message explaining why. Some of the reasons are as follows –

The security type is not supported
We only support stocks and ETFs in self-directed trading accounts. We don't support any other assets in self-directed trading accounts, including:

  • Mutual Funds
  • Preferred Shares
  • Securities that trade Over-the-counter (OTC)
  • Forwards & Futures
  • Rights and Warrants
  • Bonds
  • Investment Savings Accounts & Money Markets
  • Stocks & ETFs that trade on non-North American exchanges

This security isn’t listed on a supported exchange
You can trade stocks and ETFs on the following exchanges:

  • Toronto Stock Exchange (TSX)
  • TSX Venture Exchange (TSXV)
  • New York Stock Exchange (NYSE)
  • NASDAQ
  • NEO
  • Canadian Securities Exchange (CSE)
  • BATS Exchange

If the security you're looking for is listed on another exchange or is traded over-the-counter (OTC) you will not be able to purchase it. If the security is listed on both a US exchange and a Canadian exchange, we will only support the security listed on the Canadian exchange.

This security may not meet our settlement or average daily trading volume requirements
We only allow securities to be traded that settle with the Canadian Depository for Securities (CDS). We also impose minimum price and volume constraints for stocks traded on the platform.

The security is delisted, suspended, or halted
In most cases, orders can’t be submitted for securities that are delisted or suspended. Orders can be submitted for securities that are halted, however, they will not fill until trading resumes.

If you own a delisted stock or ETF within your self-directed trading account, you have the following two options:

  • Continue holding the shares in your account with the hope that the security eventually gets re-listed.
  • Sell your shares by submitting a limit order for the security that has been delisted. Follow the steps in this article to learn how to place a limit order.
Note: You can sell securities that are no longer supported so long as they have not been delisted and are still being traded. However, you will not be able to purchase additional shares.

Request a new stock or ETF

If you'd like to request a stock or ETF that's not currently available through Wealthsimple, you can add it to the feedback survey below. Please note that requesting a stock or ETF doesn't guarantee we'll be able to make it available to trade.

Stock and ETF Request Form

Recently added listings

Symbol Security Name Exchange Date Added
ACAA Arrow Canadian Advantage Alternative Class (the “ETF”) TSE 11/30/2022
ARKG BMO ARK Genomic Revolution Fund (the “ETF”) TSE 11/17/2022
ARKK BMO ARK Innovation Fund (the “ETF”) TSE 11/17/2022
ARKW BMO ARK Next Generation Internet Fund (the “ETF”) TSE 11/17/2022
IDIV.B Manulife Smart International Dividend ETF (“Manulife ETF”) TSE 11/9/2022
IDEF.B Manulife Smart International Defensive Equity ETF (“Manulife ETF”) TSE 11/9/2022
PFCB Picton Mahoney Fortified Core Bond Fund (the “ETF”) TSE 11/9/2022
DXDB Dynamic Active Discount Bond ETF (“Dynamic ETF”) TSE 11/8/2022
CGBN CI Global Bond Currency Neutral Fund (“CI ETF”) TSE 11/1/2022
CGIN CI Global Investment Grade ETF (“CI ETF”) TSE 11/1/2022
CGIN.U CI Global Investment Grade ETF (“CI ETF”) TSE 11/1/2022
MPY Mulvihill Premium Yield Fund (“Mulvihill ETF”) TSE 11/1/2022

Activate your Wealthsimple Cash card

Before you can start spending with your physical Wealthsimple Cash card, you'll need to activate it and add funds to your account

If you don't have a physical Wealthsimple Cash card yet, you can request one using the Wealthsimple app.

Tip: Your digital card gets activated as soon as you open a Cash account. You can access your digital card in the Wealthsimple app, and add it to your phone's wallet.

Activate your physical Wealthsimple Cash card

To activate your Wealthsimple Cash card directly from your app, follow these steps:

  1. Log in to your Wealthsimple mobile app
  2. Tap the Home tab Screenshot 2023-09-05 at 10.12.42 AM.png at the bottom of your screen
  3. Tap your Cash account
  4. Select Activate your physical card and then Get started
  5. Enter in your card's Expiry date and CVV
  6. Create a 4-digit PIN, confirm your PIN and then tap Set up your PIN 
  7. Your physical Wealthsimple card will then be activated

To activate your Wealthsimple Cash card over the phone, follow these steps: 

  1. Call +1 877-868-0854 to activate your card and set your PIN
  2. Add funds to your account if you haven't already
  3. Sync your PIN by using your physical card in person
Note: You need to sync your PIN within 365 days of getting your card. The best way to do this is by going to an ATM and performing a transaction — such as a balance check or withdrawal.

Use your Wealthsimple Cash card

The Wealthsimple Cash card is a prepaid Mastercard that allows you to spend funds directly from your spending (Cash) account. The Wealthsimple Cash card uses the Mastercard payments system, so you can use your card anywhere that accepts Mastercard.

Note: You need to select credit when you insert your card at a terminal.

Fees for using the Wealthsimple Cash card

Wealthsimple does not charge any fees for using the Wealthsimple Cash card. However, the following might be charged by a third party if you take the corresponding action with your Wealthsimple Cash card:

  • Currency conversion rate: The payment network will determine the applicable conversion rate from the range of rates available in wholesale currency markets for the applicable processing date, which may vary from the rate the payment network itself receives.
  • ATM withdrawal fee: You will see a standard ATM withdrawal fee (usually about $3.00) when you make a withdrawal at an ATM.
Note: You can use this currency conversion fee calculator to give you an estimate or a "preliminary" rate. The conversion rate used is an estimate or a "preliminary" rate based on the rate provided by the payment network. However, this rate is not fixed and can change between the time of authorization and settlement.

You can review your cardholder agreements on the Wealthsimple Cash app, by tapping onto the Profile icon at the top-right corner, then Settings, and press on Agreements.

Spending limits

In order to use your Wealthsimple Cash card, you must first fund your account. You will then have a spending balance that will be visible to you at the top center of your Wealthsimple Cash app home page screen.

Below, you can see the different limits associated with your Wealthsimple Cash card —

  Per Transaction Per day Per month
POS/Maximum Spending Limit

N/A

$5,000 CAD

N/A

ATM Withdrawals $500 CAD
$1,000 CAD
N/A

Tap limits vary and are determined by the merchant. Limits are subject to change.

Refunds

Refunds are processed by merchants (not by Wealthsimple). Once the merchant has confirmed they have issued a refund, it will usually appear in your spending (Cash) account within 5-7 business days.

As we are not able to see the refund status on our end, we are unable to provide an update on the status of a pending refund. However, as soon as we receive funds for a refund, they are immediately available in your account.

Earn rewards with your Wealthsimple Cash card

When you use your Wealthsimple Cash card, you will automatically receive 1% cash back on all eligible purchases.

Note: Bill payments and pre-authorized debits are not eligible for Wealthsimple Cash spending rewards.

You can also choose to earn stock or crypto back instead. With crypto back, you can opt to have cash back rewards auto-invested in the cryptocurrency of your choice. 

If you choose to auto-invest your rewards, you are instructing Wealthsimple Investments Inc. ("WSII") to automatically treat each earned reward as an order to buy the selected cryptocurrency at the market price, including Wealthsimple Crypto’s fee, in the amount of the cash reward proceeds. 

Note: In order to auto-invest your cash back rewards in a cryptocurrency, the reward amount must be a minimum of $1. This means that the minimum purchase must be $100 to obtain a reward that meets the auto-invest minimum. If the amount is under this threshold, the reward will instead be automatically transferred to your Crypto account balance as cash.

Earn stock or crypto back

Instead of earning cash back to your Cash account, you can choose one of the following options:

  • Add the rewards to the cash balance of your stock trading account 
  • Add the rewards to the cash balance of your crypto trading account
  • Add the rewards to the cash balance of your managed account
  • Auto-purchase the cryptocurrency of your choice in your crypto trading account
Tip: Choosing to move your cash back rewards to a TFSA or RRSP will count towards your contribution limit. Keep this in mind when selecting one of these accounts.

Choose your reward destination 

To make your rewards go to your managed or stock trading account, follow these steps: 

  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Home tab Screenshot 2023-09-05 at 10.12.42 AM.pngat the bottom of your screen
  3. Select your Cash account
  4. Select Spend rewards underneath your account balance
  5. Tap Manage rewards
  6. Choose the account you wish your rewards to go to (if applicable)
  7. Your cashback will now be added to your account
Note: Crypto auto-buy must be set up through the Wealthsimple mobile app. If you don’t have a trading account already, the app will prompt you to open one after Step 3.

Some things to keep in mind

Cash back rewards can take up to 7 business days to settle in a crypto trading account, however they will normally appear after 1 business day. 

During this time, you’ll see the status as Pending within your transaction details. Once the funds have settled, the crypto order will begin to process. At this point, the status will show Settled. Once your rewards have settled, it will normally take 2 business days for your order to complete.

Your app will send a push notification once the buy has occurred, and the status of the transaction will update to say Complete.

Learn more about the Wealthsimple Cash card here

View your earned cash back

You can view your earned cash back directly from your mobile app.

  1. Log in to your Wealthsimple mobile app
  2. Tap the Activity tab Screenshot 2023-09-05 at 10.13.08 AM.pngat the bottom of the screen
  3. Scroll down to view your spending activity and rewards
  4. Under a transaction that earned cash back, you will see the note Cash back earned
  5. Tap on the transaction and you will see its details, including the amount you received in cash back

Terms and conditions

The Wealthsimple Cash 1% cash back promotional offer (the “Offer”) is valid for new and existing users of the Wealthsimple Cash Mastercard Prepaid Card (Cash card) (“Cash card”). The 1% earn rate, which may be subject to change, applies to all transactions, less refunds and excluding cash-like transactions, any applicable fees and adjustments (“Qualified Spend”).

Cash back credits are earned on net purchases only and pay out will occur within 7 business days after the Qualified Spend transaction.

You can also choose to earn stock and Crypto rewards back. 

Wealthsimple Crypto clients may be eligible to select auto-buy to manage their rewards. With auto-buy You are instructing Wealthsimple Investments Inc. ("WSII") to automatically treat each earned reward as an order to buy the selected cryptocurrency at the market price, including Wealthsimple Crypto’s 1.5% fee, in the amount of the cash reward proceeds.

Wealthsimple Payments Inc. (“Wealthsimple”) reserves the right to amend, withdraw or restrict the Offer at any time without notice. Wealthsimple is the sole arbiter of these rules, the calculation of Qualifying Spend, and any other issue arising in connection with the Offer. If Wealthsimple suspects fraudulent or abusive behaviour, gaming of the system or a violation of these terms, Wealthsimple reserves the right to remove all promotions from the applicable Wealthsimple Cash account and take any other action it deems appropriate including, but not limited to, closing the applicable Wealthsimple Cash account. An invitation to participate in this Offer does not provide assurance that the referred customer will be accepted as a customer of Wealthsimple. This offer is only valid for individuals in Canada that otherwise meet Wealthsimple’s eligibility requirements. Wealthsimple’s standard terms (https://www.wealthsimple.com/en-ca/legal/terms) relating to your use of Wealthsimple and any agreements that apply to the Wealthsimple Cash account each apply and are not affected in any way by this Offer.

The Wealthsimple Prepaid Mastercard is issued by KOHO Financial Inc. pursuant to license by Mastercard International. All terms applicable to the Cash card and all applicable fees and transaction limits with respect to the Cash card and the services may be found in the Wealthsimple Prepaid Mastercard® Cardholder Agreement between you and KOHO Financial Inc.

Our Cash product is offered by Wealthsimple Investments Inc. (“WSII”), a member of the Canadian Investment Regulatory Organization, and Wealthsimple Payments Inc., a FINTRAC registered money services business. The funds you add to a Cash account (the “Funds”) are ultimately held securely in trust with a single or multiple members of the Canada Deposit Insurance Corporation (“CDIC”). CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure. Wealthsimple Payments Inc. and WSII are not CDIC member institutions. Under the trust framework, CDIC insures eligible cash balances up to $100,000 per beneficiary, per member institution, provided certain disclosure rules are met. Coverage is free and automatic. Learn more about how CDIC protection works. Funds may be spread across multiple different CDIC members in order to extend the CDIC coverage to up to $300,000 in eligible deposits. The advertised interest rate for the Cash Account is derived from interest earned by Wealthsimple on the funds. The Funds are settled with any CDIC member(s) one business day following the date that Funds are reflected in the Account.

 

 

Get ready to file your 2023 tax return

How to use this guide

This guide is designed to help you get ready to file your 2023 taxes. Below, you’ll find the most important information you need to know heading into tax season.

Note: If you use Wealthsimple for investing or trading, we recommend using Wealthsimple Tax to file your taxes. Wealthsimple Tax automatically imports your documents and trading activity from your self-directed trading & crypto and managed investing Wealthsimple accounts, so you don’t need to worry about gathering all your information.

Available tax slips and when to expect them

Tax slips are released at different times during the first few months of the year. You can read about when to expect your tax slips from Wealthsimple or what tax slips to expect for each account type

Common tax slips that most people need are listed below:

 

You will likely receive this form if...

Who will you receive this form from?

When to expect the form

T3/RL-16

You had income from a mutual fund in a non-registered account, or from a trust

The institution where you hold your funds in a mutual fund or trust.

Institutions must send this out no later than 90 days after the end of the tax year. 

T4/RL-1

If you earned income from an employer.

Your employer

Employers must provide this form by Feb 29, 2024. 

T4A/RL-2

If you earned other income, such as from a pension, a retirement fund, a scholarship etc.

The company or institution where the income came from. 

Companies and institutions must provide this form by Feb 29, 2024.

T5/RL-3

If you have income from investments or interest earned in a savings account.

The institution where you hold your accounts.

Institutions must provide this form by Feb 29, 2024.

T5007/RL-5

If you received benefits or social assistance. 

The institution that paid out the benefits or social assistance. 

Institutions must provide this form by Feb 29, 2024.

T5008/RL-18

If you earned capital gains on securities you own.

The institution where you hold your securities.

Institutions must provide this form by Feb 29, 2024.

Note: Residents of Québec will receive both T slips and RL slips. 

Downloading your tax slips from Wealthsimple

Follow the links below to download your tax slips from Wealthsimple. 

Automatically import your tax information

When starting your tax return, you can save time by automatically importing your tax information from the CRA, Revenu Québec, and Wealthsimple.

CRA Auto-fill my return
The CRA’s Auto-fill my return feature lets you automatically import your tax slips into tax software like Wealthsimple Tax. 

How it works: For almost every tax slip that gets sent to taxpayers, a copy also gets sent to CRA. The CRA processes these tax slips and makes the data available for you to import into your tax software.

The result: You can automatically fill out the information in your tax return, such as tax slips, contribution information, and capital gains or losses, without needing to manually enter lots of numbers.

Revenu Québec
Wealthsimple Tax also allows you to connect your account to Revenu Québec. This is a way for residents of Québec to have part of their return automatically filled out based on information directly from Revenu Québec

Tip: You can use both Wealthsimple’s import and the Auto-fill feature. If there is duplicate information, you will be asked whether you wish to keep both. You can also choose to use the import features multiple times. If you do this, we’ll automatically check to make sure your return has the most up-to-date information.

Contributions to registered accounts

Each year you can contribute to registered accounts tax-free as long as you stay within your contribution limit. Any income made in these accounts is not taxed. 

Registered Retirement Savings Plan (RRSP)
You'll need to report your RRSP contributions as detailed below. This can lower your total taxable income for the year.

You may receive two contribution receipts from your RRSP provider. One for March-December 2023 and one for January-March 2024, depending on when you made the contributions. You need these receipts to report your contributions on your tax return. 

You must report your contributions from January-March 2024 on your 2023 return. You will have the option to claim your contributions on your 2023 return or carry any or all forward to your 2024 return if they provide no benefit on your 2023 tax return.

If you still have available contribution room, you can use this calculator to see how further contributions will impact your return. 

Other Wealthsimple Tax resources:

Note: If you have a Spousal RRSP, the contributor of the account will claim the RRSP contributions on their tax return. 

First Home Savings Account (FHSA)
You'll need to report your FHSA contributions as detailed below. This can lower your total taxable income for the year.

You must report your contributions for the year on your return. You will have the option to claim your contributions as a deduction on your return or carry any or all forward if they provide no benefit.

Tax-Free Savings Account (TFSA)
You do not need to report your TFSA contributions on your tax return. Your financial institution will send your contribution information to the CRA or Revenu Québec once a year to make sure you have not gone over your limit. 

Reporting gains or losses from trading and investment activity

If you have invested funds or earned interest in a non-registered account, you will need to report your gains, losses and any other income earned. Non-registered accounts include:

  • Personal accounts
  • Joint accounts
  • Save or Joint Save accounts
  • Crypto accounts
  • Save for business accounts
  • Invest for business accounts

For information and assistance about reporting your gains or losses in a non-registered account through Wealthsimple Tax, check out the articles in the Reporting income and capital gains section of our Help Centre. 

Capital gains
When you sell a security for a profit, you make a capital gain. In a non-registered account, 50% of realized capital gains are taxed at your applicable marginal tax rate. This means that half of your total gains are yours to keep, while the other half is added to your total income for the year and taxed accordingly. You will receive a T5008/RL-18 to report your capital gains.

To report your capital gains, you will need to report your ACB (adjusted cost base), which you can calculate based on the information given to you on your T5008. 

Investment income
Investment income includes interest earned or dividends received in a non-registered account. If you have over $50 in investment income in an account, you will receive a T5 (and RL-3 if in Québec). If you have under $50, you will not receive a T5/RL-3. Either way, you are required to report this on your return

Resources for reporting Crypto gains and losses
If you used Wealthsimple Crypto to trade cryptocurrencies, and you’re using Wealthsimple Tax to file your taxes, then your Crypto information can be automatically imported into Tax.

If you plan to use Wealthsimple Tax but do not use Wealthsimple Crypto, or have cryptocurrency activity elsewhere, check out this article.

Finally, check out this article for more general information on reporting your cryptocurrency gains and losses.

Resources by province or territory

We have collected information specific to each province or territory below:

Alberta

British Columbia

Manitoba

New Brunswick

Newfoundland and Labrador

Northwest Territories

Nova Scotia

Nunavut

Ontario

Prince Edward Island

Québec

Saskatchewan

Yukon

 

Update your personal information and settings

Email, phone number, address, employment information

You can update or change your email, phone number, mailing or residential address, and employment information directly through your profile. To do so, follow the steps below:

  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Profile icon at the top right of the screen
  3. Select Personal information
  4. Under Contact, you will be able to update your email, phone number and address. Under Employment, you can update employment information
  1. Log in to my.wealthsimple.com and navigate to your Managed Investing & Save profile
  2. Select your Name in the top right-hand corner
  3. Tap Settings from the drop-down menu
  4. Under Profile, you will be able to edit your email, phone number, address, and employment information

Legal name, date of birth, Social Insurance Number (SIN)

To update your name, date of birth, or Social Insurance Number through your profile, follow the steps below:

  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Profile icon at the top right of the screen
  3. Select Personal information
  4. Tap Identity information
  5. Tap Edit at the bottom of the screen
  6. Edit all field(s) that need updating
  7. Follow the prompts to upload the necessary supporting documents.
  8. Our team will then begin reviewing the updates.

While we are reviewing updates, you will see a yellow banner on the Identity information page letting you know that the edits are currently under review.

Note: Once we've reviewed the update, we will notify you via email and push notification (if enabled). If we accept the update, you'll receive a prompt to sign your updated agreements to complete the change. This process can take up to 5 business days. We very much appreciate your patience.

If we reject the update for any reason, we’ll let you know why. At that point, you can follow the steps above to redo the process with the needed changes.

If you do not see the prompt, follow the steps below to sign your new agreements:

  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Profile icon at the top right of the screen
  3. Select Personal information
  4. Tap Identity information
  5. Select the yellow banner at the top of the screen that reads “We reviewed the changes you made on YYYY/MM/DD. To finish updating your profile, sign new agreements

Types of documentation required to make these updates:

  • To update your legal name, you’ll need to upload either a marriage/name change certificate or a valid piece of government ID (e.g. Drivers License, Passport, ID Card) with your updated name.
  • To update your date of birth, you’ll need to upload a valid piece of government ID (e.g. Drivers License, Passport, ID Card) that includes your date of birth.
  • To update your SIN, you’ll need to upload a digital copy of your SIN document. This could be a clear picture of your SIN card/SIN certification, an original PDF copy of your T4 or another tax document with SIN included. You can download this from your employer's portal or the CRA website.

You can read more about the required documentation here.

Note: Depending on the document types required, you may be able to use the same document to verify multiple pieces of information.

Citizenship and U.S. person status

In order to update your citizenship or U.S. person status, follow these instructions:

  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Profile icon at the top right of the screen
  3. Select Personal information
  4. Tap Identity information
  5. Tap Edit at the bottom of your screen
  6. Scroll down and you can update your information here

Preferred name

You can update your preferred name by following the steps below: 

  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Profile icon at the top right of the screen
  3. Select Personal information
  4. Select Preferred name
  5. Input preferred name
  6. Tap Update to save your changes
  1. Log in to my.wealthsimple.com and navigate to your Managed Investing & Save profile
  2. Select your Name in the top right-hand corner
  3. Tap Settings from the drop-down menu
  4. Update your Preferred name
  5. Click Update to save your changes

Gender

To update your gender, follow the instructions below:

  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Profile icon at the top right of the screen
  3. Select Personal information
  4. Select Gender
  5. Here, you can select the gender that best describes you
  6. Tap Update

Shareholder communication materials

By default, shareholder communication materials are turned off for all clients when you first open an account. You can opt-in to receive these communications, or update your preferences, by following the steps below. Please note updating your shareholder communication material preferences is currently only supported through the Trade mobile app.

  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Profile icon at the top right of the screen
  3. Select Notifications and then Shareholder materials 
  4. Here, you can choose your shareholder communications settings

Email and push notifications

You can customize the email and push notification updates you receive about account-related information, product updates and promotion announcements. To do this, follow the instructions below:

  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Profile icon at the top right of the screen
  3. Tap Notifications
  4. Either Email notifications or Push notifications 
  5. Here, you can toggle on or off the items for which you'd like to be notified

Cash profile picture

You can set up and update your Cash profile photo so contacts can easily identify you. To do this, follow the steps below:

  1. Sign in to the Wealthsimple app on your mobile device
  2. Tap the Profile icon at the top right of the screen
  3. Tap Personal information
  4. At the top of the screen, select your profile photo
  5. Select Choose a photo
  6. After selecting a photo, you can drag and reposition your photo
  7. From there, select Confirm, or Choose a different photo to change your selection.
  8. Once you select Confirm, your profile photo will be set up successfully

Important dates and deadlines for the 2023 tax season

In this article, you will find all the deadlines for upcoming the 2023 tax season. You can also find out when to expect each tax document.

Details to keep in mind

  • Deposits must be received with the status marked as 'completed' in the account before the deadline for the transaction to count toward your 2023 contributions.
  • INTERAC e-transfer must be received with the status marked as 'completed' in the destination account before the deadline the transaction to count toward your 2023 contributions.
  • Rejected deposits will not count toward your 2023 contributions.
    • To ensure your deposit does not get rejected, make sure you have enough funds in your bank account to cover the total of your deposit before you submit it.
  • If you make a transaction after a deadline has passed, we can't guarantee the transaction will count towards your 2023 contributions.

Important deadlines for the 2023 tax season

Date Time Account Description
Dec. 21, 2023 11:59 pm EST All Managed accounts Last day to make a withdrawal from your managed (Invest) and have it count as a withdrawal made in 2023.
Dec. 21, 2023 11:59 pm EST All Managed accounts Last day to make an internal transfer from one managed (Invest) account to another to ensure that funds are moved before the end of 2023.
Dec. 21, 2023 11:59 pm EST DIY Accounts Last day to sell holdings in your DIY account to ensure funds can be withdrawn in time for the end of 2023.
Dec. 28, 2023 11:59 pm EST DIY Accounts Last day to initiate a withdrawal from your DIY account and have it count as a withdrawal made in 2023.
Dec. 28, 2023 11:59 pm EST All Accounts

Last day to make an EFT deposit and guarantee that it will count towards your 2023 grants. Deposits must be marked as 'completed'.

Feb. 26, 2024 11:59 pm EST RRSP, Spousal RRSP Last day to move funds from a Managed account into your Wealthsimple RRSP to ensure funds count for the first 60 days of 2024 and toward your contributions for the 2023 tax year.
Feb. 29, 2024 6:00 pm EST RRSP, Spousal RRSP Last day to move funds from a DIY/Cash account into your Wealthsimple RRSP to ensure funds count for the first 60 days of 2024 and toward your contributions for the 2023 tax year.
Note: Internal transfer requests must be submitted by this time and the funds from the source account must be in cash and settled.
Feb. 29, 2024 6:00 pm EST RRSP, Spousal RRSP

Last day to make a deposit* into your RRSP that will count for the first 60 days of 2024 and toward your contributions for the 2023 tax year.

*Note: Funds from any Interac e-transfers must land in your Wealthsimple account before the deadline.

When to expect each tax slip for the 2023 tax season

Tax slip Account Date General information
RRSP Contribution
(March 2, 2023 - December 31, 2023)
RRSP, Spousal RRSP Jan. 26, 2024 Reports all contributions made to an RRSP/Spousal RRSP account between March 2, 2023, and December 31, 2023.
1099-DIV (U.S. persons only) Non-registered, TFSA, FHSA Jan. 31, 2024 Reports all U.S. source income earned during the year by a U.S. person for non-registered, FHSA and TFSA accounts.
T5 or
RL-3 for Quebec residents
Non-registered Feb. 29, 2024 Reports all T5 reportable income earned during the year by non-registered accounts. This typically includes interest on cash, eligible and ineligible dividends from corporations and amounts received related to split share investments.
T5008 or
T5008/RL-18 Combo for Quebec residents
Non-registered Feb. 29, 2024 Reports all dispositions made during the year in non-registered accounts. This includes the proceeds of disposition for each transaction as well as the associated book cost. These amounts allow you to calculate the capital gain/loss related to each disposition.
T4RSP or
RL-2 for Quebec residents
RRSP, LIRA Feb. 29, 2024 Reports all taxable withdrawals made during the year from an RRSP/LIRA as well as any tax that was withheld.
T4RIF or
RL-2 for Quebec residents
RRIF, LIF Feb. 29, 2023 Reports all taxable withdrawals made during the year from an RRIF/LIF. Also includes any tax that was withheld and an excess amount (if applicable).
T4A or
RL-1 for Quebec residents
RESP Feb. 29, 2024 Reports all taxable (EAP & AIP) withdrawals made during the year from an RESP.
Crypto Tax
Note: This is not an official tax slip and is provided for informational purposes only
Crypto Feb. 29, 2024 Reports all dispositions made during the year in Crypto accounts as well as the FMV of Staking rewards received. This includes the proceeds of disposition for each transaction as well as the associated book cost. These amounts allow you to calculate the capital gain/loss related to each disposition.
T4FHSA or
RL-32 for Quebec residents
FHSA Feb. 29, 2024 Reports all FHSA tax slip reportable transactions including contributions, transfers and withdrawals.
Foreign Asset Report
Note:
This is not an official tax slip and is provided for informational purposes only
Non-registered Feb. 29, 2024 Provides foreign asset information held in non-registered accounts which can help clients complete their T1135 tax reporting obligations if applicable.
RRSP Contribution - First 60 days
(January 1, 2024 - February 29, 2024)
RRSP, Spousal RRSP March 15, 2024 Reports all contributions made to an RRSP/Spousal RRSP account between January 1, 2024, and February 29, 2024.
T3 or
RL-16 for Quebec residents
Non-registered March 30, 2024 Reports all T3 reportable distributions for the year received from ETFs held in non-registered accounts.
T5013 or
RL-15 for Quebec residents
Non-registered March 31, 2024 Reports all T5013 reportable distributions for the year received from partnerships held in non-registered accounts.